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Calculating Return on Investment (ROI) for quality and compliance software

Organisations have been using ROI modelling to inform software purchasing decisions for many years; and research has shown that understanding the metrics of ROI both in advance and after purchase leads to more successful implementations.

Historically, the decision to purchase quality and compliance software was often reactive – based on something going wrong or where a need for serious improvement was identified. But with quality becoming an issue of increasing importance, we are seeing a trend of organisations proactively investing in quality improvement and looking more closely at this as a measure of success.

But how do you calculate ROI for healthcare quality and compliance software?

The simple way of calculating ROI is using numbers to understand the financial gains from software implementation against the cost.

An example of this might include analysing:

  • The number of hours you currently spend updating and reviewing data in multiple spreadsheets (or even worse, a paper-based system!) – a process that could be automated using software like Radar.
  • Core staff productivity which if improved, could reduce the dependency on agency staff.

But it isn’t quite this simple in the case of quality management - there needs to be a clear focus on continuous improvement which leads to the delivery of better care in a more efficient way. It’s useful therefore, to consider Return on Engagement (ROE) in addition to ROI, helping to put a more qualitative measure of success into the mix.

Instead of (or in addition to) how much money the software saves, the focus on engagement helps you to understand a broader set of metrics; to establish how moving from a more process-driven approach to a data-driven approach can make exploring data and unearthing new insights easier and faster.

So, what does success look like?

Measurements of success might include:

  1. How easy it is to get the data you need (accessibility and usability)
  2. The scope of the data you can extract
  3. Data integrity
  4. Time spent analysing the data
  5. Decision-making capability based on the information you have access to
  6. Visibility of information

To find out more about how Radar Healthcare can support your residential care services, you can book a demo here or call 0330 223 2740 to speak to one of our specialists.

About Radar Healthcare

Quality and compliance focused software that helps improve the delivery of health and social care, whilst helping you evidence effectiveness and continuous improvement. We know you aspire to be outstanding, so we help simplify the regulatory complexities you face, giving you more time to focus on delivering excellent care. Want to know more? Get in touch with us today, or book a demo of our software here.