How to Measure the ROI of Digital Healthcare Innovation
The shift in healthcare from a fee-for-service model to a value-based system, coupled with the rise of the empowered patient, presents the perfect opportunity for healthcare executives to invest in digital transformation.
Yet despite the stars aligning for the disruption of healthcare, the industry is about a decade behind retail and banking when it comes to digital transformation and customer engagement technologies.
To encourage such focus, the Centers for Medicare and Medicaid (CMS) is incentivizing the hospitals that provide high-quality, low-cost care with bonuses. Hence, patient experience and quality of care are metrics to consider when determining ROI from the perspective of the patient.
When drilling down to the patient experience, providers must understand the end-to-end patient journey, from scheduling through follow-up care. It is important to note that merely influencing scores on the HCAHPS survey is not enough. Providers must act on those insights.