Do Fall Prevention Programs Make Financial Sense?
We recently spoke with a medium sized Independent Living Community who was looking to implement a fall prevention program. Their fall statistics in the past five months:
- 86 Falls
- 10% required hospitalization
- 2 surgeries
- 2 moveouts
- 2 signed risk agreements
This is “normal” for most Senior Living Communities – essentially on fall every two days. We’ve worked with many communities where, according to the STEADI protocol, between 50% and 80% of residents are at acute fall risk.
So what can be done?
The obvious choice is to implement a fall prevention program. We have developed a step-by-step article on how to implement a program that we’d be happy to assist with. Or contact us if you’d like to explore the benefits of working with Nymbl.
Calculating the ROI of implementing a Fall Prevention Program
Before committing to running a fall prevention program, it’s important to understand the Cost/Benefit of the program to see if it will help the bottom line of the community. In the community above, the return from implementing the program was projected at 6.5 times the cost, an ROI (Return on Investment) of 650%!
How is an ROI this high possible from a fall prevention program? The average cost of a move out in independent living $8000, from lost rent (1 month at least) and marketing cost to replace that resident. So the community has already had a hit to their bottom line of $16,000 in lost rent and incremental marketing costs in just 5 months. Projected over a year, the cost will total nearly $35,000! Nymbl costs just a fraction of this. So even recognizing that not all falls can be prevented, it’s an extremely good investment.
There are other costs that may not be taken into consideration when you calculate the advantage of a Nymbl fall prevention program. How much of your staff time is taken up by dealing with resident falls: urgent calls to the medical staff, calling the ambulance and calming down residents who may be upset. Falls have ramifications and costs to the entire community, so any fall avoided reduces both cost and suffering in many ways.
Nymbl has developed an ROI cost calculator that will determine the return for your community. Please contact us and we’d be happy to develop the analysis with you. Or attend our free webinar about how to make Falls Prevention work effectively.