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Acad Emerg Med. 2017 Oct 26. doi: 10.1111/acem.13336. [Epub ahead of print]

Communicating Value in Simulation: Cost Benefit Analysis and Return on Investment.

Author information

1
Department of Medicine, University of Illinois College of Medicine at Peoria One Illini Drive Peoria.
2
Division of Emergency Medicine, University of Washington - Harborview Medical Center, 325 9th Ave Box359702, Seattle, WA, 98104.
3
Emergency MedicineFIU Herbert Wertheim College of Medicine Kendall Regional Medical Center, 11750 SW 40th Street Miami, FL, 22175.
4
Emergency Medicine Co-Medical Director, Mayo Clinic Multidisciplinary Simulation Center Mayo Clinic, 200 First Street SW Rochester, MN, 55905.
5
Emergency Medicine University of Central Florida College of Medicine UCF, /HCA GME Consortium Emergency Medicine Residency Program of Greater Orlando at Osceola Regional Medical Center, 700 W Oak St Kissimmee, FL, 34741.
6
Emergency Medicine Icahn School of Medicine at Mount Sinai, 1 Gustave L. Levy Place, New York, NY, 10029.
7
Institutional Research Director, 400 W Mineral King Ave Visalia, CA, 93291.
8
Emergency Medicine University of Central Florida College of Medicine National Medical Director, SimLEARN Veteran Health Administration, 13800 Veterans Way, Building 13 Orlando, Florida, 32832.

Abstract

Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes", our breakout session critically evaluated the cost benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. This article is protected by copyright. All rights reserved.

KEYWORDS:

ROI ; Cost Benefit; Cost Effectiveness; Return on Investment; Simulation

PMID:
29071767
DOI:
10.1111/acem.13336
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