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5-2 Final Project: Milestone Two
IHP 450
SNHU
June 5,2022
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Introduction
The Venice Family Clinic offers little to no cost care to the individuals as well as
families who are homeless, do not have any healthcare insurance, or have lower incomes. As the
families and individuals who have a lower income are more vulnerable to infection and
diseases, it is important that facilities such as VFC come up in order to support such
communities of people. This proposal has been designed to target high risk patients.
Almost all the facilities located in different places have an Information Technology
department. The latest trends in the management and delivery of healthcare services, such as
personalized and predictive healthcare, incorporate communication and information
technologies, health promotion and prevention, home-based care, care coordination, and
community health networks in order to significantly improve the delivery of healthcare
services.
Technology has proved to be a boon to the healthcare system. The new technology
trends like electronic medical records or EMR, various innovative machines, and telehealth
helps in effectively diagnosing the disease of the patients and treating them. It allows saving the
lives of a number of people. According to the Consolidated Financial Statements of the Venice
Family Clinic, the technology expenses have increased from $431,867 in 2017 to $520,976 in
2018. It clearly shows that an additional amount of $89,109 was spent on technology. In order to
ensure the delivery of the best care to the patients, it is vital to implement new technology
spending (Dang et al. 2019). Moreover, by using the referral programs as well as Telehealth
systems, the healthcare facilities can effectively reach out to the patients outside of the
community, especially elderly people and the individuals who do not have any access to
transportation. However, it is essential to review the relevant regulations and understand how
Medicaid, as well as Medicare, can support the services and how they will impact the expenses.
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There are a large number of benefits of electronic medical records. However, the total
savings that the facility would be able to make is significant. The implementation of EMR can
help in saving money. It can enhance the quality of care delivered to the patients. Moreover, it
can also save the time of the staff members in doing different activities. This, in turn, can help in
enhancing the revenue as well as productivity of the facility. The main basis of the proposal is to
ensure the evolution of healthcare and stay up to date while increasing the efficiency and
productivity of the facility.
Proposal
Options
There are a number of options available when it comes to EMR systems. However,
among all the available options, there are three best options as according to the price per quality.
It includes Athenhealth, AdvancedMD, and CareCloud. According to AdvancedMD, the
monthly price is nearly $420 starting and is customizable. AdvancedMD provides a
comprehensive EMR system designed for medium-sized medical facilities. The users can make
use of this EMR system from anywhere by leveraging their single database. It is a web-based
product. The users need to make only one purchase of the package to access the system. The
system offers reliable and secure databases and ensures integrated workflows in order to
enhance patient circulation. It can be done using self-scheduling, automated appointment
reminders, billing, and patient care.
The pricing of the system starts from $140 per month. However, the calculation of the
pricing will depend on the input of the facility. The system makes it easy for the providers to
deliver high quality care to the patients by ensuring better organization and increased efficiency
(Ali et al., 2018). The EMR system has the potential to track physician orders and enable
healthcare providers to follow the point of care. It can also provide various facilities such as
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billing functions, revenue management, care coordination, and more. The software is simple
and easy to use and ensures a straightforward and productive approach to patient care.
According to CareCloud, the cost of the system will be nearly $279 per provider per
month. It has an integrated and standalone system. CareCloud offers high quality performance
software to facilitate an increase in margins and productivity. It ensures the delivery of
satisfactory patient experiences. It also provides a number of tools that cover revenue cycles,
EMR, patient management, and other essential management tools for the delivery of better
patient care.
Financial Research
The purchase of the new technology can be associated with a high upfront cost owing to
the hardware, software, as well as training involved. The majority of the healthcare facilities
regain the EMR investment in a time period of about two and a half years. Moreover, the
facilities can even get incentives for the implementation and use of the EMRs. The incentives
for the full-time employees can be nearly $23,000 in terms of net benefits. The incentive for the
eligible providers for using the EMR systems properly can be nearly $44,000 through Medicare
for five consecutive years.
Organizational Resources
Once the proposal has been approved, the bidding process will start. It will be evaluated
by the accounting department of the facility. The bids made need to be accurate. It must be
examined as well as validated closely by the accounting department. The Information
technology department has to closely monitor and ensure that the system is performing
correctly and efficiently. It will also monitor the cyber breaches. EMRs refer to digital record
systems. So, there is a chance of potential cyber-attacks. All the staff involved who will operate
the EMR will have to be provided with proper training in order to use the system in an effective
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manner. The staff members must be capable of using the system correctly before they actually
use the EMR system.
Communication
The staff meetings need to be conducted on a quarterly or monthly basis, depending on
the employee success rate. Consistent training needs to be provided to the staff members who
will use the EMR system. Retraining needs to be provided at least twice a year in order to ensure
that the system is properly being used by the staff members. It is important to ensure an open,
clear, and transparent communication between the management, staff members, the IT
department, and other units of the facility. It is vital as if anything goes wrong or misfires can be
effectively dealt with instantly. This can help in preventing significant losses to the facility.
Staff meetings, emails, reminders, and mandated posters need to be done frequently in order to
ensure that all the staff members are on the same page.
Budget
Financial Information
According to the annual report of VFC, the total revenue was $53,164,116. The total
expenses were found to be $49,239,117. The total capital gain of the facility was $3,924,939.
According to the Consolidated Statements of Activities, the interest, as well as dividend income
of the facility, had increased from $104,279 in 2017 to $125,905 in 2018. The difference was
found to be $21, 626. The analysis of the financial information of VFC shows that that facility
has a relatively good standing and is profitable. According to the Venice Family Clinic
Consolidated Financial Statements, the technology expenses have increased from $431,867 in
2017 to $520,976 in 2018. The additional spending on technology was found to be $89,109.
Expenses
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The associated expenses relating to the proposal would be the EMR software, training of
staff members, hardware, and other essential equipment. The proper cyber security of the
software must also be taken into account.
Budgetary Accounts
The potential budget areas that might be impacted include the need for maintenance and
repair of the EMR system, implementation of the proposed budget, training of the staff
members, and the associated equipment (Darwish et al., 2019). To cover the costs, slightly
scaling back by 2 percent on each department can help. In order to deal effectively with
unforeseen situations, it is important to set aside significant funds.
Reasoning
The cut back of each and every department ensures a uniform cut as all the departments
in the facility will use the EMR system.
Ratio
Profitability is an important part of the proposal. Properly using the EMR system can
help in getting incentives up to $44,000 through Medicare. It is per eligible provider. It can
prove to be helpful for the upfront investment along with a payout in the future.
Ratio Calculations
Return on Assets or ROA can be used in order to find out the increase in revenue with
the use of the proposed item. ROA provides an insight into the efficiency of the management in
generating earnings from the assets or economic resources on the balance sheet.
References
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Ali, O., Shrestha, A., Soar, J., & Wamba, S. F. (2018). Cloud computing-enabled healthcare
opportunities, issues, and applications: A systematic review. International Journal of
Information Management, 43, 146-158.
Darwish, A., Hassanien, A. E., Elhoseny, M., Sangaiah, A. K., & Muhammad, K. (2019). The
impact of the hybrid platform of internet of things and cloud computing on healthcare
systems: opportunities, challenges, and open problems. Journal of Ambient Intelligence
and Humanized Computing, 10(10), 4151-4166.
Dang, L. M., Piran, M., Han, D., Min, K., & Moon, H. (2019). A survey on internet of things and
cloud computing for healthcare. Electronics, 8(7), 768.
