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.
Imagine 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 to implement EMR.
Create a 12- to 15-slide Microsoft® PowerPoint® presentation that includes detailed speaker notes. Discuss the following areas of financial concern and conclude with your decision on whether you would recommend EMRs to the stakeholders.
Include the following areas with a focus on the financial aspects:
Discuss the implementation process. Explain why EMRs should be implemented. Explain what is involved in the implementation of EMRs.
Explain how to finance technology using at least five of the following options. Capital expenditures Opportunity costs Budgeting, cash flow Depreciation Present value Payback Projected revenue Overall costs
Explain the costs not considered in the implementation process for at least two of the following options. Threat of litigation Layout of facility Life expectancy and value of the equipment Maintenance Increase in operational costs
Explain the financial incentives for implementing new forms of technology for at least one of the following options. Government, as in Medicare reimbursement Health care professional societies Health plans, as in pay-for-performance programs 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
Explain the advantages and disadvantages to the physician’s group of implementing EMRs.
Explain your final recommendation to the physician’s group regarding the implementation of EMRs.