When you rush a warmog you are at about 2000HP when you build it. That's 60hp5 + 20hp5 (perceverance mastery) constantly. (unless you get hit, but if you do, you'd be happy to have health so). And it gonna scale with level up from your max hp.
By comparision, runes give 20hp5, masteries 10hp5. Starcall at max level could theoricaly heal 80hp5. But that's whould require you to hit every time it's off cooldown. Which wont happen because. A) you'd run out of mana. B) it's a skillshot so you are bound to miss often. C) you're not in direct contact with the enemies half of the time.
Other source of hp5 are impracticable. Spellvamp wouldnt work because her only source of dmg is an aoe so it wouldn't be gold efficient. Her base HP5 was nerfed, so anything with health regen is a waste of gold. Potions don't scale well with late game. And life steal kinda works, but that's a completly different build I wont get there now.
So at the end, the warmog is at least an improvement of her heal by 50%. When in direct contact with enemies. And it allows the normal heal even when no enemies are around (which is more often then not).
Also, the warmog gives the extra advantage of being able to burn 50% of your HP in advance. Which should correspond to 1 full hp bar for your teammates. And still stay just as squishy as you were before.
And it also unlock other health items which would have been forbidden before the warmog. Like a ROA.