Effective Solutions
Return on Investment
CME Online Annual Report
At the end of each subscription year, RMF Strategies provides summary statistics to the subscriber organization. This report provides an overview of physician utilization trends, and provdes insight as to the return on investment.
Here is a sample report:
For the time period January 1, 2003 through December 31, 2003 116 physicians took 247 courses*. As such, each participating physician receiving 2.13 hours of continuing education, on average. Liability in Breast Care was the most popular course, with Liability in Medication, Office-Based Risk and Documentation as the second most popular topics. Liability using the Telephone in Clinical Practice was also of great interest to your physicians. Click here to view a graph depicting physician utilization by course.
* Actual utilization rates vary by institution.
Return on Investment Methodology
RMF uses the average indemnity incurred from its Decision Support Tool, EIS, to calculate the estimated cost benefit of delivering these courses to CRICO-insured physicians. Note: these estimated savings should be based on your performance AND the belief that educating physicians produces loss prevention results.
Identify the rate of claims for your insurance program.
For example, your insured base incurs malpractice claims at the rate of 4 per 1,000 physicians (4/1000).
Count the total number of participating physicians.
In this example, 116 physicians took CME Online courses.
Multiply the rate of claims times the number of participating physicians.
In this example, 0.004 x 116 = 0.464
Identify the rate of claims for your insurance program.
For example, your insured base incurs malpractice claims at the rate of 4 per 1,000 physicians (4/1000).
Multiply the average indemnity incurred times the potential claims.
0.004 x 116 = 0.464 x $350,000 = $162,400
Subtract the cost of your subscription from the potential indemnity savings.
$162,400 – $30,000 = ROI of $132,400.