Service Line GrowthAdding new product and service lines is a major decision. It's more than staff equipment and facilities. Those are the easy parts.
However, how will one service line relate with your existing businesses? Will it add capacity is adjacent disciplines? Will it rob patients from some members of your medical staff? Will it require you to recruit additional physicians, renegotiate payor contracts, face legal challenges?
Mark Twain famously quipped, "no good deed goes unpunished," and the same could be true for your best, your good, intentions. What looks great as a simple quid pro quo... which is essentially what an ROI will tell you: what will you get for what you spend, the real answers and the real questions may go much deeper.
With a Cost Effectiveness Analysis all those puzzle pieces are valued and counted. Various what-ifs can be created, and the resulting data will allow you to make the best decision based on a broader and clear set of data.