Cost Benefit Analysis
In many instances, hospital case managers or equipment suppliers can be of assistance to patients by helping to perform a simplified “cost-benefit analysis.” This will help determine whether the potential benefits of a contemporary electric lift outweigh the cost differential between it and the provider’s “maximum allowable” hydraulic lift. While a cost-benefit analysis can be viewed as subjective in approach, it will help to focus the decision on long term ramifications rather than short term expenses.
A Cost-Benefit Analysis is a relatively simple tool for deciding whether the individual patient’s condition justifies pursuit of a higher-initial-cost solution than one which is fully covered. “Cost benefit analysis involves calculating the total costs associated with a specific choice, estimating the benefits of the choice, and then weighing the total costs with the anticipated total benefits.” It should be noted that when analyzing patient lifts, the value to the patient and caregiver can often be difficult to measure in monetary terms. For example, how much value should you place on avoiding a shoulder injury that can result from use of a hydraulic model? While costs are generally one-time occurrences, benefits are usually accrued over much longer periods of time. Thus cost-benefit is often expressed as an annual benefit or one that spans the anticipated lifetime of the equipment
Following are some typical considerations you may wish to include in your evaluation:
a) Purchase price of electric floor lift vs. hydraulic floor lift
b) Purchase price of electric floor lift vs. ceiling lift
c) Installation expenses (if applicable)
d) Lifting requirements based on patient’s condition and needs:
- Lift patient from floor
- Reposition patient in bed
- Accompany patient to another location (transportable)
- Lifting Weight capacity
- Lift patient during toileting, bathing, showering
- Assist with ambulation
- Fit through doorways (minimum width)
- Maneuver on existing surfaces (carpeting, etc.)
- Sling selection availability
e) Estimated savings in caregiver expenses (visiting nurses, lifting assistants, etc.)
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