Before making an investment, it is usual (and sensible) to ask: what kind of return can I expect? With an investment in a monetary commodity such as stocks and shares, or a physical commodity such as a property, this is a perfectly reasonable question. Although the return on these types of investment can only be estimated, particularly in these uncertain times, not all returns can be measured in this way.
For some types of investment it is not possible to clearly see a return in monetary terms. Hiring new staff or sending existing employees on a training course would fall into this category. Project Times defines the Return on Value (ROV) as the amount of Value Built In (VBI) that an organization gains as a result of continuous improvement in new and existing people (employees), customer service delivery and platform technology. In other words, the initial investment is repaid in non-monetary terms such as staff retention, better customer satisfaction, and greater efficiencies. All of which, of course, can have a positive effect on a company’s bottom line.
In the care sector where profit margins are challenging, owners and investors will naturally question the benefits (financial and otherwise) of any kind of outlay. If a provider’s current care software and record keeping systems work, why spend money digitalising everything? How/where will the return on investment be visible
We would postulate that, in the case of going digital in social care, providers should not consider Return on Investment (ROI) but rather focus on the ROV because:
The correlation between the initial financial investment and the subsequent efficiencies will neither be immediate nor simple to measure
Existing and new staff will need to be trained on the use of the system, the investment in training will be ongoing rather than a one-off cost
The training cost will be in staff time rather than a monetary invoice
Efficiencies created by a fully digital care provider enable a value driven and outcome based delivery of care.
Return on Value, on the other hand, provides a far clearer and more compelling argument for the digitalisation of a care home:
One of the most valuable benefits which will result from a fully digital care software system will be increased satisfaction and wellbeing for residents. If staff are spending less time filling out paper forms and completing other administration they will have more time to spend with their residents.
One of the main frustrations which family and friends of care home residents have is the lack of communication between them and their loved one’s care home. This is usually as a result of time pressure on the home and its staff.
A fully digital system will allow family and friends to obtain real time information on the resident’s health, as well as being able to find out about the activities which they have participated in and the meals they are eating
Nobody enters the care sector to spend their days filling out paperwork. By investing in a digital system, providers are freeing up staff to spend quality time with residents on activities , or helping them communicate with their loved ones.
A digital staff management system (link to staff feature) will also allow the home’s management to keep track of individual training programmes, and ensure that payroll (often a cause of disgruntlement when errors occur) is accurate.
As we have discussed in a previous blog - 10 Reasons To Go Fully Digital In Social Care the Care Quality Commission has made “encouraging innovation” an explicit priority in its strategy. Providers who are able to demonstrate that they are not only embracing technology, but are amongst the early adopters of new ideas, will surely be at an advantage during their forthcoming inspections. Digital records for every aspect of care home life, including nutrition, medication, activities and health records will be available immediately when inspectors visit, making the inspection more straightforward. Carrying out mock inspections at the touch of a button will surely be an advantage when an inspection is actually being carried out.
Executive Director of Strategy and Intelligence Dr Malte Gerhold said in a blog that, “the only way we can arrive at the right way of supporting, managing and — yes — regulating it, has to be by working and learning together, between developers of new technology, providers of care, people who use services, care professionals and us, as regulator.” Early adopters of digital care technology can, therefore, help to shape the future direction of regulation, a possibility with limitless value.
A resident’s health can decline for many reasons, but a huge benefit of a digital care system powered by Ai is the ability to predict and prevent unnecessary outcomes. A key frustration when a resident is first admitted to a care home is inaccurate or incomplete data being sent from the NHS, which can delay admission. A digital system which blends seamlessly with the NHS will overcome this issue.
Once the resident arrives, an electronic medication system will ensure that the right medication is given at the right time; their nutrition can be monitored and, with the use of Artificial Intelligence (Ai), their vital signs can also be monitored and early warning signs determined to act and avoid unnecessary outcomes.
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