Over the past few Years, Woodstock hospital has been in the process of digitizing their files and have been actively trying to eliminate paper from their hospital while automating manual processes. Nucleus Research recently selected Woodstock Hospital to do a deep dive into their finances to see what sort of impact digitization had on Woodstock hospital. The results are fascinating.
Although the report goes into detail on a number of different financial metrics, the biggest take away is a return on investment of 258% and a payback period of only 3 months. Given the amount of time and money invested into this project, the results are huge and impressive. Not only has the hospital recuperated their investment, they are saving a significant amount of money going forward. Aside from the financial side of things, digitizing and centralizing their files has contributed to making the hospital significantly more efficient, it has helped staff have quicker access to medical records and it has assisted in decreasing wait times for patients.
Why does this matter?
This report carries a lot of significance because it looks into the public sector. Woodstock hospital implemented a solution that resulted in taxpayers money being saved while offering those same taxpayers a better level of service. Private companies often look for ways to cut back and save money, but the public sector is sometimes given a hard time about their spending. This report shows that taxpayers’ money is put to good use and that this hospital in particular put everyone’s best interests forward.
Who is Nucleus Research?
Nucleus Research is a company that does fact-based industry analysis. They focus on ROI and measurable results to provide their research. They are the only technology research firm to be registered with the National Association of State Boards of Accountancy, which ensures the credibility of all of their research. Perfecting their ROI research since 2001, they now offer multiple ROI tools to companies to help them with their decision making process at each different step. Their research process is extremely thorough and in depth.
To learn more about Nucleus Research visit: https://nucleusresearch.com/
About Polar Imaging
Polar Imaging is an Ontario-based information management company who worked closely with Woodstock Hospital, implementing one of their Enterprise Content Management solutions from their partner, Digitech Systems. Working alongside [the hospital’s current, CFO], Kathy Lavelle, Polar Imaging helped bring her vision to life. In 2013 Kathy approached Polar Imaging for [a comprehensive] document scanning [solution] and since then the relationship has been growing. Once Kathy saw the quality of service from Polar Imaging, the two started having discussions about the overall vision for the hospital and Polar Imaging helped make that a reality.
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To see how the hospital achieved these results and all of the other financial analytics, Click here to see the full report.