"How do I justify the investment in digital pathology? I see the digital transformation taking shape at my organization but am unsure how to justify the purchase."
My Inspirata colleagues and I often come across comments such as the one above in our conversations with customers and prospects at hospital systems, cancer centers and reference labs. Having spent significant time looking at the return on investment (ROI) in digitization, I prepared a talk for the Association for Pathology Chairs (APC) Annual Conference 2020, which took place virtually -- due to COVID-19 concerns -- from July 19th to July 22nd 2020. Available for on-demand replay, my Workshop presentation focused on sharing real-world data and tools to help anyone looking to build a strong business case for digital pathology at their organization.
Below is my two-minute recap for those who would rather read the highlights than watch a full hour of an online discussion:
Access to Tools
Inspirata has been looking for ways to help with calculating the ROI of digital pathology for more than half a decade. We have evaluated a broad range of factors, from the most common cost savings to the most creative new revenue streams. Consequently, we built an online ROI Calculator.
Our main goal for this tool was to keep it simple. Much like an online mortgage calculator, we wanted to allow users of that tool to adjust a handful of key values to get immediate ballpark estimates of spend, cost savings, and potential revenue streams from digitizing their workflow. While the tool keeps the analysis at a very high level, it can help you ‘get a feeling’ for the finances. Our ROI Calculator is available to everyone interested in exploring.
Access to Real-World Data
Our studies of pathologists, staff, lab technicians, case volumes and cost savings have generated a repository of real-world data. A good starting point in exploring the data is our "Return on Investment" white paper (simply fill out the form on the ROI Calculator page to receive an e-copy). The white paper includes time and motion studies, quantified results and real cost saving ideas from a leading institution using our Dynamyx digital pathology workflow solution. It provides a very insightful view into how that organization successfully built a business case for digitization.
If you prefer to watch an actual customer testimonial, send us a note to request a 5-minute video of a Pathology Chair describing her organization's justification for digital pathology and how she secured the funding to invest in digitization.
Finally, several peer-reviewed publications highlight real-world business cases. One notable example is available in the Journal of Pathology Informatics via PMC OpenAccess. Titled "Can digital pathology result in cost savings? A financial projection for digital pathology implementation at a large integrated health care organization," this article leverages the strengths of Dynamyx integration and workflow capabilities to quantify productivity gains, operational efficiencies, improved interpretative accuracy to minimize the costs of under- and over-treatment, error avoidance, and much more.
What Is Next?
While having access to resources and tools is a good start, you will most likely have use cases and scenarios that are specific to your organization. We have the expertise to help. Contact us to set up a time to talk.
I’m passionate about moving the field of pathology forward. And I feel that I may be able to help you, too.