Primer: Patient-Reported Data Collection and Return on Investment
Posted by Blake McWilliams on 2017-08-01
As the transition to value-based healthcare advances, providers are keenly looking for ways to assess the impact of patient-reported outcomes data on their bottom line. OBERD's free Primer: Patient-Reported Data Collection and Return on Investment offers a systematic approach for determining benefits generated by collecting patient-reported outcomes information.
A selection from OBERD's ROI Primer:
Determining ROI metrics
The determination of when an investment recoups its costs is in many instances a fairly straightforward matter. In other instances however, it isn’t quite that simple. As the transition to value-based healthcare advances, providers are keenly looking for ways to assess the impact of patient-reported outcomes data on their bottom line.
The identification of a specific ROI metric to the cost of deploying a patient-reported outcomes data platform deployment is dependent on a number of factors that are not always easily quantifiable. Much depends upon what kind of data is being collected, the purposes for which it is being collected and both the qualitative and quantitative nature of the data.
To ensure a credible and reliable calculation of the ROI of patient-reported outcomes data collection, providers should rely upon a rigorous systematic approach for evaluation. One such methodology can be found in the work of the ROI Institute, through their “evaluation framework,”1 which categorizes results in a prescribed, logical order. This recommended sequence represents a chain of impact that can attribute and account for benefits realized. This framework consists of 5 levels of information to consider:
- Reaction to the program, particularly the perceived value of the program.
- The extent of learning such as skills, competencies, knowledge, and insights in the program.
- The extent of application and use of knowledge, skill, and insights acquired during the process.
- The program's effect on the data such as, sales, productivity, quality, time, and costs.
- The ROI, the net monetary benefits compared to the cost of the program.
Patient-reported outcomes data collection offers its users a myriad of ways to generate value. For researchers, the data analysis tools provide powerful opportunities to analyze deep data sets. Practice managers are enabled to follow physician members to uncover best practices. And of course physicians can optimize their CMS reimbursement adjustment amounts by monitoring their performance scores throughout a performance year. The point is each user has a unique basis from which to evaluate and determine the overall benefit Patient-reported outcomes data collection contributes to a provider’s practice. Any valid assessment of an ROI must be tailored to the specifics of each user. Any generalized metric is clumsy at best and more than likely misleading.