For every $1 billion invested in projects in the US, $122 million is wasted due to poor project performance. Communication breakdowns, changes in strategy, scope creep and more can result in outsized costs, missed opportunities and lost confidence. In a recent webinar, “Improve Healthcare Investment Portfolio Decision-Making Using a Simple, Repeatable Methodology,” Matthew Kumper, co-founder of Veracity (an RGP company), and Thomas Pace, Healthcare Subject Matter Expert at Veracity, discussed how healthcare organizations can identify the impact of initiatives in advance and make informed decisions on whether to proceed.
Ask the Right Questions to Build a Business Case
Before even bringing a potential project forward for evaluation, it’s essential to ask, “Does this project align with corporate strategies and objectives?” Beyond that, there are questions that must be answered around stakeholder buy-in, costs, timelines, resource requirements, possible conflicts, potential return, ownership and priority in comparison to other initiatives. A basic project charter or business case should be in place before moving forward.
Engage Stakeholders to Evaluate Impacts to the Value Chain
The next step is to engage stakeholders in a rapid evaluation, identifying impacted areas, systems and processes throughout the value chain. Functional, technical, financial, resources and other needs should be documented for a complete picture of the project’s requirements, timeline and costs. Documenting these in real-time will allow for a visual representation of the project’s scope, validating (or invalidating) initial assumptions.
At the end of the evaluation, stakeholders should have everything they need to make an informed go or no-go decision on the project.
Watch the webinar for a deeper exploration of:
- What questions should be answered before kicking off an initiative?
- What’s involved with developing a proper business case?
- How having a standard approach to decision making can work for healthcare organizations