The saying “Nothing is certain except death and taxes” still rings true whether it is personal or business or politics. The healthcare industry still must live by these words as we go into 2017 with even more uncertainty in politics and economics.
The only possible reaction to this uncertainty is constant vigilance toward Return on Investment (ROI) as you plan and budget for a new year of uncertainty. What is certain is the fact people will still need healthcare, regardless of their benefit design or who pays the bill. Medicare Advantage continues to set the bar for many of the regulations and reimbursements that are part of the industry. Achieving an ROI means having a realistic budget and managing to that budget – now more than ever.
Getting a return on analytics investments will depend on several factors. First of all, analytics is a broad term for many IT solutions like the hardware, software, and implementation time, but if it is not geared to a specific outcome, the ROI will never materialize.
So first, in the pending budget phase, confirm the expected outcomes for the investment so metrics and benchmarks are meaningful. Determine where the savings will impact and how it will be measured. Clarify how the investment will affect current workflows and procedures. Make sure there is no compliance risk that could be adverse to the intended goals. If a vendor is used, fully vet them in advance and consider performance metrics. Ensure proper training on new tools is in place and measure – measure – measure.
ROI is not a one-time number in a Board of Directors presentation – it is an ongoing assessment of an investment toward a specific outcome.
Gorman Health Group has subject matter experts from many areas of expertise to assist with the planning, implementing, and measuring phases of your investment. Make sure you get your money’s worth.
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