What’s to Love about Our Skilled Nursing Solution? A Forrester Consulting Study Finds a 418% ROI Over Three Years
It’s always exciting to hear how much your customers like your products and are using them to improve their businesses, but it’s even more satisfying when that feedback is quantified. Forrester Consulting, a research-based consulting firm out of Cambridge, MA, recently interviewed our skilled nursing customers, to analyze their return on investment (ROI) using our skilled nursing solution. The study comes as the COVID-19 pandemic accelerates the urgency to find a solution to improve the senior care experience.
Minus their costs, customers experienced benefits of over $900,000, for an ROI of 418 percent!
In The Total Economic Impact™ Of our Skilled Nursing Solution, a commissioned study conducted by Forrester Consulting on behalf of PointClickCare, Forrester scoped out both the cost savings and business benefits generated by our technology platform. The study found that after implementing our skilled nursing solution, users saw $1.3 million in benefits over three years.
After speaking with our skilled nursing providers, and several PointClickCare stakeholders, Forrester used its TEI framework to dig into the factors affecting customer investment decisions: cost, benefit, flexibility and risk. With its multi-step approach, Forrester was determined to find out just what economic impact our skilled nursing solution can have on an organization.
These Skilled Nursing Facilities Faced Some Tough Challenges
Like many others, these skilled nursing facilities were stuck with both clinical and administrative bottlenecks before they found our solution. The methods they were using to handle health records were just limited, and left them frustrated and inefficient. They were dealing with:
- Time-consuming medical charting
- Lack of automation and integration across the resident journey
- Inability to create reports
- Limited access to information
Once they adopted our skilled nursing solution, things started to turn around, giving them substantial benefits in the back office and in resident care:
- Reduced charting time for nursing staff
- Integrated information efficiencies
- Fewer Medicare PDPM penalties
- Lower nursing staff turnover
- Better evidence-based care plans
- Greater privacy, security, and compliance
- Easier nursing staff audits
One skilled nursing administrator said, “The reporting is so slick, all of us can pull reports in no time for any number of things.” Another SNF quality improvement and regulatory compliance director told Forrester, “Before, I had to go to several different places to try and find information and now, I can literally sit in my office and in a couple of clicks, see everything.”
Substantial Returns – and Many Ways to Use Them
With an initial payback period of less than six months, the financial rewards quickly came into focus. After three years, these are the benefits the Forrester study found:
- Reduced charting time for nursing staff $698,308
- Integrated information efficiencies $53,716
- Fewer Medicare PDPM penalties $397,896
- Reduced cost of nursing staff turnover $126,054
Many of our customers are reinvesting their savings on people, process and technology. A few examples:
- Hire more staff to help reduce stress and burnout
- Increase training and evaluation for staff
- Provide wellness support to employees to improve physical and mental health
- Upgrade technology to improve care and gain more referrals
- Offer education benefits for staff
There’s More to Share from the Forrester Study
This is the first in a series of posts on what the Forrester study discovered about our skilled nursing solution. Next we’ll talk about the time ROI and how many hundreds of hours our platform can give back to nursing staff each year. In the meantime check out our skilled nursing solution. You could be counting the returns in no time!
August 26, 2020