How do you measure return on investment (ROI) in healthcare?
Many clinicians, and even administrators, understand the importance of quality improvement initiatives, knowledge translation, and the like. However, unless you’re a CFO, it can be difficult to wrap your head around how to justify those initiatives from a return on investment or financial standpoint. Even more difficult is when the idea of value comes into play. As I’ve written about before, expectations & perceptions drives what we consider valuable.
My guest this week, Craig Solid, PhD, is the principal of The Solid Research Group and the perfect person to talk to about measuring and quantifying ROI and the like, specifically when it comes to quality improvement initiatives. He works with healthcare organizations, policymakers, and educational institutions on securing research funding, publishing research articles, designing projects, disseminating results, and economic evaluations of QI projects.
What we cover in this Episode:
- What is ROI in healthcare?
- The change from time-based productivity to value-based care
- Communication & it’s role in the patient experience
- Understanding the patient relationship cycle and how different stakeholders view things differently
- How to go about funding quality improvement initiatives
- The 4 challenges with these types of projects
Connect with Craig:
If you enjoyed this episode: Join Rafael E. Salazar II, MHS, OTR/L (Rafi), principal of Rehab U Practice Solutions and host of The Better Outcomes Show as he explores the possibilities of a new healthcare. Guests range from clinicians trying new techniques and treatments to executives and entrepreneurs exploring new service delivery methods, business models, and organizational structures. You can sign-up to receive new episodes delivered directly to your inbox by filling out the form at the top of this page. Learn more about Rehab U Practice Solutions by reading The Manifesto for a New Healthcare, or listen to Episode 000.
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If you run a clinic or practice and are looking to develop a strategy that leverages best practices, new technology, and marketing/messaging in a way that maximizes patient engagement & retention, please reach out. We’d love to talk with you about how Rehab U Practice Solutions can help your clinic bring in more patients, retain them throughout their course of care, and create uniquely impactful patient experiences.
Rafael E. Salazar II, MHS, OTR/L (Rafi) is the Principal Owner of Rehab U Practice Solutions and the host of The Better Outcomes Show. He has experience in a variety of rehab settings, working with patients recovering from a variety of injuries and surgeries. Rafi has worked in a variety of settings, from orthopedic and musculoskeletal rehabilitation, to academia, and even healthcare consulting. He spent the majority of his clinical experience working at Charlie Norwood VA Medical Center, where he was the lead clinician and clinical education coordinator for the outpatient specialty rehab program. In this role, he treated many veterans with chronic pain and helped to establish an interdisciplinary pain management program. He has worked on projects ranging from patient engagement initiatives to marketing communication campaigns to a multi million dollar project assisting the State of Georgia’s Department of Behavioral Health and Developmental Disabilities transition individuals out of state institutions to community residences. He also has experience as a core faculty member at Augusta University’s Occupational Therapy Program, as a Licensed Board Member on the GA State OT Board, and he serves on the Board of Directors for NBCOT. He works to help healthcare clinics and organizations deliver uniquely impactful patient experiences by improving service delivery through training & advisement and through courses & training programs.