The Business Case for Proven Healthcare-Specific Governance, Risk Management, and Compliance Solutions
Managing risk and complying with regulations and standards is more difficult in a constantly shifting market where operating margins are pressurized. A recent study shows that health systems must comply with 629 discrete regulatory requirements and spend $7 – $9 million per year on the administrative activities associated with compliance.1 To survive and thrive, health systems require healthcare-specific governance, risk management, and compliance solutions that streamline healthcare operations and mitigate risk while improving care quality and patient outcomes.
Hobson & Company (H&C), a leading research firm focused on return on investment (ROI) studies, worked with symplr, a leader in healthcare-specific governance, risk and compliance solutions, to explore market challenges and learn how industry leaders are responding.
H&C conducted independent research consisting of six in-depth interviews with symplr Governance, Risk Management, and Compliance customers using the symplr Contract and/or symplr Compliance solutions. The research revealed that symplr addressed specific customer challenges to deliver a quick and compelling ROI.
The effects of symplr’s Governance, Risk Management, and Compliance Solutions are strategic and measurable.
Based on H&C and symplr’s analysis, a health system with 1,538 active employees, managing 3,000 contracts and $318 million in net patient revenue would pay back the cost of using symplr’s solutions in less than three months and generate an ROI of 598% in one year.
Governance, Risk Management and Compliance Challenges in Healthcare
Customers interviewed for the study said that there are consistent and increasing challenges to effectively managing their contracts, compliance, and risk exposure. Below are some of the most universal concerns.
Streamline Healthcare Operations
Mitigate Risk
Research Results
The ROI of a validated, healthcare-specific governance, risk management, and compliance solution is immediate and demonstrable. A sample hospital system with $318 million in net patient revenue with the following profile can realize significant financial benefits from an investment in symplr:
- 1,538 active employees
- 3,000 contracts
A health system with this profile generates a positive return in less than three months and a one-year ROI of 598%, with annual benefits exceeding $1.5 million.
About symplr
symplr is the leader in enterprise healthcare operations software and services. For more than 30 years and with deployments in 9 of 10 U.S. hospitals, symplr has been committed to improving healthcare operations through its cloud-based solutions, driving better operations for better outcomes. Our provider data management, workforce management, and healthcare governance, risk management, and compliance (GRC) solutions improve the efficiency and efficacy of healthcare operations, enabling caregivers to quickly handle administrative tasks so they have more time to do what they do best — provide high-quality patient care. Learn how at www.symplr.com.
About Hobson & Company
Hobson & Company helps technology vendors and purchasers uncover, quantify and validate the key sources of value driving the adoption of new and emerging technologies. Our focus on robust validation has helped many technology purchasers more objectively evaluate the underlying business case of a new technology, while better understanding which vendors best deliver against the key value drivers. For additional information, please visit www.hobsonco.com.
Disclaimer:
The return on investment (ROI) and other financial calculations expressed in this research paper are based on data provided by symplr customers and various assumptions, and provide estimates only. The actual ROI customers realize may vary from the estimates provided. symplr offers this tool to assist customers with evaluating their solutions; however, symplr and Hobson & Company (the firm that created the tool) are not responsible for the accuracy of any estimates.
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