Achieving 900% ROI through improved turnaround time and cost reduction.
LTS Health partnered with Nottingham University Hospital NHS Trust and identified realisable savings of £635,000, a 9:1 return on investment (ROI).
Nottingham University Hospitals (NUH) NHS Trust, partnered with LTS Health to address sub-optimal turnaround time (TAT) in their histopathology department and escalating costs within their blood science service.
The consulting intervention achieved these results through three key value areas:
1. Consulting provided access to international best practice. Qualified engineers and performance specialists could check and challenge assumptions, while providing coaching and support throughout the intervention. The partnership with LTS also allowed access to innovative techniques and analysis methodologies developed specifically for the diagnostics industry.
2. Technology provided a foundation for LTS’ consulting efforts. PinpointBPS®, which was used to accurately map and simulate current and future processes in the laboratory, not only tested the viability of the eventual plan of action, but also compared alternative interventions and reduced the risk of failure.
3. Learning ensured that the consulting intervention could bear fruit in the future. Skills development through The Power of Process course, coupled with a detailed execution plan, ensured that implementation could be managed and the improvements sustained by the Trust.
Through the identification of realisable savings of £635,000, the consulting intervention achieved a 9:1 return on investment (ROI). In addition, the Trust enjoyed savings from improved efficiency in histopathology, reduced penalty risk and increased access to quality service delivery for patients.
Ultimately, it was the collaboration with the Trust that allowed for the development of internal skills for sustainable improvement, as well as gearing staff for the change initiative and ensuring the most effective course of action could be taken.