Health System Management Teams Finance Healthcare

Respond to at least 2 classmate (appx. 100 words).

My COURSE is Finance for HEALTHCARE.

Discussion Board is:

Please review the outside reading article entitled “Return on Information: A Standard Model for Assessing Institutional Return on Electronic Health Records.” Briefly discuss the purpose of the study and the value added to the users of this information as a result of its publication. Also, would you recommend this reading to a organization anticipating an electronic health record implementation and why?

My First classmate post is

The purpose of the article is for individuals from different organizations to give their thoughts on when and where to invest the ROI instead of investing only in IT. The main reason they provided is that health care is driven by measures of all sorts, which are used to generate the return on investment. They also mentioned that data-driven factors are more fundamental because health care needs to connect patients, patients to physicians, physicians to payroll and to facilitate financing. These measures help gauge things from patient’s satisfaction to physician performance. Inaccurate or incomplete information creates all sorts of risk issues, including inappropriate patient care to result from an inaccurate diagnosis, incorrect payments and lack of physician engagement.

I would recommend this reading to an organization anticipating an electronic health record implementation because by knowing the ROI, the health care organization will know their expenses because this single number inherently reflects the success or failure of the organization’s investment. Whether the organization aims to improve the patient experience, increase staff efficiency, purchase equipment or expedite the process, it is critical that the organization to know that if their investments are worth the cost and effort that is put into them. These include the length of stay, readmissions, patient satisfaction and the positive impact of using technology and so on.

Reference

http://nam.edu/wp-content/uploads/2015/06/ReturnonInformation1.pdf

My second classmate post is

1. The purpose of this study is to provide a clear framework and propose a standard model for evaluating an institutional investment in EHRs and related technologies to enable inter-organizational comparisons, help identify best-in-class implementation approaches, and prioritize process redesign endeavors. And discuss why a common value realization framework is essential.This paper is beneficial because it discussed, why a common value realization framework is essential, and it summarizes past case analyses by Kaiser Permanente, Sentara, and U.S.department of veterans affairs, talking about benefits, costs, and overall value. It also discusses stakeholders affected by HER investment. It gives us a complete list of expenses and benefits components of the model and a complete list of included potential revenue impacts.The paper is proposing a standard model of evaluation that is meant to be used as a guide by health system management teams— including CEOs, CFOs, COOs, CIOs, and clinicians, among others — to help determine the financial impact of implementing and optimizing EHRs and related technologies. The key elements of the tool are presented as a catalog of categorized benefits, expenses, and potential revenue impacts and the accounts where these may be captured.

Just I need respond to them I like …… great job …. I agree.