How to Measure the ROI of Healthcare Technology – Video
Measuring ROI can be broken down into soft costs — such as patient satisfaction and provider stress — and hard costs — those that can be calculated to show a financial return, like improved patient throughput, reducing errors, limiting provider liability and improving cash flow by stimulating faster reimbursements.
It’s not uncommon to hear about significant returns in the millions thanks to better coding processes and prescription error reduction.
Measuring ROI can be broken down into soft costs — such as patient satisfaction and provider stress — and hard costs — those that can be calculated to show a financial return, like improved patient throughput, reducing errors, limiting provider liability and improving cash flow by stimulating faster reimbursements.
It’s not uncommon to hear about significant returns in the millions thanks to better coding processes and prescription error reduction.
At one Massachusetts hospital network, improvements in both hard and soft costs were achieved with the adoption of a single-antenna wireless system that has enhanced care, boosted communications capabilities, reduced the need for redundant hardware, and paid for itself in less than two years.
