Hospitals feeling financial pressure to run efficiently, truly the sweet spot for real-time location solutions (RTLS)!Today’s blog post is inspired by a post by Brian Ascher on his blog VC Waves about his steadfast enthusiasm for the hospital market and why investing in this space continues be an area his firm Venrock loves (if you pick compelling healthcare IT solutions like Awarepoint offers). It has to do with what we consider to be the RTLS sweet spot at hospitals. You can read the full blog post by clicking on this link.
By the way, Brian is a Partner and venture capitalist at Venrock living in Silicon Valley; Awarepoint is a portfolio company of Venrock. Venrock, founded in 1969 as the venture capital arm of the Rockefeller Family, has $2.2 billion under management and provides funding and services for entrepreneurs with breakthrough ideas in technology, healthcare, media and energy.
One of the biggest reasons Brian feels the hospital market is ripening and why VC firms like Venrock continue to love this market segment is the fact that hospitals are feeling financial pressure to run efficiently. This is truly the sweet spot for real-time location solutions (RTLS) such as Awarepoint offers. Our initial value drivers for hospital leaders are solidly in cost efficiency (reducing equipment rentals; “right sizing” inventory; impacting lost, stolen, misplaced equipment, improving staff efficiency). These areas of impact allow RTLS to produce a hard dollar return on investment in a very short period of time.
[See RTLS For Hospital Theft Prevention & Awareness or RTLS and the Healthcare Value Equation.]
A large part of Awarepoint’s success in the area of RTLS return on investment for hospitals is our Client Engagement Model. As part of our 75-day time-to-value implementation, Awarepoint offers guidance in realizing financial benefits associated with asset Tracking, Rentals, Utilization, Shrinkage and Temperature monitoring (TRUST). This Client Engagement Model is key not only to achieving successful implementation of the Awarepoint system, but also in realizing the desired hospital-specific outcomes moving forward.
The first step in this process is conducting an Impact Analysis to summarize hospital-specific projected savings and to outline the steps needed to achieve desired outcomes with RTLS. Responsible parties, timeline and critical steps are broken down into modules that are vital to realizing both hard and soft dollar benefits associated with improving hospital efficiency.
If you are a hospital feeling the pressure to run more efficiently, RTLS can provide a quick win with a hard dollar ROI by realizing the value of TRUST, as well as achieve longer term financial and clinical impact as part of your overall plans to take further steps to account for people and things in your facility.
Are you interested in developing an RTLS business case to identify potential financial benefits at your facility? As experts in RTLS for healthcare, we can provide the objective documentation you need to get an RTLS project funded at your hospital. Just email email@example.com with the subject line RTLS IMPACT ANALYSIS and we’ll certainly be in touch!