Return on investment (ROI) is not a simple calculation when evaluating technology. It’s a multi-faceted model that takes factors and metrics that are meaningful to your organization and aligns them with the anticipated value that a particular solution is expected to deliver.
Many organizations stumble when investing in new technology because they have not defined what ROI means to them. Is it only quantitative, or are there other indicators of value that should be included in the calculation? How will you measure success after implementation? Consider three important steps that can help you answer these questions early on in your evaluation.
Defining ROI From the Outset
There are lots of benefits to clearly defining what ROI would look like for your organization before you start, but these three are at the top of the list:
Conduct Analysis of the Current State
If you’re going to define ROI, you’ll first need to know where your pain points are, what problems you’re trying to solve, and where there’s room for improvement. Is it patient satisfaction, efficiency, readmissions, phone call volumes, cancelations, or something else? Identifying the purpose and goals for a new technology will help you evaluate it through the right lens and ask the right questions.
Gain Stakeholder Buy-in
Healthcare organizations are complex and each group may have different priorities for a new technology. When an organization has a clear ROI expectation for a patient engagement platform, it will be easier to bring different stakeholders to the table to agree on the right solution to meet your defined needs.
Identify Metrics of Success
With benchmark data and stakeholder consensus, you’ll have a good idea of the results you expect to achieve with a technology solution. In your evaluation, look to technology vendors who can take the data you’ve collected and goals you’ve defined during your due diligence and provide a meaningful ROI model based on proven methodology. Finding a partner who can help you understand trends in your organization and iterate on the solution will ensure that you can realize continuous improvement and will help you get the most value possible out of the solution.
Completing these three activities at the outset of your technology search will make evaluating, quantifying and reporting on ROI more meaningful and compelling to your organization.
Need Help? Check Out Our ROI Calculators!
Today more than ever, you must have confidence that your patient engagement software solution can generate the promised return on clinical, financial and operational outcomes. Use our ROI Calculators to see how Twistle can work for you.
Your patient engagement software must drive clinical and operational quality improvement to achieve long-term success. Twistle’s proven ability to impact the following metrics drives value to patients, providers and clinical staff alike. If you want to learn more, contact Twistle at email@example.com.