2011 0406 Making Money By Creating Value In Healthcare Webinar
Creating value through technology in healthcare
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Transcript of Creating value through technology in healthcare
CREATING VALUE THROUGH
TECHNOLOGY IN HEALTHCARE
Sameer Sule
Healthcare Technology Consultant
KINARA | INSIGHTS creating value through technology
IT Projects
Expectations
vs
Reality
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IT Under Pressure
To demonstrate VALUE
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What is Value?
Noun
the importance, worth, or usefulness of something
a person's principles or standards of behavior
one's judgment of what is important in life
Verb
estimate the monetary worth of (something).
consider (someone/something) to be important or
beneficial
have a high opinion of
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How is Value Measured?
Must always be outcomes based!
• Qualitative – Direct/Indirect
• Quantitative – Direct
• Perceived
Like Beauty, Value lies in the Eyes of the Beholder
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Value can be Dynamic
In Normal times - Not appreciated
During Emergencies - Highly appreciated
Value of a Disaster Recovery Plan - Highly
appreciated only during an emergency
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Defining Value in Healthcare
• Patient health outcomes achieved per dollar
spent
• If value improves, patients, payers, providers, and
suppliers can all benefit while the economic
sustainability of the health care system increases
(Michael E. Porter, Ph.D -New England Journal of Medicine, Dec 2010)
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Technology is an Enabler
Supports business needs and objectives
must be
Functional and Beneficial
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How does Technology create Value?
• For the Patient
• For the Provider
• For the Healthcare Organization
Must Deliver Positive Outcomes
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Potential Outcomes/Benefits
• Reduced patient cancellations or no-shows
• Reduced wait time for patients
• More time with patients and less time filling charts
• Improved ability to explain medical conditions to patients through software animations
Improve Quality of Care Delivered
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Potential Benefits continued…
• Reduced 30 day hospital readmission rate
• Increased provider productivity by reducing time spent on returning phone calls
• Increased efficiency through better communication b/w staff and other providers
• Correct co-pay collection before each patient visit
Improve Operational Efficiency
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Demonstrating Value of Technology
• Return of Investment (ROI) based on Value delivered
• Demonstrate value based on outcomes achieved
• How did the intended recipient benefit?
• Was it worth the cost?
Not all Value can be Measured
ROI might be Difficult to Calculate
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Value of a Technology Investment
V𝑎𝑙𝑢𝑒 =𝑂𝑢𝑡𝑐𝑜𝑚𝑒
𝐶𝑜𝑠𝑡
Clearly Define Desired Outcomes
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Keep the End in Mind
• What is the goal? Is it improving efficiency, making you more productive, lowering your costs, enabling better communications with your patients, staff or business partners?
• Visualize your workflow after implementing the solution. How would it change the workflow?
• How much training will your staff need? Anticipate initial drop in productivity until the staff is trained
Have Realistic Expectations
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To Invest or Not To
• Is investing $$ in technology now going to make
or save you $$$$$$ in the future?
• What would happen if you didn’t make the
investment?
Bigger Risk: Investing or Not Investing?
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Options
• In-house development
• Custom development from outside vendor
• Commercial-off-the-shelf (COTS) software
• Cloud based solutions
Evaluate Pros & Cons
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Research the Market
• Lots of vendors
• Can be overwhelming to sort through them
• Don’t take a short cut - will lead to more time spent later
fixing the mess
Invest Time in the Research Process
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Interview Different Vendors
• Clearly communicate your desired outcomes
• Ask specific questions on how the solution addresses
your needs
• Run actual workflow scenarios and see if the vendor can
address them
• Check out product demos. Ask about post implementation
support
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Convince Yourself
• Find out if the vendor have worked with other healthcare
organizations similar in size to yours
• Inquire about their HIPAA compliance measures
• Ask for and check references
Make Sure that the Solution meets your
Desired Outcomes
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Take these Steps
• View IT as an investment
• Define specific investment outcomes
• Evaluate options. Do your research
• Determine time and cost including upfront and ongoing
operational costs afterwards
• Allocate time after technology implementation for staff
training
• Factor in potential loss of productivity and revenue during
training time
Be Practical and Realistic
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Make IT Work for You
Create Value through Technology
for your Organization
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THANK YOU
Sameer Sule
Healthcare Technology Consultant
Author: Protecting Electronic Health Information: A Practical Approach
to Patient Data Security in Your Healthcare Practice
Amazon: http://www.amazon.com/author/sameersule
Blog: http://www.kinarainsights.com/blog.html
Connect with me:
Linkedin: http://www.linkedin.com/pub/sameer-sule/7/b1b/511
Twitter:@sameersule
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