We spoke in March about the importance of measuring return on investment… and more importantly, measuring it correctly. That while a feel good story has its place in a pitch, you should also be armed with facts.
Facts that prove value, whether portrayed as time, cost or experience, can provide certainty and tangible evidence that embracing change can have a positive impact on outcomes.
Recently we’ve had the privilege of helping two Australian health tech companies with their return on investment investigations, as they embarked on proving the value they bring to healthcare professionals and establishments.
The results were staggering.
Foxo is a clinical workflow platform designed to securely connect health professionals and business.
Over four weeks we enlisted the help of several Qld Radiologists to participate in a study where they documented where their time was being spent using the TANDM Suite.
The goal was to identify how current workflows were burdened by manual tasks and what difference the Foxo solution made.
We looked at seven key workflows and found:
· 96% reduction in outbound GP phone calls
· 83% reduction in administrative time
These significant reductions in manual administration tasks meant that with a Foxo rollout to 65 radiologists they could produce an additional 3,000+ reports a week, making productivity equivalent to hiring an additional 10 full time employees.
For the full case study, click here
Consentic is a digital health solution that helps patients make informed decision for medical procedures and clinical trials.
Over the course of 12 months we worked with clinical nurses out of a Victorian hospital to better understand their current manual workflows and how Consentic impacts the time it takes to work through the same processn
The study followed the journey of 24 patients and the time it took for clinical nurses to manually prepare consent forms, educate patients, follow up and collect final consent.
With manual workflows, the total time to obtain consent was 17 days, compared to just 1 day using Consentic’s electronic forms – making Consentic 16 times faster than manual processes.
For the full case study, click here.
These types of facts move the narrative away from assumptions and opinion, and be more focused on data driven value propositions and the opportunity to identify future revenue generation and growth.
These data driven value propositions also provides the opportunity to fight off opposition to innovation like Neo against Agent Smith!
Whether you’re a business trying to sell a product or service, or a staff member pitching an idea for change, being armed with data and knowledge of the impact change can create allows you the confidence to tackle objections that may come your way.
More than that, it creates opportunity to look at the positive impact change can have for business, staff and clients alike.
Change doesn’t have the be something to fear, and now with the help of data we can clearly understand how to best embrace it.