As more health & social care providers and organisations adopt technology-enabled care solutions, the need to evaluate Return on Investment (ROI) is becoming ever more relevant. While the benefits of TEC solutions are readily apparent in improved resident outcomes and enhanced care delivery, it is essential to quantify their financial impact. In this article, we explore the significance of measuring the return on investment (ROI) of technology-enabled care solutions and examine the key considerations and metrics for determining their economic value.
Improved Patient Outcomes vs Cost Saving
All care organisations strive for the improvement of patient outcomes. It’s perhaps the primary objective of technology-enabled care solutions. Measurement must focus beyond simple cost reduction. ROI should evaluate improvements in patient health, reduced hospital readmissions, and a lower incidence of complications or adverse events as a result of technology adoption.
A good example of this is how TEC, with real time alerting can enable care teams to respond to falls more quickly. This ensures residents get the help they need fast and minimises risk of developing further complications.
In a number of ways, TEC solutions can result in cost savings, but these may be indirect & less obvious at first. There may be fewer hospitalisations, shorter hospital stays, and fewer visits to A&E.
There’s also the improvement to mental burden to consider. TEC solutions like the AVERio mobile app afford family, friends and the wider care circle the knowledge that their loved one is safe, up and going about their normal routine. Want to see it in action? Book your demo here.
Improved Efficiency and Preventative Care
Technology can aid in streamlining healthcare processes (risk assessments & changes in care needs etc.), thereby improving operational effectiveness. Electronic care records, actionable insights and task automation (such as automatic fluid intake recording) can reduce administrative costs, reduce errors and enhance resource allocation.
With access to data over time that can be easily interpreted, preventive care becomes a crucial component of technology enabled care. This enables busy care teams to more easily Identify and resolve health issues at an early stage, which can reduce the risk of developing further health complications and aid in faster recovery with more optimistic prognosis.
Workforce Productivity & Data Driven Decision Making
Technology is about equipping and enabling care teams with the relevant tools to support them in their care delivery to help them provide the best care possible. Measuring ROI should take into account the increased productivity and decreased burden to healthcare professionals, allowing them to focus on the care and outcomes of the people they care for.
TEC can unlock a wealth of data that was previously unavailable or inaccessible. This data can identify changes in care need faster, and help to shape the care pathway of an individual with evidence backed by data.
Measuring the return on investment of technology-enabled care solutions is necessary for healthcare providers and organisations to make informed decisions regarding technology adoption. By considering improvements in patient outcomes, cost reductions, and enhanced efficiency, healthcare stakeholders can evaluate the economic value of these solutions and make data-driven decisions to improve patient care while effectively managing costs.
As more health & social care providers and organisations adopt technology-enabled care solutions, the need to evaluate Return on Investment (ROI) is becoming ever more relevant. While the benefits of TEC solutions are readily apparent in improved resident outcomes and
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