Return on investment is a critical component of the health of any organization. This single number inherently reflects the success or failure of your investments. Whether your aim is to improve the patient experience, increase staff efficiency, purchase equipment or expedite processes, it is critical to know that your investments are worth the cost and effort that is put into them. The important question is how do you determine ROI? More specifically, how do you determine ROI for new technologies? In a word: metrics. Simple in theory, but a little more complex in application.
Metrics can be used to determine effectiveness in order to refine and perfect your current processes. Below we’ve taken a look at some of the most important metrics within health systems, and how to develop additional metrics to determine your ROI.
Critical Metrics for Evaluating Your Technology ROI
Patient satisfaction is actionable data capable of providing real-time feedback to you and your team to initiate changes or corrections in your processes that may directly influence your patients’ care and service. This metric is directly impacted by others including patient readmission, length of stay and time to service.
In developing personalized surveys for your organization, it’s important to take a few notes from the HCAHPS (Hospital Consumer Assessment of Healthcare Providers and Systems) Survey. Platforms like Twistle are helpful because they allow you to send and receive survey responses using the tool that most have at hand nearly 24 hours a day, a mobile phone. Twistle can also send surveys through IVR. Once you’ve determined your questions, decide what data will be useful in helping to gather the information you need. Once those metrics are established, figure out what success means. Some of our clients, with simple 3-5 question surveys delivered via the Twistle app, have been able to not only collect information to help redefine their processes but have also been able to activate patient advocates, those who are willing to share their experiences and positive outcomes with their communities.
The US Department of Health and Human Services has estimated that the national average 30-day readmission rate is 17.5%. Investing in an automated care coordination platform like Twistle has been proven to reduce readmission rates and the length of stay significantly when implemented.
Other metrics that can be developed and monitored to help improve readmissions can vary according to the tools your facility adopts. Using Twistle to provide patient education, reminders and other related health information, we’ve developed metrics including “Time to Read”, “Registration Rate” and “Workflow Completion Rate” to determine how patients are receiving and completing workflow steps, which often leads to reductions in a number of factors, including readmissions, phone calls to staff and missed appointments.
Length of Stay
Over time, you should see the technology you have invested in improve your facility’s efficiency by shortening the ALOS. One of the ways this can work is by improving communication. Communication lapses– whether on the part of the patient or the healthcare team– can directly impact efficiency with the result being an increased length of stay, which can also affect census. Technology that fosters inter-communication between your team as well external communication with patients can facilitate increased confidence in both, giving patients the confidence they need to maintain their health and recovery and giving providers assurance that their patients will be prepared and have access to the information they need when they need it. Twistle Satisfaction Surveys we’ve received have described both providers and patients as more confident when using the app.
The Positive Impact of Effective Technology
It is vital to measure your processes and systems in order to determine their effectiveness. Using conventional metrics is one way, but developing additional metrics to explain the workings of your organization’s systems is an important tool as well. Not only does it help to address the standards that all healthcare facilities must address, readmissions, LOS, Patient satisfaction, etc., but it also provides a more customized, meaningful way to address your particular system’s needs. With our clients, we’ve seen great improvements in standard healthcare metrics and have been able to provide additional metrics to further improve processes. Twistle provides and visualizes metrics, providing results and showing value, resulting in a great return on investment.