Identifying Opportunities
Market Overview
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The market is transitioning from the low growth Innovation Stage to the rapid growth Early Adopter Stage. To penetrate the market, KnowFalls is introducing the industry's best value (feature rich and lowest cost) Patient Observation System to seed the market. And then introducing the AI Fall Prevention Application Plug-in, an advanced artificial intelligence fall prevention engine.
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The KnowFalls Patient Observation System saves
Average Hospitals (214 beds) $549,000
Larger Hospitals (800 beds) $1.5 million
Identifying Prospects
Three ways to identify sales opportunities are:
1. The hospital has a higher fall rate than their peers
2. The hospital is using patient sitters to monitor high risk patients
3. They have larger senior population and Medicare is the payor
If you're a Milestone or Axis security integrator and have hospital accounts, you already have solid prospects. Call our sales team at 941.724.9700 and we'll provide you with the info and demonstration capability to sell a KnowFalls Patient Observation System.
1. The hospital has a higher fall rate than their peers
2. The hospital is using patient sitters to monitor high risk patients
3. They have larger senior population and Medicare is the payor
If you're a Milestone or Axis security integrator and have hospital accounts, you already have solid prospects. Call our sales team at 941.724.9700 and we'll provide you with the info and demonstration capability to sell a KnowFalls Patient Observation System.
Prospect: Their fall rate is higher than their peers
Here's a quick way - go to the Leapfrog Group website. They are an independent organization that monitors and reports on issues such as hospital safety. You can go search the safety record of over 2,600 hospitals. I selected my local hospital, Sarasota Memorial Hospital to demonstrate how easily the info is available.
Then View the full screen and on the following popup - Safety Problems.
The following shows that Sarasota has a fall rate 18% higher than the average. It maybe attributed to Sarasota' s senior hospital population.
Based on the above, Sarasota Memorial Hospital is definitely a prospect
Prospect: They use patient sitters!
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If the hospital has a high number of patient sitters, they are incurring a significant expense for which they are not being reimbursed by Medicare, Medicaid or private insurers. An indication of their use of sitters is to go to a hiring site such as indeed and do a search.
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Prospect: The hospital has a large senior population
"Medicare and Medicaid account for more than 60% of all care provided by Hospitals" - AHA
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The US population is aging and the most risk-prone group - adults in their 80's - is the fastest growing segment. In the next 10 years, the population of those 80 and older will grow from 3.9 million to about 5.5 million - a 50% increase. Plus on average, they will be spend five times more days in the hospital than the average patient.
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KnowFalls reduces patient sitters
As shown below, the KnowFalls Patient Observation System reduces the number of patient sitters within average and large hospitals by over 50%. The savings for the average hospital is $549,000 and for a large hospital, over $1.5 million.
