Evaluating a return on investment for virtual care

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orlando Experts say financial return on investment isn’t the only thing to consider when considering implementing virtual care technology.

“Sometimes there is no path to a return on investment, or the path is unclear, or there are assumptions,” Chad Elimotil, professor and medical director of virtual care at the University of Michigan, told the audience. HIMSS Global Health Conference & Exhibition pre-conference Virtual care forum on monday.

“It’s very addict-centric,” said Matt Pruente, senior director at Alvarez & Marsal. “But ultimately you have to make it work, and it really depends on the system.”

Delivering virtual care that improves the patient experience is essential, but providers also need to consider what else their products offer, Elimotil says. Improving clinical outcomes is just as important as operational efficiency.

Matt Pruente says there are three aspects to consider when considering return on investment: the direct view or revenue and costs of the program, cost avoidance or cost constraint issues, and the downstream benefits or long-term focus of the system. states that it is essential to consider.

Assessing costs is very important, especially regarding operational costs, technology acquisition, and infrastructure costs.

In terms of benefits, consider the return on investment in virtual care by evaluating direct billing revenue, improved outcomes, increased efficiency, and downstream revenue.

Additionally, evaluate how much additional staff time is needed for technical support, costs associated with licensing fees, reimbursement for virtual care, and reducing the need for in-clinic medical support and relocation.

There are ways to improve ROI, including patient selection. Pruente said they should target patient populations who prefer virtual care. Increase conversion rates from video visits to colonoscopies and accelerate patient outcomes by attracting economically advantaged patients.

Additionally, collect feedback to improve your ROI. Ellimoottil and Pruente identify strategies to increase patient adoption and reduce cancellations, and argue that automated chatbot programs may have minimal or no return on investment and may not be beneficial. He said that it is necessary to recognize that there is a

Ultimately, consider return on investment early in the planning process, consider how ROI is affected by the specific demands and limitations of the local health system, and consider the financial profile of some virtual care modalities. Recognize that you may not get a return on investment and remember: Economic return on investment is only one aspect of his decision-making process.

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