Return on Investment

Return on Investment

Return on investment (ROI)

is a financial ratio used to calculate the benefit an investor will receive in relation to their investment cost. But what if the returns cannot be summarized entirely in monetary terms? For software purchases, such as HI-IQ, an investor needs to consider both the “hard returns” (dollars and cents) as well as the “soft returns” (time and efficiency). Outlined below are some of the hard and soft returns from a HI-IQ purchase, which should be weighted appropriately when estimating your return.

For a more in-depth analysis of ROI from HI-IQ

Improve Patient Care
  • Generate Adverse Event reports to identify trends and make preventative improvements
  • Automatically schedule follow-up appointments to ensure patient safety and satisfaction
  • Track, report and study radiation delivered to patients to target improvement strategies
Save Time & Increase Efficiency
  • Reduce redundant manual entry of patient information and duplication on numerous forms
  • Identify workflow bottlenecks to increase staff efficiency and patient throughput
  • Reduce time spent collecting, mining, and reporting data
  • Eliminate intra-­department phone calls pertaining to patient status updates
Increase Revenue
  • Assign ICDs, CPTs, and products to each patient encounter to assist with billing
  • Schedule follow-­up appointments and studies to capture lost revenue associated with missed patient follow-ups
  • Ensure and increase charge capture through real-­time supply usage tracking
Reduce Overhead Costs
  • Implement Quality Improvement programs based on analysis of your complication data to reduce expenses associated with handling complications/infection
  • Reduce on-­hand inventory levels to reflect actual usage
  • Proactively manage product expirations to minimize costs associated with expired product

Measuring Quality Improvement In Your Department

Implementing a Quality Improvement process may be a daunting task when you do not have the tools available to measure the progress toward your goal.  To help with the process, HI-IQ recommends setting up a “Quality Scorecard” to evaluate your performance.  Download this article for an example of a Quality Scorecard and to learn how to implement a quality initiative in your department.  

Practical Improvement Metrics for IR

Measuring the Value of an lnterventional Radiology Department While Minimizing Data Collection Requirements - Real World Applications of Metrics Developed Collecting 10 Fields Per

Leveraging HI-IQ data to improve patient outcomes for Interventional Radiology

Webinar presentation by University of Vermont Medical Center

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