Boston, MA – August 27, 2024 – Rhapsody, a global leader in digital health enablement and interoperability, today announced the results of a 2024 Forrester Consulting Total Economic Impact™ (TEI) study. The study reveals a significant 193% return on investment (ROI) over three years for interviewed health technology teams using Rhapsody integration solutions, offering an efficient and compliant approach to healthcare data integration.
The TEI study displays how the healthcare specialized solutions from Rhapsody meet the complex needs of healthcare technology organizations, including managing intricate data standards like FHIR, HL7, and DICOM, while ensuring compliance with global data privacy regulations. Unlike broad cross-industry platforms, the Rhapsody healthcare-specific approach enables faster, more scalable growth with fewer resources.
Key findings from the study are conveyed through the lens of a composite healthcare technology organization with $25M in annual recurring revenue, representative of interviewed Rhapsody customers. In addition to a 193% ROI, the study found a net present value of $1.59 million over three years, with a payback period of less than six months, plus:
- $1M in avoided costs (per $25M ARR) over three years due to streamlined staffing and reduced need for new hires.
- 30 days faster time to market per customer onboarded, leading to quicker revenue realization.
- Threefold increase in throughput and a significant reduction in time to production from weeks to days, enhancing operational efficiency.
The study demonstrates how Rhapsody integration solutions drive significant value by improving engineer and analyst efficiency, accelerating development lifecycles, and reducing time to market. Chief Technology and Product Officers at health technology companies of all sizes can use the study’s findings to build a business case for the potential cost savings and revenue generation for their own organizations.
The Chief Information Officer of a health technology company specializing in AI surgical platforms told Forrester, “By leveraging Rhapsody, we save valuable resources and focus on our core competency. Trusting the experts in software integration allows us to optimize our investments and achieve unparalleled efficiency. Let us leave the data intake and acquisition to those who know it best, so we excel in what truly matters to us.”
Sagnik Bhattacharya, CEO of Rhapsody, stated, “Rhapsody’s value lies in our deep specialization in healthcare data integration. The customers interviewed by Forrester clearly articulate how Rhapsody technology enabled their success and drove measurable ROI. Rhapsody is the most comprehensive and tech forward data integration platform; and we expect that this independent study will give our customer champions a clear framework to quantify monetary value to their organization.”
To discover how to build a business case for how Rhapsody could deliver benefits and ROI to your own organization, based on the study’s results, download the full Forrester Total Economic Impact™ study. Contact Rhapsody for a personalized consultation.
