11.15.2024 Juanita
Evaluating the ROI of digital transformation
Jason Emanuel, our Chief Revenue Officer, discusses ways your investment in tech can generate a positive ROI across your care organisation.
In the modern and rapidly evolving landscape of the care sector, technological advancements are crucial for streamlining processes, enhancing operational efficiency, improving resident outcomes and making care workers' lives easier, among many other benefits.
However, allocating resources to adopt new technologies sometimes raises concerns about return on investment (ROI).
In this blog post, we delve into the intricate details surrounding the measurement of ROI for technology in care organisations across the UK. By providing an in-depth analysis, we aim to equip you with a comprehensive framework that empowers you to accurately assess and quantify the genuine value your technology investments bring to your organisation.
Understanding technology ROI
Defining your objectives
When considering the implementation of any new technology, it is essential to begin by clearly defining your objectives. What specific outcomes do you hope to achieve with this technology?
Are you looking to improve compliance, capture information more easily at the point of care, enhance communication between your care organisation and health services, or minimise risks to residents' safety? Or perhaps your aim is to achieve all these goals plus more?
Establishing precise and measurable goals will better equip you to develop a targeted ROI framework that aligns with the desired outcomes. And remember, when calculating ROI, it is essential to consider the cost of the technology and compare it to the financial gains it generates.
Ways your investment in tech can generate a positive ROI across your care organisation
Do more while spending less
Digital social care record systems (digital care planning systems), such as mCare, offer a range of benefits beyond just financial returns on investment.
Systems like mCare reduce time spent on administrative duties, typing care notes, and creating care plans, giving care workers more time to care. This ultimately improves resident outcomes and satisfaction, which boosts the care organisation’s reputation and financial performance.
"mCare has increasingly supported our ability to achieve positive outcomes for all our residents. It has massively helped provide better care for residents by giving carers more time to care.
The system saves each carer at least 60 minutes per day; time previously spent completing paperwork and other time-consuming administrative tasks. Our care workers now get to spend one-on-one time with our residents doing the things they enjoy, such as well-being and sensory activities, which can improve their mood, self-esteem, and overall well-being.
It's also about doing the extra things that the carers wouldn't have time to do normally, like hand massages, nail care, or even playing a game of bingo. It's been a win-win. We've had no complaints whatsoever."
Steven Bailey, Executive Assistant at QME Care
Read the full success story here.
On average, mCare saves care providers one hour per day on administrative tasks. This reflects improved efficiency and frees up valuable time for staff to focus on providing quality care to residents.
And that's not all! mCare also:
- Helps care providers make better decisions with data: Data-driven decision-making allows organisations to pinpoint inefficiencies in their processes and operations. By optimising these areas, resources can be allocated more effectively, leading to improved ROI.
- Minimise potential risks: mCare's data enables care providers to identify and minimise potential risks. By quantifying and evaluating these potential risks, organisations can take proactive steps to reduce them, safeguarding their investments and improving ROI in the long term.
- Enhances the coordination of care: Better care coordination ensures residents have access to care in the appropriate settings, helping to provide the right care in the right place at the right time. mCare greatly improves care coordination by enabling health and care professionals to share crucial information. This streamlined approach improves resident outcomes and their experiences of care, reduces waiting times and decreases hospital admissions, ultimately resulting in cost savings and a positive impact on the ROI.
- Regulatory compliance: mCare helps care providers comply with regulations. Staying compliant can avoid costly fines and penalties. Care providers that exceed compliance and excel in quality standards can often justify higher fees, thus improving ROI.
- Improves resident outcomes: mCare assists care providers with preventive care and effective management of chronic conditions. This helps to improve resident outcomes, reduce hospital readmission rates and lower healthcare costs, contributing positively to ROI.
Evaluate your care software supplier
It's also worth conducting a comprehensive review of your care software supplier to evaluate their solutions and costs in relation to your current and future needs. Opting for a software supplier that provides an all-in-one care management platform eliminates the need for juggling multiple systems and offers a host of benefits.
By having various software solutions, such as a digital social care record system, an electronic medication management system, a dependency tool and other related software to manage various aspects of care under one roof, you can achieve significant time and cost savings as well as simplifying the way you work with suppliers.
Selecting a single care software supplier is more economically viable than investing in multiple systems for different aspects of care, and it avoids the hassle of managing multiple supplier relationships. These operational efficiencies will ultimately help improve ROI for your care organisation.
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