From the May 2011 issue of HealthCare Business News magazine
ROI= Revenue lost - Training Costs/Training Costs x 100
An example of this calculation demonstrates the ROI on a hypothetical training class.
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The tuition for the class is $2,000 and a day’s lost revenue for the device is $10,000. The ROI for just one instance of reducing the downtime on a device one day is:
ROI = $10,000-$2,000/$2,000 x 100 = 400%
An ROI of 400 percent will convince the most stringent financial professional that training is worth the investment in the organization.
In summary, proper training provides benefits addressing numerous pain points inside a department:
• Recognizing issues before becoming significant problems
• Repairing not replacing
• Increased uptime of devices
• Patient safety
Training brings other tangible benefits to the department such as increased technician retention and an ROI a hardened financial professional will appreciate. Conduct due diligence, research the content and understand the training philosophy of the provider to ensure all the areas needed for your department are addressed to immediately improve your department. Training exists to help you; please ensure it does.
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William Gulley is the executive director of Axess Ultrasound, an Indianapolis-based company that provides comprehensive ultrasound services, including parts, probes, equipment, service and training.Back to HCB News
