Versed always requires pulse oximetry, no way around that. The fentanyl and ativan need BP watching, but if you are doing what is now referred to procedural sedastion, you must be monitoring respirations, BP, heart rate, pulse oximetry, etc. The nurse that is doing the monitoring must be checked off in this and essentially have critical care experience. Each patient reacts differently to sedation, and some may go under deeper.......you need to have resuscitative equipment at the bedside, also.
This really isn't something that I would like to see in a regular peds room being done, or even the treatment room on that unit.