The Cost of Patient Compliance

Everyday some new app is being developed and pitched as the latest and easiest way to manage patients more effectively and efficiently, to improve compliance and increase patient satisfaction.  

Interestingly, most of these new apps actually work – that is, they function correctly, have the ability to usually perform as advertised don’t crash and can very often integrate rather seamlessly with your existing EHR platform. But, “working” isn’t enough. It’s not that these apps generally do something that either isn’t or can’t be done, but rather they do it in a different way. Sometimes their value proposition is predicated on timeliness, sometimes on uniqueness that supports increased usage, sometimes it’s ease of access… etc… Regardless, and as an old friend used to often say, “is the juice worth the squeeze?” Indeed, is the expected outcomes really worth the cost?  

Because the returns for these apps are 1) generally multifaceted, 2) sometimes absent an actual dollar measure, 3) requiring of inputs or ongoing management beyond simple installation, they don’t lend themselves to simple ROI evaluations. After all, what is the value of 10 fewer phone calls about med refills at your front desk? Or, the value of a hip replacement patient adhering more strictly to prescribed exercise routines? These things can be challenging, but not impossible to translate to a specific Return on your Investment. 

However, using Cost Effectiveness Analysis (CEA). Values can be placed on staff time, patient compliance and literally multiple other factors attributable to these various apps and a valid Value of Investment can be effectively calculated. With CEA you will not only calculate a value of the product, but also values and likelihoods of expected outcomes. CEA offers a much broader and more detailed value analysis than other economic models – and that means better, more fact-based decision-making.

If your objective is to provide the best decision-making for your organization and take a global view of your business, expanding your sights beyond ROI, and educating other decision-makers, Cost Effectiveness Analysis can make your organization more competitive and more profitable. Contact me to learn more.