Business cases are often used as a framework to evaluate the benefits, costs, and risks of any strategic options, which in turn can help to rationalise your idea.
By analysing the rationales, the expected benefits and the current markets, a detailed business case can provide a good foundation for leveraging further funding, engaging commissioners/managers, and demonstrating value.
Innovators with a clear business case are more likely to be successful, especially in the NHS market. A good business case will demonstrate the reasoning behind the need for the adoption of a product or service.
AHSN NENC can help support the development of commercialisation strategies and routes to market. This will include the creation of your proof of value, an important step in your innovation journey.
The AHSN can work with you to create your “Proof of Value” which demonstrates the value your innovation will bring. In turn, this informs your business case along with several other angles. There may be several versions of the business case created subject to the audience you plan to present it to.
These may include:
- Commissioners in the ICS/B will want to understand why investment in your innovation will save them money, reduce, or redirect activity.
- Finance Directors at Acute Trusts will want to focus on cost savings. This includes location and money saving vs additional costs for quality improvement.
- Medical Directors will be interested in quality, patient safety, efficacy, and cost effectiveness.
- Sustainability leads will be interested in the impact on their climate targets, including your supply chain.
- Procurement leads will be interested in whether your innovation is on a framework, what social value it adds along with the impact on sustainability and trust financial targets. Most importantly they will want to know how it stacks up against what is already being used in the organisation.
- A Clinical Team may be interested in some of the above, but their focus will be on how the innovation adds value to me, how it adds value to the organisation and how difficult implementation is likely to be.
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If you would like to find out more about how HI NENC can support your business and the support available via the Innovation Pathway, please email our Pathway Navigators at [email protected]