the abc s of roi return on investment john gillespie laerdal medical n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
The ABC’s of ROI (Return on Investment) John Gillespie Laerdal Medical PowerPoint Presentation
Download Presentation
The ABC’s of ROI (Return on Investment) John Gillespie Laerdal Medical

Loading in 2 Seconds...

play fullscreen
1 / 31

The ABC’s of ROI (Return on Investment) John Gillespie Laerdal Medical - PowerPoint PPT Presentation


  • 116 Views
  • Uploaded on

The ABC’s of ROI (Return on Investment) John Gillespie Laerdal Medical. Welcome to the Indianapolis SUN!. Traditional ROI is:. “…performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'The ABC’s of ROI (Return on Investment) John Gillespie Laerdal Medical' - genna


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
the abc s of roi return on investment john gillespie laerdal medical
The ABC’s of ROI(Return on Investment)John GillespieLaerdal Medical

Welcome to the Indianapolis SUN!

slide2

Traditional ROI is:

“…performance measure used to evaluate the efficiency of

an investment or to compare the efficiency of a number of

different investments.” (“Investopedia,” n.d.)

Investopedia. (n.d.). Return on investment - ROI. Retrieved from http://www.investopedia.com/terms/r/returnoninvestment.asp

slide3

Traditional ROI is:

“…performance measure used to evaluate the efficiency of

an investment or to compare the efficiency of a number of

different investments.” (“Investopedia,” n.d.)

“…if an investment does not have a positive ROI, or if

there are other opportunities with a higher ROI, then the

investment should be not be undertaken.” (“Investopedia,” n.d.)

Investopedia. (n.d.). Return on investment - ROI. Retrieved from http://www.investopedia.com/terms/r/returnoninvestment.asp

why is roi important
Why is ROI important???
  • Sustainability of your simulation program
  • Help insure that the training dollars are providing value to the organization
  • Help insure that the learner is receiving value for time spent in training
was is this a
Was/is this a:
  • Thoughtful investment?
  • Thoughtless investment?

Or

slide6

Solution Matrix. (2011). Return on investment. Retrieved from http://www.solutionmatrix.com/return-on-investment.html

slide7

Remember this:

“…hospitals typically measure ROI from a business

perspective—cost, revenues or operating efficiencies

—but many benefits of clinical applications fall into

quality and safety realms that do not easily translate

into dollars.” (Page, 2010)

Page, D. (2010). IT’s return on investments is tricky to pin down. Hospital & Health Networks. Retrieved from http://www.hhnmag.com/hhnmag_app/jsp

/articledisplay.jsp?dcrpath=HHNMAG/Article/data/06JUN2010/1006HHN_Fea_MostWired&domain=HHNMAG

four areas of focus
Four areas of focus:
  • Organizational Buy In
  • Overcoming Barriers to Simulation
  • Faculty/Personnel Development
  • Curriculum Integration
organizational buy in
Organizational Buy In
  • ROI (Return on Investment)
  • ROE (Return on Expectation)
  • Utilization Data Collection
  • Evaluation Data Collection
    • Leading indicators are usually pretty close to accurate
  • Policy and Procedures that are specific to your organization
  • Care about what keeps your organizational leaders up at night
  • Create a value statement
    • Insure that the stakeholder gets a regularly scheduled report
main principles
Main principles
  • “Business/[organizational] objectives are seen as a starting point.” (“Trainingcheck.com,” n.d.)
  • “’Return on Expectation’ (ROE) is key” (“Trainingcheck.com,”n.d.)
  • “Collective efforts are needed throughout an [organization] to achieve success.” (“Trainingcheck.com,” n.d.)   

Trainingcheck.com. (n.d.). Kirkpatrick ROE model of training evaluation. Retrieved from http://trainingcheck.com/training-evaluation

/kirkpatrick-ROE-model-of-training-evaluation/

return on expectation
Return on Expectation
  • “Proactive, business partnership approach that unified teams.”
  • “Defines training as a contributor to key business results.”
  • “Value defined by business stakeholders in cooperation with training.”
  • “Focus on comprehensive evidence and a compelling story of value.”
  • “Easy to understand, flexible, and cost-effective.”

Kirpatrick, JD, Kirkpatrick, WK. (2010). ROE’s rising star: Why return on expectations is getting so much attention. Training + Development. Retrieved from

http://www.astd.org/TD/Archives/2010/Aug/Free/1008_ROEs_Rising_Star.htm

data collection
Data Collection
  • To prove either ROI or ROE, you must have data to base your return on.
types of data collection to support roi roe
Types of data collection to support ROI & ROE
  • ROI in Healthcare- Using data to demonstrate a positive impact on the organization through the use of simulation
    • This can include unexpected results
  • ROI in operations- Use, or utilization
    • Tool for determining when you are under utilizing/over utilizing your resources
  • ROI in customer service- Were our customers satisfied with the simulation experience?
    • Can become a tool for measuring the effectiveness of your instructors/simulations
  • ROI in academic learning- Assessment
    • Process driven checklist type of scoring
measuring outcomes
Measuring Outcomes
  • The effectiveness of your program is only as relevant as the effectiveness of the tool(s) that you are using to measure it by.
  • Using the Kirkpatrick model, as one example, you can and should measure the effectiveness of the learning objectives met right after the simulation and then again 6 months later.
  • Is the behavior reflecting what was learned during simulation (Debriefing)? Report this back to the stakeholder. Are you indicating a beneficial return on investment?
monthly log
Monthly Log

WakeMed-Amar Patel

monthly log1
Monthly Log

WakeMed-Amar Patel

monthly log2
Monthly Log

WakeMed-Amar Patel

monthly log3
Monthly Log

WakeMed-Amar Patel

month end data
Month End Data

WakeMed-Amar Patel

first quarter raw
First Quarter - Raw
  • WakeMed-Amar Patel
first quarter graphed
First Quarter - Graphed

WakeMed-Amar Patel

targets
Targets

WakeMed-Amar Patel

how does this data help
How does this data help?

WakeMed-Amar Patel

how is simulation use valuable
How is simulation use valuable?
  • Value 1- Simulation is only valuable if you use it.
    • A simulator that is unused/under utilized has no value.
      • Worse, it is a cost center and a financial drain on the organization.
how is simulation use valuable1
How is simulation use valuable?
  • Value 2.- Educationally effective simulation not only allows the learners to “connect the dots”, but it also can change behaviors in an organization.
    • The result can allow you to focus your training dollars to effect
    • Reduce your malpractice costs
    • Reduce time spent in training
    • Improve patient outcomes
how is simulation use valuable2
How is simulation use valuable?
  • Value 3.- Use as a recruiting tool to draw in candidates that increase the overall value of your organization.
how is simulation use valuable3
How is simulation use valuable?
  • Value 4.- Repeatability regardless of the patient census at any given moment.
    • Allows for a consistent product to be delivered to the learners.
references
References

Best Practice Committee. (2002). The Value of IT investments: It’s not just return on investments. Retrieved from http://www.cio.gov/documents

/thevalueof_it_investments.pdf

Big Dog & Little Dog’s Performance Juxtaposition. (n.d.). Kirkpatrick’s four-level training evaluation model. Retrieved from http://www.nwlink.com/~donclark/hrd

/isd/kirkpatrick.html

Cooke, M., Irby, D., Sullivan, W., & Ludmerer, K. (2006). American medical education 100 years after the Flexner report. The New England Journal of Medicine, 355(13), 1339-1344.

Investopedia. (n.d.). Return on investment - ROI. Retrieved from http://www.investopedia.com/terms/r/returnoninvestment.asp

Kirpatrick, JD, Kirkpatrick, WK. (2010). ROE’s rising star: Why return on expectations is getting so much attention. Training + Development. Retrieved from

http://www.astd.org/TD/Archives/2010/Aug/Free/1008_ROEs_Rising_Star.htm

Markow, M. (2011). Business terms glossary. BusinessWings. Retrieved from http://www.businesswings.co.uk/articles/Business-terms-glossary

Page, D. (2010). IT’s return on investments is tricky to pin down. Hospital & Health Networks. Retrieved from http://www.hhnmag.com/hhnmag_app/jsp

/articledisplay.jsp?dcrpath=HHNMAG/Article/data/06JUN2010/1006HHN_Fea_MostWired&domain=HHNMAG

Robert Wood Johnson Foundation. (2011). Glossary of healthcare terms. Quality/Equality. Retrieved from http://www.rwjf.org/qualityequality/glossary.jsp

SBA.gov. (2011). Essential elements of a good business plan. Retrieved from http://www.sba.gov/category/navigation-structure/starting-managing-business

/starting-business/writing-business-plan/essential-elements-good-busines

Smith, R. (2009). Embracing game technology for medical education. Retrieved from http://www.peostri.army.mil/CTO/FILES 2009_RSmith_MT3.pdf

Solution Matrix. (2011). Return on investment. Retrieved from http://www.solutionmatrix.com/return-on-investment.html

Trainingcheck.com. (n.d.). Kirkpatrick ROE model of training evaluation. Retrieved from http://trainingcheck.com/training-evaluation

/kirkpatrick-ROE-model-of-training-evaluation/

Research in Simulation: Using Data to Help Improve a Return on InvestmentAmar P. Patel, MS, NREMT-P, CFC Laerdal SUN Conference Foxwoods 2012