New GE tool estimates cost of medical errors

Patient Safety Monitor Insider

January 12, 2011

Risk managers, financial officers, and patient safety directors could likely spend countless hours using a new tool by GE that estimates the cost of medical errors.

Based on actuarial data, the new interactive tool "helps to estimate the economic burden associated with the most common medical errors within a given population," according to GE. For example, a hospital that serves a population of 46,000 patients annually will spend roughly $584,000 on pressure ulcers and $556,000 on postoperative infections. The costs include direct medical costs, such as the cost of care, and indirect costs, such as lost productivity.