Healthcare organizations are increasingly focusing on digital transformation, with health IT budget allocations nearly doubling year-over-year. These substantial investments can determine an organization’s success or failure, so how can healthcare institutions ensure success?
What’s driving technology investments
Rising costs are driving interest in investing in technology to boost healthcare efficiency. From 2021 to 2022, healthcare system operating expenses outpaced revenue gains by nearly five percentage points; during this period, expenses grew by 17% while revenue increased by only 12.5%.
Industry statistics also emphasize the frequency of budget overruns and the need for adopting formal project management practices to stay within budget. By concentrating on operational efficiency and patient-centric approaches, healthcare leaders can shift the conversation from initial costs to long-term value and meet the evolving needs of their facilities.
Early engagement
Engaging technology partners with internal stakeholders early in the budgeting process is critical when integrating advanced technology. This involves comprehensive internal discussions with clinicians, administrators, IT professionals, and facility and engineering departments to establish priorities and identify potential issues.
Engaging external partners within the full built environment such as technology providers, consultants, general contractors, architects, and design-engineer firms at this stage first also fosters the connections needed for end-user engagements later. These firms provide the expertise to spot potential problems before they arise, as well as identify opportunities for savings in time, money, proper design support, and resources.
Collaborative strategic planning—with external partners working alongside internal teams—also helps develop a common vision and ensure advanced technology initiatives align with stakeholder objectives.
Practical design principles for emerging technologies
Utilizing best-practice design principles, such as a validation and testing lab, healthcare facilities can visualize workflows and identify potential issues before full-scale implementation. Advanced technology labs provide a controlled environment where end-users and project team members can assess the effectiveness, safety, and potential impacts of innovations before deploying them. They can also serve as perpetual R&D spaces. Creating such areas on site can aid in scenario planning and testing, to make sure new technologies are adapted to real-world conditions and future needs and use-cases.
These labs also offer training opportunities for staff on the new tools they’ll soon be using. These strategies enable healthcare organizations to develop flexible and responsive technological infrastructure.
Finally, incorporating lean methodologies into project delivery streamlines processes, reduces inefficiencies, and promotes continuous improvement.
Strategies for technology integration and demonstrating ROI
Implementing advanced technology does not occur in a bubble, especially in healthcare settings where seamless integration with other systems is essential. Adopting a phased implementation approach is another best practice that allows healthcare facilities to mitigate financial risks, provide an exit strategy to poor partner performance, and ensure smooth departmental contribution.
It’s also critical to engage technology solution partners to ensure a smooth installation and integration process as they can head off potential issues and also target opportunities for better performance. Schneider Electric research has shown, for example, that using newer application-specific integrated controllers can reduce installation time and labor costs by 75%, something facility personnel may not be aware of.
Evaluating the ROI for advanced technology in healthcare requires assessing both financial and non-financial metrics. Key indicators include cost savings, improved patient outcomes, and enhanced staff productivity, an especially important factor in labor-intensive sectors like healthcare. Using data-driven analysis and scenario planning can reveal how technology impacts clinical workflows and operational efficiencies, but this is predicated on capturing the right data initially.
By prioritizing patient-centric metrics and staff satisfaction, healthcare leaders can showcase the broader value of investments in advanced technology, ensuring alignment with organizational goals and delivering meaningful results. From design to operations—build with purpose. See how Schneider Electric transforms healthcare environments.
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