For HIT, Innovation, Not ROI, is the Benchmark
Back to the US-EU comparison: Thierry observes that European health systems are typically fixated on a quick ROI for any technology investment, whereas in the US, "it's not there is no concern with ROI, but [healthcare leaders] are taking the bet to modernize healthcare." The different healthcare entities in the US are free to seek a variety of ways to do things better.
The ROI from telemonitoring is hard to calculate because it comes from so many sources: early warning of serious health problems, avoided readmissions, reduction in chronic health issues, word-of-mouth publicity from patients, and a sense that this hospital serves its community. Yet this relatively low-cost investment could be considered technological innovation of the highest order.
Healthcare organizations are desperately in need of innovative ways to work their way out of the bind of rising costs and decreasing revenues, while staying true to their mission of patient care. Technology investments alone won't solve all ills, but they can enable the solution. Innovation, not ROI, is the necessary benchmark.
Edward Prewitt is the Editorial Director of HealthLeaders Media.
- Half of All Primary Care, Internal Medicine Jobs Unfilled in 2013
- How Digital Strategy Shapes Patient Engagement at Boston Children's Hospital
- CNO on Hospital Redesign: 'You Can't Over-Communicate'
- CFO Exchange: Smartphones Poised to Disrupt Healthcare, Says Topol
- Some Cancer Hospitals' Quality Data Will Soon Be Public
- CA Powers Up $80M HIE to 'Create Value in the Data'
- TJC Warns Hospitals of Deadly Medical Tubing Mistakes
- 3 Traits Personality Assessments Can't Reveal
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- Consumerism Drives Healthcare Branding, Rebranding Efforts