Financial Health Powerpoint Speaker Notes and References Final

Good morning everyone

Today we will be looking at the implementation process and what is involved with switching to EMR. We will also focus on the financial technology, cost, and financial incentives. Overall, as we go through this process you will see that EMR would be the way to go for our company.

The number one reason to implement electronic medical records is to make for a more efficient and easier to use process of keeping records. The other great reason is the cost. It will improve the diagnostic process. Also will contain a quicker turnaround result for labs, and reduce medical errors (Marcus, Lubrano & Murray, 2009). In the long run this will save the health care facility large amounts by just having everything electronic. It will improve the communication with the patients, and other health care advisors (Marcus et al., 2009).

There are many things that are involved in the implementation process. First we have to look at the cost of the equipment. Also how will it benefit us in the long run. the capital expenditures? We have to look at the depreciation of the equipment, present value, and projected revenue. It is also important to study the life expectancy, and maintenance that maybe required. Then we will look at the financial incentives. All of this will provide the overall benefit to the implementation process.

This will be coming from our capital expenditures budget. This budget was made for the company’s long-term financial purchases. Electronic medical records would be a long-term financial investment. We will be proposing a funding of new program type of capital expenditure proposal.

There is a lot of cost that goes into the EMR system. However, in the long run it will save money. The overall cost includes training, the implementation process, maintenance, the actual equipment and much more. The overall cost is listed to be 20,000 to 40,000 for server-based EMR systems (Congdon, 2006).

All products depreciate after so many years. The EMR system is no different for the physical outcome. However, in so ways there is never depreciation for this equipment. As long as the software is kept up-to-date, and maintained, is will never depreciate on patient care. No matter how long we have the equipment, it will provide the same help to our company and our patients, as it did the first day we used it.

The projected revenue benefits are almost as high as the cost of the initial implementation process of the equipment. Financial benefits average approximately 33,000 per year. Providers obtain financial benefits from two main sources: increased coding levels and efficiency-related savings or revenue gains (Miller & West & Brown & Sim & and Ganchoff, 2012). The efficiency related savings that we will experience will account for 48.3 percent of financial benefits, or 15,808 per