TAMPA, Fla., Nov. 7, 2019 /PRNewswire/ -- Disrupt the Bay Conference, University of South Florida. KnowFalls, a Conference presenter and Milestone Systems and Axis Communications technology partner, today announced the availability of the KnowFalls Virtual Patient Observations System (VPO). It establishes a new VPO operating expense benchmark (including amortized equipment investment and operating overhead) of $1.74 per hour per patient monitored - a 40% saving as compared to competitive VPO systems and an 80% saving when compared to in-room patient sitters. The lower cost is achieved through a software design supporting advanced video technology from Milestone Systems and Axis Communications.
VPO benefits include fall reduction and an increase in workforce efficiency. Key features of the HIPAA-compliant KnowFalls VPO include two-way audio patient engagement, patient behavior reporting, patient privacy upon medical staff requests, and expansion to 1,000s of cameras. Evaluation systems are available for Milestone and Axis users at no charge and an integrated Eight-Patient VPO Starter System is available from KnowFalls or affiliated integrators for $15,995 (excluding installation).
"Today's technology provides a helping hand to the medical professionals," said Paul Baratta, Business Development Manager for Healthcare at Axis Communications. "Our goal is to make consistent, accurate patient monitoring more accessible to hospitals. KnowFalls VPO will improve the level of care hospitals are able to provide, without compromising the bandwidth of the nurses on staff."
Falls, a Major Problem
According to the Joint Commission, 30% to 50% of the 700,000+ annual patient falls result in injury. The average care cost of $6,988 is not reimbursed by Medicare or private insurers. Although constant since 2015, falls rates will be impacted by the 2030 projected increase, in the fall-prone 75 years and older population, of 48%. They account currently for 6.1% of the population, but 21.8% of hospital stays and, by 2030, over 1/3 of hospital stays.
VPOs Replacing Patient Sitters
VPOs are replacing in-room patient sitters. Currently, Indeed lists over 2,000 job openings at an average hourly pay of $11.31. However, as noted in the Journal of Nursing Education and Practice, A Comparative Study of Patient Sitters with Video Monitoring versus In-Room Sitters, video monitoring is less expensive than sitters and does not impose a patient safety risk for falls. On average, one patient observer replaces 14 patient sitters at an annual savings of $390,000.
Today as the VPO market transitions to the rapid growth early adopter stage, less than three percent of hospital beds are monitored. According to John Montelione, KnowFalls founder, "As seniors become the dominant hospital patient, we're breaking the VPO price barrier to enable pro-active hospital-wide video monitoring for improving patient safety and satisfaction and decreasing operating expense."
KnowFalls develops artificial intelligence-based, patient observation and engagement systems to reduce adverse events and improve patient outcomes. KnowFalls, headquartered in Tampa Bay, was founded in 2018 by executives and technologists from McKesson, Wellcare and Detroit Medical Center.
KnowFalls Breaks Patient Monitoring Pricing Barrier
As seniors become the dominant hospital patient, KnowFalls is breaking the VPO price barrier to enable pro-active hospital-wide video monitoring for preventing falls and improving patient safety.
SOURCE KnowFalls Inc.