One of the biggest questions in the realm of Health and Social Care meets ESG, is the question of cost. Both in terms of generating a return on investment, but also trying to understand how installing smart technologies or ESG technologies can actually make a difference to the bottom line.
In Health and Social Care there are huge battles to face. Resident wellbeing will always be top priority, alongside finding the best talent in the business, and then there comes rising utility costs, inflation, and interest rates. And that’s where technology solutions like Utopi come in. Designed to help you generate a return on investment, and genuinely created for asset owners, operators, and investors, to derive value from their properties, while maintaining environmental consciousness, without the need for cost trade-offs.
So, how does it work and what is the formula for the Health and Social Care sector?
Return on Investment.
Ultimately, we all have to start somewhere. We believe at Utopi you can’t manage what you can’t measure, so finding ESG solutions that generate data has to be your starting point. Then you can start to build a baseline of understanding when it comes to your asset’s exposure to carbon emissions and map out strategies to reduce said emissions.
Only then, when actively reducing carbon emissions and reducing your carbon footprint, can you start to understand ROI.
At Utopi, we use temperature as a proxy for energy consumption when calculating ROI and cost reduction strategies. Temperature, whether high or low, is a great way to understand the use or overuse of energy when living in a building. Spaces where temperatures are between 20-25°C are comfortable, and consuming energy at a fair rate.
Whereas spaces maintaining a temperatures of above 25°C, occasionally even reaching 25-30°C, are identified as overconsumers of energy, and represent a prime target for proactive interventions. Our data further highlights that temperature in these high-energy-consuming spaces are more likley to be regulated by opening windows, leading to increased energy wastage and higher associated costs.
When this use of real-time data is actively managed, and other areas like unoccupied spaces are no longer over-consuming energy, then you can start to reduce utility costs and generate an ROI. And it really is that simple.
Watch the video above on how ROI can be achieved.
Case Study.
A client in the multi-tenant real estate space generated an ROI in as little as 10 months, and simply by actively communicating with residents and staff who had their heating higher than the expected temperature of 25°C. And this was made simple by the Utopi platform.
The operator used weekly reports that were emailed direct from the Utopi platform to their inbox, that informed them of 10-20 outliers. They were then able to understand what rooms were producing the most carbon emissions through energy consumption and were able to actively intervene to change behaviours. Whether this be door knocking, or site teams just informing residents and staff of their footprint, they customised the approach for each space; and in seeing those outliers reduce temperatures over a 10-month period, their utility bills reduced, and they were able to make a return on investment over one heating season.
If you have any questions about ROI and the associated costs of installing Utopi solutions, don’t hesitate to reach out. We are always using real-world data to calculate these formulas and can ensure you get the right solution for your Healthcare facility.
But one thing is for sure – small changes make a big difference, and not just to the bottom line. To our planet too!
Author: Jonathan Burridge, CEO and Co-Founder at Utopi.