Gain a true understanding of business outcome management including its definition, benefits, application, and maturity curve.
Within MetaCX, organizations connect through bridges—persistent, digital spaces where any number of stakeholders are able to collectively define, manage, and measure desired outcomes.
By capturing and conceptualizing real-time, multidirectional data, MetaCX creates a comprehensive view of performance toward the achievement of expected outcomes and delivery of value.
Outcome management is concerned with defining and measuring the key outcomes that dictate success. In business, outcomes are the deliverables that define success in a business partnership—specifically between suppliers and their buyers. Many companies are good at defining outcomes in the beginning of a partnership, but struggle to put outcomes into practice. The quality outcomes definition includes outcomes that are specific, trackable, and measurable.
Quality outcome management involves tracking outcome progression and achievement throughout a business relationship. Business outcome management involves suppliers collaborating with their customers to align around shared outcomes. Through the course of the customer relationship, both parties should continually assess progress toward the achievement of shared outcomes.
Traditionally, most organizations do not take an outcome-based approach to managing their business relationships. Outcome-based approach examples require organizations to track the exchange of value.
The top benefits of business outcome management include:
When it comes to analyzing a problem-focused vs outcome-focused approach, the difference at first might not seem so obvious. However, understanding each is crucial for proper outcomes management in health and social care, as well as in any business.
Comparing a problem-focused approach to an outcome-focused approach is best explained by considering the glass half empty or glass half full metaphor. A problem-focused approach to business is all about focusing on solving problems and doing everything to avoid such challenges in the future. Essentially, it tries to outrun potential issues, instead of focusing on potential solutions and gains.
On the other hand, an outcome-focused approach is about identifying the best possible future state for the business. When businesses face challenges, an outcome-focused approach will help them reach their goals and achieve best results. When it comes to supplier/buyer relationships, the outcome-focused approach helps to align both parties on a shared definition of success. It’s the first stage in demonstrating business value.
One example of an outcome-focused approach could be an email marketing company helping a retail customer reach a business goal of increasing sales by 15%. This is a simplified example, but there are outcome measures examples across all industries and disciplines.
An outcomes management model is a system used to define, manage, and measure business outcomes. Outcome management models are an “outcomes into practice” approach—a way for organizations to effectively adopt outcome management. When you critically review approaches to outcome-based practice, you’ll discover that there were very few quality systems in existence today. That is why it’s important to do your research to figure out what system will work for your business.
The first key stage of a successful outcome management model is collaboration. Here, the supplier and buyer must align on a shared definition of success and document agreed upon outcomes in a shared location. The next stage is ensuring the implementation and onboarding teams keep the established outcomes front and center in the relationship. This can be accomplished through an outcome management ppt, an outcomes slide, or other shared assets. An outcome powerpoints slide describes how all parties can actively orient around the target outcomes, focusing on deploying the solution for the purpose of hitting key goals and objectives.
Once through implementation, the third stage of an outcomes management model involves ensuring the buyer receives the expected value during the timeline agreed upon. This stage is about establishing mutual accountability and finding ways to help the customer move forward.
During this stage it’s also important to establish outcome measures to track progress toward shared outcomes. To do this, try to determine the metrics relevant to each established outcome and the sources of data needed to build and automate each metric.
Of course, one of the metrics that customers care most about is attributable ROI. They want to know what value the supplier provides in plain terms. Measuring attributes like reduced costs, mitigated risks, or increased revenue requires customer data. If you’re a supplier trying to prove your value and quality effectiveness rating, access to customer data can be a challenge.
One of the best tools for operationalizing and scaling an outcome management model is MetaCX. MetaCX is a software platform that aligns suppliers and buyers on expected outcomes and measures value delivery over time.
Unlike other options, MetaCX is not designed to serve just one enterprise. Instead, it connects suppliers and buyers in a shared outcome measurement framework. The platform focuses on bringing two or more organizations together in one centralized location to define, manage, and measure value in a neutral location. The platform includes:
Using the platform, you can work in a co-branded digital space to collaborate on an outcome-based approach. The system measures real-time data from all sources to display a comprehensive performance review and help track value creation.
Outcome management applies to businesses in all industries. Outcome management is becoming increasingly important in healthcare, and understanding the outcomes management definition in healthcare is critical.
As a whole, the healthcare industry is shifting to outcome-focused care. What is outcome-focused care? The focus in the healthcare industry has dramatically changed from volume to value, and there are many health outcomes examples that provide proof of this. A main driver of this change is the need to reduce the cost of care. Healthcare organizations, including providers and suppliers, are focusing on what outcomes matter to patients and the key health outcome indicators for care.
But, what are patient outcomes?
Patient outcomes are methods of monitoring quality in healthcare. Patient outcomes are aligned with improving the health and wellness of patients. Healthcare providers focus on outcomes like time to recovery, readmission rates, patient satisfaction, and other health outcomes indicators.
Outcome management in healthcare is not just about the relationship between providers and patients. Healthcare suppliers—including pharmaceuticals and medical device manufacturers—are also focusing heavily on health outcomes. To reduce costs, improve patient care, and boost operational efficiencies, healthcare organizations of all types seek to align on a shared expectation (outcomes).
Many organizations find it helpful to use an outcome-focused care plan template, including an outcome management in healthcare ppt. However, there are even better methods of monitoring quality in healthcare. With MetaCX, healthcare companies can easily and securely collaborate with partnering organizations. They can define shared outcomes and action plans, track key metrics, and gain insight into how they are performing against specified goals and objectives.
The future of healthcare is value-based. The need for sound outcome management in healthcare will only rise. The healthcare organizations best able to implement a robust outcome-based approach will position themselves for success moving forward. As the outcome-focused model gains traction in the industry, it becomes necessary to compete. To develop and implement an effective outcome management model, MetaCX is one of the best tools available.
Why are outcome measures important in healthcare? Gone are the days where healthcare organizations could dictate their success on patient volume alone. Quality of care and patient outcomes are taking center stage. Looking at examples of outcome measures in healthcare can help to demonstrate just how important the outcomes measures process is.
One of the best examples of performance measures in healthcare is cost of care. Healthcare organizations of all types seek to reduce the cost of care in order to provide care to all those in need, regardless of economic standing. Some other examples of performance measures in healthcare revolve around quality of care. Ideally, healthcare outcomes seek to improve population health as well.
The outcome-based approach in social care is similar to other healthcare sectors with slightly different desired outcomes. One of the most common social care outcomes examples is readmission rates. How many patients must return after being discharged from a service? Readmission rates give good insight into the long-term effect of treatment.
All of the examples of outcome measures in healthcare are centered around a value-based approach. Healthcare providers are prioritizing the quality of care and the patient experience. At the same time, they are trying to be as efficient as possible, to help reduce costs.
MetaCX, a neutral third-party network, provides a secure framework for monitoring value creation efforts. Organizations can use the platform to define relevant patient outcomes. They can then create action plans and outcome measures to track progress. This system simplifies the outcome measurement process, helping all healthcare organizations work together toward value-driven care.
