With regards to the clinic’s 2012 financial statement, the institution was subject to a $1,814, 255 loss. Earnings had reached $41,052,317 but expenditures amounted to $42,866,572, thus resulting in a insufficiency of $1,814,255 for that financial year. The ROI to expenses at 41:42 indicates that the institution was subject to an annual loss. The clinics financial report released on 2017 indicated that the institution earned $47,573,854; $5,723,347 more than the previous year. Considering the institution’s operating costs and expenditure of $39,208,190, the institution made a profit of $8,365,664.
Proposal Item – Electronic Health Record (EHR) Systems
They are real-time, patient-oriented records that ensure availability of information is instant and secure to authorized users. HealthIT.Gov suggests that EHR systems could enhance patient care, raise patient engagement, enhance care coordination, and enhance diagnostics as well as patient results and the practice efficiencies and general savings. EHRs and the capability to transfer health information digitally is useful in delivering higher quality and safer care to patients while generating meaningful enhancements for the clinic. EHRs allow providers to improve management of care for patient and deliver enhanced health care through: giving precise, current, and extensive information concerning patients at the point of care; allow swift access to patient records for increasingly coordinated and efficient care; transferring electronic information in a secure manner to patients and other clinicians; among other advantages.
Direct allocation is most appropriate for this non-profit institution since this allocation procedure consists of a one-time issuance of every cost from departments that have costs but don’t initiate revenue, like the housekeeping department, to cost centre of departments that indeed initiate revenue, like laboratory; and this institution consists of both. It is also important to use the traceability method to focus on primary expenses and modify the budget appropriately.
Management of Cost
The system will help in increasing the daily aggregate of patient attended to. Workflow and productivity result in raised revenue for the clinic without compromising patient care. The systems allows for a reduction in mistakes related to patient care costs and they could minimize general operation costs, for instance in transcription services and reducing overtime expenditures. The system will enhance the general performance of the practice and still improve the efficiency and precision of the patient billing system. The system will result in a reduction in expenditures on office supplies and storage spaces to keep years worth of hard copy files. Acquiring the important equipment, employing staff for implementing and to train staff on the EHR’s standard operating systems could all be costly endeavors for the clinic. A number of financial incentives are present to aid in the recouping of these costs; particularly through CMS Medicare and Medicaid assist eligible providers acquire incentives for embracing and appropriately using EHR systems (H. Grain, 2014).
· Purchasing activities
· Acquiring the necessary licenses,
· Interfaces and HIE,
· Obtaining hardware components,
· Auxiliary devices and equipment
The first step is to establish and employ an implementation unit comprising of Lead Physician, Project Supervisor and lead super user. The next step is to configure the software by interacting with the present health IT vendor to guarantee the systems is in accordance with every appropriate security measures and carry out a HIPAA risk evaluation too. Next is to realize VFC’s hardware needs then update the intended data to the system. After following the next steps it is important to train the staff effectively.
Hardware, EHR software, Help, Training and Contingencies
Approximately $162,000 will be needed for software, hardware, implementation, and support and an additional $85,000 for maintenance (Hoffman, 2016).
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