Innovation Lifecycle Management: Return on Investment

Healthcare organizations run towards any opportunity to innovate that they can think of, and consider discovering different ways to serve patients or to perform better financially. Apart from looking for new innovative solutions, healthcare systems should not forget to track return on investment (ROI) to measure the degree of efficiency of their implementations. Before implementing any healthcare innovation into their healthcare systems, healthcare organizations should consider questions like what the top problems are, what are their solutions, and what are the outcomes of the different solutions. The outcomes provide key metrics by which a healthcare organization can measure the success of their innovation and also determine their ROI (healthcare ROI). Return on Investment (ROI) tools help healthcare organizations to determine the ROI for innovations that they have implemented within their system. They can examine the financial outcomes, and also make informed decisions when prioritizing resources for procurement and quality improvement initiatives. ROI can also be used by healthcare delivery organizations as an evaluation tool to examine the cost of an innovation after implementation. Besides, it can be employed to estimate how the planned innovation will influence the revenue and operating costs so that the innovation can be adjusted to better optimize both quality and financial performance.