How to Define the Value of Return on Investment for Healthcare Organizations Using Business Process Management Software
One of the primary goals of management within any organization is to make good investment decisions that result in a positive return on investment. Most of the time, the desire is the financial return to be less than one year.
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According to the research paper focusing on the best use of Information Technology (IT), “ROI Research in Healthcare, The Value Factor in Returns on Health IT Investments and HIMSS Analytics,” ROI in healthcare involves more than simply looking at how much money is saved or earned. Determining the value of return on investments involves a spectrum of benefits that include:
- improved customer relationships,
- streamlined internal processes,
- innovation,
- patient safety, and
- other qualitative factors
Although some of these are often difficult to measure in revenue and costs, it is known that they have huge financial impacts on healthcare organizations.
To achieve this ROI, organizations are now moving into purchasing business process management software to help them meet their need. PaperTracer Business Process Management Software stands out as it provides the ease of use, cost savings and increased efficiencies. PaperTracer has been in cloud computing since 1999. It is Software as a Service (SaaS) provided through secure shared server, dedicated server or Windows Microsoft Azure hosting models.
PaperTracer is purchased at an affordable one time license and implementation fee and a monthly maintenance fee which includes all new releases, updates and upgrades without additional cost during the year. This pricing model creates a quick financial return on the investment due to the low upfront costs and affordable monthly fees.
The other benefits that occur by the functions and capabilities with using PaperTracer are numerous because it:
- Automates the workflow process to record, index, store, retrieve, and manage the information.
- Has ready-made templates that can be customized for your organizations specific workflows.
- Is being used in case management, contract lifecycle management, customer relations, medical device management, invoice management, policies and procedures, conflict of interest, claims management, risk management, and multiple other services.
PaperTracer provides efficiency savings, efficiency non –financial gains or “soft costs” ROI, and increased strategic knowledge by having information, documents and reports readily available. It is a software one should ask themselves not why you should purchase but how can you afford not to purchase with today’s demands for improving operational performance, increasing financial performance, and meeting the requirements for compliance and regulatory agencies. This software achieves the values for meeting all types of ROI as defined in the HIMSS Analytics research report which includes 1), greater efficiency – cut costs; 2), Greater productivity – do more with the same input and 3), do things you cannot imagine today.