Healthcare Return On Investment Expanded!!!

Return on investment or ROI as we say in the healthcare BIZ means many things to many people.

For example: (Please excuse the "Artist Rendering")

The CEO may look at Quality/Utilization/Outcome improvements in his or her measurement of hospital investments.

The SVP of patient experience may look at how to improve on patient satisfaction scores/surveys in their investments in people and technology .

The CMO/CMIO may look at improving peer review outcomes in measuring investments in consultants who deploy a technology/service.

The CFO may (Sorry WILL) look at the bottom line improvement (Is there any other?) and what are the distinct financial benefits of purchasing/deploying the program or a service/technology in his or her investment strategy.

VP of Revenue cycle may look at the many areas to improve on enhanced cash flow or cleaner claims or reduction in denials of said claims when making an investment

VP of Access Management may look at improvements in a more streamlined registration/scheduling/Eligibility process to include improved front end cost estimation especially in the new world of price transparency and propensity to pay before making his or her investment.

Of course this is just the tip of the iceberg... but lets face it everyone's goal is to get the best value to the organization for every dollar spent or ROI!

So now that we have stated the obvious... lets focus on the incredibly obvious or as I say it's right there in front of you but we just can't see it. Why because we are looking for "The Catch".

When a hospital organization makes an investment in anything...the hospitals due diligence is to review "what are we buying" "why are we buying" "where is the value to the organization" NOW PROVE IT!

I contend the absolute best investment is when you bring value to an already existing investment... let's say Epic for example. (Like I said we are covering the incredibly obvious). ClearBalance is rolling out integration to Epic that enhances the existing investment TODAY!!!!!!

Pick anyone of the above titled individuals decision on technology and in some way I will enhance their ROI (Just ask me about it and you shall see).

It's simple, I am bringing money to the table not a product.

I am not selling EMR, you have one, so put the patient link on the "pay my bill tab" so they can calculate and self enroll in our mutually defined payment plans. Your organization of course would need to approve this self enrollment as THIS IS YOUR PROGRAM we just assist in administration.

I am not selling cost estimator or propensity to pay technology; you already have it. Instead add our payment plans pre-service so you don't scare the patient away when they hear what their out of pocket expenses are going to be. Lets reduce the NO SHOWS due to financial constraints. Lets see them in the doctors office as scheduled not the ED where the cost is exponentially higher (again obviously).

Want patient satisfaction to skyrocket? Give them options to pay overtime and don't make them go through the mounds of paperwork or an embarassing credit check. You simply tell them " you need more time to pay? We totally understand! How about a 0% loan that never adjusts? The bill is paid in full Pre-service or Post service does that option work for you?"

Enhancing your existing systems ROI and providing an ROI on our patient financing program is what we do everyday as this is our core competency.

We have been doing this since for decades in many forms but my focus is on my hospital clients and how they can use my money to help a community and to help the organization and bring zero risk to the money invested in my programs.

Now THATS an enhanced ROI!

Jay Roche VP-Patient Finance- ClearBalance (Central Region)

- Covering the great states of Central USA/ Tennessee/DC and VA!