Review and explain the financial implications of implementing Electronic Medical Records (EMR).Information technology has enhanced operational activities throughout the health care industry.
Information technology has enhanced operational activities throughout the health care industry. Much has been discussed in financial analysis, price, and acquisition discrepancies. The decision to acquire and implement technology, and justify the cost has perplexed physicians and health care facilities.
Assume you are an office manager in a physician’s group practice. As the office manager, you have been asked to review and explain the financial implications of implementing electronic medical records (EMR). You will address potential areas of financial concern and provide your recommendation to the physician’s group on whether or not to implement EMR.
Create a 12- to 15-slide Microsoft® PowerPoint® in which you outline the following areas of financial concern and conclude with your decision on whether you would recommend EMRs to the stakeholders. Include detailed speaker notes. Cite at least three outside sources and your textbook. Discuss the following areas with the focus on the financial aspects:
• Implementation process; This should be your introductory slide.
o Why implement?
o What is involved?
• Financing technology; Choose at least five.
o Capital expenditures
o Opportunity costs
o Budgeting, cash flow
o Present value
o Projected revenue
o Overall costs
• Costs not considered in the implementation process; Choose at least two.
o Threat of litigation
o Layout of facility
o Life expectancy and value of the equipment
o Increase in operational costs
• Financial incentives for implementing new forms of technology: Choose at least one.
o Government, as in Medicare reimbursement
o Health care professional societies
o Health plans, as in pay-for-performance programs
o Quality improvement agencies that may offer financial incentives, such as the National Committee for Quality Assurance, the Utilization Review Accreditation Committee, or the Joint Commission
• Advantages and disadvantages
• Final recommendation