A return on investment can be calculated on almost anything, if given a little thought. As organizations analyze their investments and calculate return, I'd like to suggest looking a little more broadly than usual.
-Does the new technology lead to better employee satisfaction? Calculate the return on investment of reduced turnover rates and/or the number of open nursing positions.
-Does the new technology lead to better medical staff satisfaction? Analyze referral patterns before and after introduction of the technology.
-Does the new technology lead to reduced medical and/or medication error rates? Analyze the malpractice history related to medical and/or medication errors and calculate an average cost for claims filed, and if appropriate the average cost for those litigated.
-Does the new technology lead to improved patient satisfaction with communication from care providers? If so, analyze the cost of the average patient complaint or grievance. Also review the organization's malpractice history to see if complaints lead to the more serious (and expensive) legal actions.
If you have examples of calculated ROI in any of these areas, please comment and share them with our readers.