Validation of Return-On-Investment (ROI) Calculators Added to HFMA Peer Review Program
Chicago – June 2, 2015 – Evaluation and validation of return-on-investment (ROI) calculators designed for provider organizations is now available through the Peer Review program offered by the Healthcare Financial Management Association (HFMA).
HFMA’s Peer Review ROI Calculator validation process is led by a dedicated panel of senior financial leaders, analysts, and customers evaluating calculators that claim ROI using the established and rigorous 11-step Peer Review process. The panel’s thorough and objective assessment ensures each calculator’s metrics are clearly defined, complete, appropriate, and relevant. The panel also verifies that customers have achieved credible value as it relates to cost.
“Both business clients and providers have expressed a need for this validation to be added to the Peer Review Program,” says HFMA Vice President, Healthcare Financial Practices Richard Gundling, FHFMA, CMA. “Business clients receive external validation and insights into how their solution stacks up against industry expectations, while providers can quickly identify ROI calculators that have been validated by their peers.”
The first ROI calculator to earn the “Peer Reviewed by HFMA®” designation is the ClearBalance® ROI Value Model (for ClearBalance Zero Flex and Non-Purchase Programs). The ClearBalance ROI Value Model establishes a benchmark for patient pay collection costs and performance metrics so healthcare providers can properly evaluate their current solution to a patient loan program.
“ROI is a common claim in the industry, and it’s not always well supported by data,” says HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. “So it’s reassuring for healthcare leaders to know that HFMA Peer Review ROI Calculators have been validated to be complete, appropriate, and relevant."
Launched in 2004, HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of products, services, and ROI calculators used in the healthcare workplace. The rigorous, 11-step process includes a Peer Review panel review comprising current customers, prospects who have not made a purchase, and industry experts. The Peer Review status of the product, service, or ROI Calculator and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support. Learn more at hfma.org/peerreview.
Healthcare Financial Management Association
With more than 40,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of health care. hfma.org