Financial analysis projects clear returns from electronic medical records.
Implementing an electronic medical record (EMR) is a major initiative that should be undertaken only after a thoughtful analysis of the costs and benefits involved. Unfortunately, demonstrating financial returns on an EMR often is regarded as an inexact science at best, which has caused many healthcare executives to avoid adopting this technology. With the right approach, however, it is possible to demonstrate convincingly that the financial benefits will far outweigh the costs. To do this, it is necessary to involve representatives from operational areas throughout the organization, because they are best able to identify the potential for cost savings and additional revenue opportunities.
Schmitt
Karl F
KF
Healthcare Information Technology Division, ECG Management Consultants, Inc., Seattle, Washington, USA. kschmitt@ecgmc.com
Wofford
David A
DA
D017046:Cost Savings; D003362:Cost-Benefit Analysis; D004059:Diffusion of Innovation; D005377:Financial Management, Hospital; D017721:Hospital Costs / Q000706:statistics & numerical data*; D006751:Hospital Information Systems / Q000191:economics*; D007324:Institutional Management Teams; D007449:Investments / Q000191:economics*; D016347:Medical Records Systems, Computerized / Q000191:economics*; D014768:Virginia