Monthly Archives: June 2024

Maximizing health IT investments requires a holistic approach

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Evaluating the value of IT investments in healthcare is a significant challenge for health IT leaders and their organizations. With the growing demand for digital health solutions and the increasing interest in AI, establishing a comprehensive IT investment valuation process has become crucial for health systems both large and small. My colleague at StarBridge Advisors, David Muntz, recently wrote an excellent blog post describing what we call the VOI framework – “An Effective Strategy for Valuing HIT Investments”.

Traditional metrics like ROI, IRR, and TCO are often used to assess IT investments. While these financial measures are important, relying solely on them can be insufficient. As David outlines in his blog, StarBridge Advisors has developed a Value of Investment (VOI) framework that combines traditional financial metrics with additional elements that capture the broader impact of IT investments.

I encourage you to read David’s entire blog post where he expands on these core elements of the VOI framework:

    1. Flexibility: Modern IT solutions provide new capabilities, such as using smartphones to locate the nearest mobile imaging device or utilizing AI for image evaluation with high precision. This flexibility improves operational efficiency and patient care.
    2. Intangibles: Non-physical assets like clinical outcomes, patient satisfaction, and brand loyalty play a crucial role. Personal stories that highlight the human impact of IT investments often provide the most compelling evidence of value.
    3. Social Value: IT solutions that meet patient and family needs, such as enabling control over care environments or providing interpreter services, significantly enhance patient experiences and outcomes.
    4. Risk Management: Effective risk management is essential to achieving the anticipated value of IT investments. The framework identifies nine risk categories with targeted questions to help organizations determine acceptable risk levels.
    5. Accountability: Ensuring that those responsible for implementing and using the IT asset are accountable for achieving results that drive continuous improvement and better outcomes.

Additional analyses include stakeholder impact, capability-based assessment, market positioning, strategic alignment, and intellectual capital.

Evaluating IT investments requires a comprehensive approach. StarBridge Advisors offers the expertise and tools to help you develop and deploy a personalized VOI framework. David and I are happy to explore with you how we can help you maximize your investment.

Related Posts:

What do healthcare CEOs want from technology in 2024 and beyond?

Beyond cost cutting: Health IT’s role in financial health

 

A decade of blogging: 10 years of insights on healthcare, technology, and leadership

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This week marks 10 years since I became a blogger! With a focus on the intersection of healthcare and technology, a lot has happened in 10 years. For my regular readers, you know I cover much more than healthcare and technology including leadership, career advice, women’s issues, and yes, even politics. And I weave in personal stories at times.

When I started this blog in 2014, I was serving as the CIO at University of Michigan Hospitals and Health Centers. The social media coordinator in the Communications department encouraged me to start and helped set it up. I leaned on our IT chief of staff to help manage it. From the start, I assumed that I had multiple audiences to speak to – my IT staff (I encouraged them to subscribe but promised to continue my monthly CIO messages aimed at just them), our health system staff, health IT colleagues in the industry, and anyone else who was interested. My first blog was about our major Epic go live a few days later – “Three days and counting….”. It was the first of many practitioner based blogs over the years.

So, why blog? As I wrote in my “About” page:

“One of my passions is the development of the next generation of IT leaders, especially young people who are beginning their careers or who are beginning to take on leadership roles. I’ve been there: a young mother of two with a full-time management job while a part-time graduate student.  I remember the years when I was the only woman at the leadership table. With this weekly blog, I share perspectives on the critical issues facing Health Care IT, the organizational transformations that IT organizations face, the challenges of leadership, and the work we need to do together to keep the paths of opportunity open for all. What we do matters.”

When I left Michigan in early 2016 to start down a path of interim management, consulting and leadership coaching, I took over the blog myself and committed to continuing writing weekly. I had relevant topics each week as I served in four different organizations in interim IT leadership roles in subsequent years and launched StarBridge Advisors with colleagues in late 2016.

If you are a subscriber, you know that my weekly commitment has waned in the past year, and I publish less frequently. As I have reduced and refocused my work commitments, topic ideas come to me less frequently – mostly from events in the industry and beyond, articles, discussions with people I coach and mentor, and my regular contact with health IT leaders.

There have been times when I just can’t be silent on something and go more political. Continue reading →