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Assumptions
There are several basic assumptions for the implementation of the project. First, as one of the main goals of this project is to improve the flow of information among personnel, the integration of a new system or upgrading the existing one should provide medical staff with additional time, which they can spend on patients (“Medical practice,” n.d.). Also, it should reduce the chances for errors because a new system implies the automatization of the processes of documentation. Therefore, it might lead to a higher level of patient satisfaction. Also, the information will be reported in real-time, which will enhance the overall performance of the center. Second, a new system should reduce costs. A new EHR system aims at saving documentation time, enabling easy and quick access to patient records.
It will make the services more coordinated and efficient. Also, the system enhances communication between patients and medical staff. Third, a new EHR system should enhance the privacy and security of information about patients (“What are,” n.d.). Also, the upgrade will ensure streamlined coding. Fourth, issues related to staff adaptation to a new system might increase the initial costs. The changes in the system will be significant, thus personnel will need to not only undertake training programs but also get used to new methods of interaction with patients and other center workers. New EHR software will change almost all inner processes. For this reason, the personnel will have to learn new techniques. However, not all employees will be able to handle such a transformation. That is why it might be necessary to replace a certain percent of workers. Consequently, it could lead to additional expenses. Finally, the center might get subsidies as a part of a governmental program to facilitate the integration of new EHR systems.
Data Collection and Cost-Benefit Analysis
It is necessary to collect pertinent data for EHR integration. First, setup and maintenance costs will be approximately $2 million and $100,000 a year respectively. Second, the loan for this project will be obtained for ten years with an interest rate of 3%. Also, a one-time license fee will cost approximately $2000. Also, there might be some unexpected expenses. For example, data migration costs could vary from $30,000 to $50,000 for the service. They are necessary when it comes to extracting patient data and exporting them into a format that is suitable for a new EHR system. Also, the upgrade of the existing system will cost about $500,000. This price does not include expenses for hiring new IT staff, which might be approximately $200,000. Also, a new system requires upgrades every two years, which cost as much as the initial upgrade.
Other important data include potential savings. According to official statistics, treatment at hospitals that use EHR systems might cost up to $730 less in comparison with clinics that use traditional systems (McCarthy, 2016). Also, some studies estimate medical error costs. For example, research conducted by the specialists of the Society of Actuaries revealed that such errors cost more than $19 million in 2008 (McCarthy, 2016). Therefore, all the above-mentioned data allow analyzing cost benefits. Initial investments for setting up a new system might require up to $2 million. However, the upgrade costs are approximately $700,000. Nonetheless, future upgrades will require an additional $500,000 every two years. Therefore, the first option is more beneficial than the second. Also, savings from the implementation of a new system should cover its costs within the next five years. Also, intangible benefits include enhanced overall performance, job satisfaction, and patient safety.
References
McCarthy, K. (2016). EHR software helps both patients and providers save money. Web.
Medical practice efficiencies & cost savings. (n.d.). Web.
What are the advantages of electronic health records? (n.d.). Web.
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