Return on Investment Project
The return on investment process involves steps recommended for the documentation and justification of a soft return. The soft return costs include risk avoidance, patient safety, process involvement, and regulatory compliance. The critical steps in documenting soft returns include identifying process improvement opportunities, creating a formula to calculate the benefits, and determining the process’s costs and net benefits. The modern healthcare industry needs large outlays of capital for electronic health records, clinical information systems whose papers have been. This research will analyze what would be required to support capital acquisition that would improve the quality, efficiency, and the overall effectiveness of an organization—the importance of establishing a project management office in monitoring the project.
Soft return on Investment is not quantifiable or measurable and does not show at the bottom of the line savings. It only manifests itself as an increase in intangible elements such as customer loyalty, brand strength, and customer satisfaction (Masters, 2017). For example, a healthcare facility’s decision to use EHR will increase overall productivity and profit over time as it will ensure that the customers enjoy high-quality care. Applying technology in storing client date will lead to reduced nursing hours, increased revenue due to better documentation, and accurate solution to healthcare cases.
The development of return on Investment is linked to the items that do not provide financial acquisitions. Through the establishment of soft ROI, there is a decrease in employee workload and increased satisfaction of the employees and patients. The facility will also have enhanced documentation of the medical health records needed to improve care quality. Other benefits of this form of soft ROI include reducing medical errors, eliminating duplicate testing, and delivering timely healthcare results.
The use of a highly qualified project team will bring out the desired results. For example, suppose the organization uses a strong project manager. In that case, he/she will allow ROI to be successfully implemented and effectively manage the sources and the project implementation process, thus ensuring that the organization achieves the set goals and objectives. Project managers are expected to deliver the required tools and methods and overcome potential challenges in the organization.
During the determination of a Return on Investment model, it is essential to ensure that a proper capital acquisition is selected. Having capital acquisition will help in improving efficiency, customer satisfaction, and effective operation in the organization. Capital acquisition plays a role in enhancing the effectiveness of the organization by enhancing productivity. Through this method, the level of output in the organization can rise at a fast rate. Producing more work with a reduced level of input will lead to increased productivity in the healthcare facility. Therefore, it is essential to develop productivity measures for all the operations and decide the critical functions in the facility.
The capital acquisition will improve quality and efficiency within the organization because it will help develop a common framework that will focus on enhancing the value (Rachlin, 2019). The framework will improve integrated capital planning and allocation across all organizations to increase the quality of integration in the healthcare facility.
A project management office is a department that sets and monitors the project management standards in the business (Monteiro, 2016). Having a project management office establishment will be important in tracking the project in the following ways. Firstly, PMO provides operational support to different organization projects through strategic planning and benchmarking of the processes and results. Benchmarking is essential in this process because it allows for enhancing healthcare facility maturity in the project management process. Decision making is also enhanced through the use of PMO. Since it is dynamic, it can join the project management vision to organizational management, thus creating a better management process in the firm.
Next, it provides suitable guidance by providing effective procedures of identification, data collection, and analysis of the information. It also helps formulate a proper decision-making process by joining the vision of project management to organizational management. PMO will be necessary for the organization because it will establish mechanisms for the project’s control by summarizing standard information. This will be achieved through effective communication that will help achieve the organization’s strategic goals that have been aligned to the corporate strategic planning. It also provides better corporate results through optimization of the efforts and resources in the projects. This is done through sharing the risks and contingencies, accelerating the schedules, reducing conflicts, enhancing communication and techniques. Through PMO, the organization can drive the governance of the development process.
Lastly, it provides an orientation, methodology, and standardization of the project processes that will help in project management, portfolio management, and the operations related to the project planning. This will be done through data collection and analysis, documentation, and use of spreadsheets, flowcharts, and contracts. These elements are applied to all projects in the organization.
References
Masters, R., Anwar, E., Collins, B., Cookson, R., & Capewell, S. (2017). Return on Investment of public health interventions: a systematic review. J Epidemiol Community Health, 71(8), 827-834.
Monteiro, A., Santos, V., & Varajão, J. (2016). Project management office models–a review. Procedía computer science, 100, 1085-1094.
Rachlin, R. (2019). Return on Investment Manual: Tools and Applications for Managing Financial Results: Tools and Applications for Managing Financial Results. Routledge.