Accessing electronic health records (EHR) and other patient data is often a barrier that stalls innovation and holds back health tech teams. Plus, an unstructured approach to connecting patient data can drastically limit your company’s scalability. Integration solutions are crucial to solving these challenges and accelerating innovation. When investing in an integration solution like Rhapsody, how can you be sure that your business would benefit?
Forrester Consulting conducted a Total Economic Impact (TEI) study, which revealed an impressive 193% return on investment (ROI) and a net present value (NPV) of $1.59 million over three years for Rhapsody health integration solutions. Read on to learn how Rhapsody will help your technical team avoid integration and engineer hiring, improve time to market, and improve engineering efficiency.
Understanding Forrester’s TEI methodology
The TEI report enables readers to evaluate the potential financial benefit Rhapsody can make for their organization. Forrester interviewed four representatives with experience using Rhapsody and aggregated their experiences into a single composite organization: a US-based health technology organization generating $25 million in annual revenue. Respecting the multifaceted nature of healthcare, Forrester also includes a section dedicated to the value provider organizations capture. Additionally, these findings can be extrapolated to larger organizations.
Forrester took a multistep approach to evaluate impact. The report breaks down the cost, benefit, flexibility, and risk factors that affect your investment decision. You can read more about this TEI methodology to see how this unbiased value was calculated.
Key challenges before Rhapsody: a fragmented approach
Before adopting Rhapsody, the organizations that Forrester interviewed worked with various solutions including customized, homegrown, and other off the shelf integration offerings. Without the structured protocols offered by Rhapsody health solutions, they faced difficulties managing patient data across multiple systems and formats. This led to project delays, increased costs, and high risk of business disruption.
The fragmented data collected from these tools limited their ability to gain a comprehensive view of patient health. One CIO stated, “We needed to consolidate our multiple solutions to a consistent, standardized way of acquiring data and creating data injection pipelines to our platform. It wasn’t very scalable before [Rhapsody].”
Why Rhapsody
Streamlined integration
Rhapsody consolidates multiple integration solutions into a single, efficient solution, significantly improving operational efficiency and reducing complexity. By streamlining data integration processes, organizations focus on delivering better outcomes without the burden of managing disparate systems.
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.”
Enhanced productivity
Streamlined workflows and centralized data integration processes cut the time it takes to connect systems. This enhances employee satisfaction by improving operational processes and reducing manual intervention. It also reduces risk when onboarding new employees and responding to customer requests and changes that impact the data connections.
The Chief Technical Architect of a health technology company specializing in medical devices told Forrester, “We had a need for [Rhapsody] because our customers were having a challenging time managing all the integrations that they needed to complete. What they had was a hodgepodge of ways of getting systems to integrate; for us, going to Rhapsody allowed us to do all of it in one place.”
Scalable growth
Rhapsody reduces complexity by using standard protocols like FHIR, HL7 and DICOM, to move data across systems, regardless of its original format or standard. This approach ensures consistency and efficiency, setting teams up for repeatable, scalable growth when onboarding more customers and data sources. Plus, the secure Rhapsody data exchange environment, is compliant with global data privacy regulations making it easier to enter new markets and avoid potential financial penalties.
Interviewees told Forrester that Rhapsody can better handle their increased data volumes, new interfaces, and additional endpoints.
Financial impact
Rhapsody is critical for software vendors looking to scale their business. The Chief Technical Architect at a healthcare technology software development organization said: “[Rhapsody] has improved the bottom-line financials for sure because it’s[patient data access] an incredibly important part of our solution.” Separately, an integration contractor at a health technology organization told Forrester, “As an estimate, our revenue increased 10%, and that’s because of integration.”
Based on their TEI framework, Forrester constructed a composite company representing the four interviewees. The report relies on the following data to analyze the quantified benefits for the composite organization.
Save money
By empowering engineers to work efficiently, the organization reduces labor costs and achieves better outcomes. This results in an avoidance of $1M in new hires over 3 years, streamlining staff on consolidated tech.
Save time
Rhapsody’s streamlined processes impacted productivity, resulting in positive gains. The composite organization reduced its time to market by 30 days.
Make money
The composite organization saw an increase in net operating revenue through faster revenue realization. Rhapsody enhances the deployment experience, generating greater net revenue.
Reduce risk
Through improved engineer and analyst efficiency, the composite organization empowered its team to scale, reliably, with its business growth. This resulted in 5 hours saved per week by avoiding disruptions to business operations after deploying Rhapsody.
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