From “Want” to “Why”—a Custom Labor Savings Analysis

​Few financial leaders would pass up the opportunity to eliminate a problem and cut costs at the same time. If you want to make a successful purchase of QYK, ask the CaraFlow sales team for a custom labor savings analysis. We’ll take into account the size of your hospital and cost of your potential solution to help you make a business case for CaraFlow QYK solutions. 

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​I spend a good portion of my day sharing information with potential customers. I demonstrate how our solutions work, explaining how they help to streamline workflow. Many of my potential clients see the value in our solutions. That is, they want what we offer. Only a select portion of these prospective customers is successful in getting approval for a purchase. What’s the difference between those that want and those that get? Those that are successful express more than want, they demonstrate why.  

Hospital financal leaders want to spend money to save money. Keeping this in mind will help you get their attention when making your budget request. Sure, it’s important to discuss your pain but don’t forget to emphasize their gain. Your CFO understands that new technologies ease the workload for employees. He or she is flooded with requests for them. The requests that stand out are those that demonstrate an additional cost-saving component.

QYK solutions for data capture have a proven track record of reducing workload. They also help to cut costs. How? Manual data entry is a time-consuming process. Time—we all know—is money, especially in a healthcare setting. Consider a 12,000-employee hospital that plans to use QYK for just two events—flu and TB. That’s 24,000 events per year. If manual data entry takes just 3 minutes per event, that adds up to 1,200 hours. The nationally averaged loaded labor rate for a nurse is $40/hour when total cost (benefits + pay) is included. That means the time spent on manual data entry equates to $48,000/year!

Now consider the cost comparison with a purchase of QYK solutions over 3 years. In the first year, this hospital’s solutions would cost $33,560 for initial purchase. Manual data entry? $0. Compared to the $48,000 that was previously being spent on data entry, the first-year savings amounts to $14,440. In the second and third years, annual support fees for the devices are the only expense, amounting to $5,560/year. Manual data entry? $0. Compared to the $48,000 figure, QYK would save $42,440 each year. Adding up the total savings over three years equals $99,320!
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Figures like this can make a compelling case in budgetary decision making. Few financial leaders would pass up the opportunity to eliminate a problem and cut costs at the same time. If you want to make a successful purchase of QYK, ask the CaraFlow sales team for a custom labor savings analysis. We’ll take into account the size of your hospital and cost of your potential solution to help you make a business case for CaraFlow QYK solutions.