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Communicating Value in Simulation: Cost-Benefit Analysis and Return on Investment.
Carl V Asche1, Minchul Kim1, Alisha Brown2
1Department of Medicine, Center for Outcomes Research, University of Illinois College of Medicine at Peoria, Peoria, IL.
Summary
Clinical educators can demonstrate the value of healthcare simulation programs by using economic analyses. This research provides tools for cost-benefit and return-on-investment assessments to justify simulation training.
Area of Science:
- Healthcare Simulation
- Health Economics
- Medical Education
Background:
- Value-based healthcare necessitates balancing clinical outcomes with economic value.
- Simulation programs require robust economic justification for administrators.
- Bridging the gap between clinical educators' and administrators' priorities is crucial.
Framework:
- Presents economic tools for clinicians to analyze simulation program value.
- Focuses on cost-benefit and return-on-investment (ROI) analyses.
- Aims to facilitate communication between educators and financial decision-makers.
Implementation:
- Discusses economic analyses relevant to simulation training.
- Highlights the need for clinicians to understand financial metrics.
- Utilizes findings from the 2017 Academic Emergency Medicine Consensus Conference.
Implications:
- Empowers clinical educators to present data-driven economic cases for simulation.
- Guides research in cost-benefit analysis for healthcare simulation.
- Supports informed decision-making by hospital leadership on simulation investments.
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