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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, University of Illinois College of Medicine at Peoria One Illini Drive Peoria.
Summary
This study explains economic tools for clinical educators to demonstrate the value of healthcare simulation programs. It provides a framework for cost-benefit analyses to justify simulation investments to administrators.
Area of Science:
- Health Professions Education
- Health Economics
- Medical Simulation
Background:
- Value-based healthcare necessitates balancing clinical outcomes with economic value.
- Healthcare administrators require robust economic analyses to justify simulation program costs.
- A gap exists in clinicians' training for conducting economic evaluations of simulation.
Purpose of the Study:
- To equip clinical educators with economic tools to present the value of simulation training.
- To bridge the communication gap between clinical educators and healthcare administrators regarding simulation ROI.
- To advocate for research in cost-benefit analysis of simulation.
Main Methods:
- Review of economic tools applicable to healthcare simulation.
- Discussion of cost-benefit and return on investment (ROI) analyses.
- Identification of research themes and specific questions for simulation economics.
Main Results:
- Overview of economic analysis methods for simulation.
- Defined research areas for cost-benefit studies in simulation.
- Provided actionable research questions for decision-making.
Conclusions:
- Clinical educators must master economic analyses to justify simulation.
- Economic evaluation is crucial for integrating simulation into value-based healthcare.
- Further research is needed to guide simulation investment decisions.
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