Pricing is often one of the most important factors in evaluating different policy management software vendors, so it is no surprise that one of the most common questions I get asked when conducting a demonstration of our PolicyManager software is “how much does it cost?”
The answer to the question is not always as simple as getting down to brass tacks and providing a dollar amount. Usually, to help provide a healthcare organization with an accurate pricing structure it requires a more in-depth discussion to get a better understanding of the complete scope of the project.
If you are still in the research phase of gathering information on various policy management software vendors, this breakdown of PolicyManager’s pricing model may be a good first step in helping to determine if our software is a good fit for you.
Pricing Structure for PolicyManager
Here at PolicyMedical, our pricing model is based on the size of an organization. We calculate the number of Full-Time Employees to help determine the size of a healthcare organization.
For example, a hospital with less than 150 Full-Time Employees (FTE) falls under our lowest pricing threshold of $3000 per year, where if a healthcare organization has 150-500 FTE, the cost is $20/FTE/Year. As the number of FTE increases, the price per FTE decreases at various levels.
This annual fee includes the PolicyManager software, as well as the maintenance and updates to the software and unlimited customer support.
Training & Implementation Fees
Our Client Success Team works with all new clients to help set-up and configure the system to run efficiently and to help ensure a smooth transition from their existing system to our software. We offer both online and onsite training options for our audience members, depending on their specific needs. The one-time fee for implementation and training depend on factors such as the size of the organization, number of facilities, and number of users that require training.
Other Factors to Consider
It is important to compare apples to apples, as our PolicyManager solution is a web-based application that allows for an unlimited number of user licenses (what we refer to as “Enterprise Licensing”) and also allows for an unlimited number of documents. Other software vendors may not offer all of the features or functionality as PolicyManager.
Some vendors are not web-based and are hosted on the hospital servers. This requires more IT resources from the client to assist with set-up and maintenance. And if the vendor needs to make changes or updates to the software on the hospital server, this will mean that the hospital IT staff needs to be involved in allowing the controlled access to the server.
We also offer other optional interfaces, like our Active Directory interface which would allow users to access PolicyManager with their existing network user ID’s and passwords. A unique option for clients is the Regulations & Standards interface, to allow clients to crosswalk policies within our software to the appropriate regulation or standard.
You Get What You Pay For
Pricing is often the biggest hurdle to overcome when getting approval and sign-off for the adoption of a new policy management solution. CEOs and CFOs want to make sure that there is value in the new software and that the return on investment is compelling.
I have found that our software is not going to be the cheapest solution in the market, but it is also not the most expensive. We pride ourselves in our software solutions and the services we provide to ensure our clients are always happy. For us, good, reliable and user-friendly policy management software is of the utmost importance.
In saying that, I always recommend doing your homework. The Cost of Healthcare Policy Management Software for Hospitals provides some key things to look for in pricing out the competition. I hope this information was useful as you evaluate which vendors are a good fit for your healthcare organization. To get a quote on PolicyManager, or to sign up for a quick demo, click here.