Coming Soon: Forrester Study Demonstrates Value of Embracing Technology in Senior Care
Much of our industry is still trying to manage the COVID-19 pandemic, working hard to keep facilities and communities safe. In some cases, care providers are scrambling to provide adequate PPE for dedicated employees, while developing new business models focused on safety and prevention.
While efficient, easy-to-use and cost-effective technology solutions offer relief, the COVID-19 pandemic has really reinforced the need for digital transformation in senior care.
PointClickCare decided to go beyond what we already know about our product’s value, to get a third-party perspective on the economic impact of our skilled nursing solution. So we commissioned Forrester Consulting – part of an independent, objective research firm – to conduct a study and talk to some of our skilled nursing customers. The goal: to identify and understand the return these customers receive on their investment in our integrated cloud-based software.
A Total Economic Impact™ (TEI) Study
Forrester’s TEI methodology “helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.” Its study process included:
- gathering data on our skilled nursing solution
- conducting customer interviews
- designing a composite organization using the characteristics of those customers
- building a financial model based on the interviews and adjusting it for risk
- analyzing costs and applying them to the composite
- using benefits, costs, flexibility, and risks to model our solution’s impact in a case study
Forrester spoke with individuals representing a variety of positions across our customer facilities. These providers talked about their challenges, particularly in managing health records, and the criteria that led them to choose PointClickCare. They also discussed the results they’ve achieved with our solution, both quantitative and qualitative.
Benefits Revealed (Details to Come)
The Forrester study, The Total Economic Impact™ Of PointClickCare’s Skilled Nursing Solution found that by adopting our cloud-based solution, customers are saving time, increasing compliance, security, and privacy, improving evidence-based care plans, and enhancing nursing staff oversight. They all pointed to the flexibility of our solution, too. Those are just some of the benefits that aren’t quantifiable. What about the quantified gains? Well, you’ll have to watch for our next post to get the specifics, but we can tell you our customers are enjoying reduced charting times for their nurses, efficiencies from better integrated information, lower Medicare PDPM penalties and less nurse turnover. Combine these benefits and you can imagine they’re getting a pretty tidy return on their investment. There’s also a short pay-back period, too.
In the Executive Summary of its study, Forrester wrote, “With all the information automated and organized within one system, PointClickCare offers users more insights about their businesses, helping them operate more efficiently and profitably. Resident care is also positively affected since providers have more time and more accurate data at their fingertips.” Isn’t that scenario what matters most to you, both in today’s current environment and going forward? Providing optimal value-based resident care and running a successful business aren’t mutually exclusive. In our next post, we’ll demonstrate just how they go hand-in-hand.
August 19, 2020