Many of us have heard about Return on Investments (ROIs), which is a metric to understand the profitability of an investment, but how many of us have seen the ROI for simulation-based training within healthcare? An ROI for simulation-based training within healthcare can be done in a variety of ways and will be based on what type of simulation your organization provides. An organization that provides certification courses will have an easier time determining their ROI, whereas organizations that use simulation-based training for departmental education or skills training will have a harder time.
Determine the Worth and Need
As simulation continues to grow, the value and data that we can collect using an ROI allows organizations to identify efficiency and cost-effectiveness. Why is this important? With increased costs due to staffing, certification courses, equipment, and supplies, showing the worth and need for simulation is essential. And with increased usage and requirements within programs and departments, proving the worth and investment is required. Lastly, simulation-based training allows staff, residents, and students to practice procedural and cognitive skills in a real-life environment without putting patients or staff in harm. This alone is justification, but providing an ROI behind this investment and why we should continue to invest in simulation will prove that simulation-based training is a necessity within healthcare.
Analyze the Cost
How do organizations prove ROI if they don’t charge for internal learners to use the space or equipment? For those providing certification courses, this is easy as the organization can determine how much they would have to pay to send staff elsewhere if the courses were not provided onsite. Determining this requires a cost analysis of courses outside the organization, as well as costs for travel, per diem, and increased staff time. On the other hand, if simulation-based training is primarily used for departmental education or skills training this is more difficult.
An ROI for organizations that only provide simulation for departmental education or skills training requires the organization to determine how much simulation would cost to go offsite, or how not having simulation onsite would affect patient care. Since simulation-based training improves patient care and staff safety, this may be difficult. However, working with the organization’s quality department should get the data needed to prove the effectiveness of simulation. This data could include decreased frequency or percentage decrease of legal issues medical errors, patient complications, or number of deaths.
Other data to look at are effectiveness, efficiency, and timeliness. As the cost of healthcare goes up, time, resources, and equipment must be used effectively, efficiently, and timely and simulation can improve these.
Lastly, look at quality performance measures that focus on how patients are treated. Since simulation-based training can be used to improve communication, which in turn decreases patient complaints and improves patient satisfaction, an ROI for not having this training would also need to be done. Again, this may be difficult to determine if the organization does not track data based on simulation, but not impossible.
Starting or Renovating a Simulation Lab?
Are you in the process of renovating or creating a brand-new simulation space? Not sure where to start, who to involve, or what should be included? Our Healthcare Simulation Planning Guide can be an excellent resource to help you reference as you start this process or to look back on as a checklist. Download below to get started!
