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Healthcare organizations should consider the potential for "softer" returns when determining whether to invest in clinical care technology.
As the industry transitions from fee-for-service to value-based payment models, providers increasingly need technologies to help them achieve the Triple Aim: better population health, lower costs, and better patient experiences. With each new investment, it is critical to identify which technologies have the potential to deliver the most value over the short and longterm.
But putting a dollar value on anticipated-and actual-ROI is a complex task. Clinical technologies affect a number of interrelated areas, including care quality, operational efficiency, and patient satisfaction. Noticeable improvements often are the result not of a single program or system, but of the interaction among people, processes, and potentially multiple applications.
As a result, many of the benefits generated by clinical technology are difficult to measure, with bottom-line numbers rarely reflecting the real value that is being delivered. It can be hard to quantify progress toward value-based care goals or to know how the technology will translate into increased payment or shared savings without an established baseline.
A broader framework is needed to better align ROI measures with value - based performance targets such as reducing réadmissions, improving population health, enhancing the patient experience, and driving out waste. By taking a big-picture approach, healthcare organizations can more accurately determine the benefits a technology brings to providers, patients, and the surrounding community.
Redefining ROI: Taking a Broader Perspective
Moving beyond traditional formulas for calculating clinical ROI requires a completely new outlook on technology selection and implementation. Long before a request for proposal is written, clinical and finance executives should take a step back and consider the mission and vision of the organization. They should analyze how technology can support new care models and determine what portion of their budget they can devote to these efforts.
For many organizations, this process means different purchasing decisions will be made with different criteria. Instead of choosing clinical systems based solely on price, functionality, ease of use, or speed of implementation, forwardlooking executives should consider how technology can improve efficiency, eliminate duplicate tests, and promote more proactive, patientcentered care. They should answer questions such as:
* How will clinical workflow and efficiency be affected?
* How...