Dots 038: Return on Investment

Welcome to CONNECTOR DOTS - brief, candid insights on healthcare, pharmacy, and life for connectors and pharmovators.

What is an ROI - Return on Investment. It boils down to answering the WIIFM - What's In It For Me question. Today during Pharmovation Friday we will explore how to communicate an ROI so you can get what you want.

I am your host Kimber Boothe and I am a Strategic Pharmacy Coach and Consultant. I am a pharmacist, healthcare leader and entrepreneur. I help pharmacists strategically advocate for roles and resources to advance pharmacy practice and have joyful engaging careers.

This week I have the pleasure of being a judge for the Business Plan presentations for the Pharmacy Practice Advancement course at the University of Cincinnati. I am very impressed by the thoughtful identification of needs/problems and the innovative solutions. An important topic that deserves highlighted is how to share the ROI - or WIIFM in practical terms. Key Points - Any request / business plan should calculate the ROI for the decision maker who will invest in or approve your plan - ROI Definition: From an official financial perspective - ROI tries to directly measure the benefit of a particular investment relative to the cost of investment. ROI = the benefit (or return) of an investment / cost of the investment. Usually it is represented as a % but I often share the $ amount over a period of time. - Sources of ROI: Two main financial sources - more revenue or savings/expense reduction. But there are benefits that are intangible or may not come with a direct financial return. Such plans are hard to get approved since resources are not limitless.

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