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Proposing a New Economic Initiative

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Proposing a New Economic Initiative

            Currently, my health care facility uses the traditional approach in recording and storing patients’ information. Paper files are used in the storage of the information. The health facility can benefit maximumly by the adoption of Electronic Health Records (EHR). Electronic Health Records enable the health information of patients to be stored electronically. Personal health information such as past medical history, patient biodata, known allergies, medications, immunization history, and laboratory reports are contained in the EHR (Nishijima et al., 2016). Such details are only accessible to authorized users such as the patient’s health care provider.

Economic Benefits of EHR.

Implementation of the EHR presents economic benefits to the healthcare facility. EHR helps to reduce costs by reducing the incidences of adverse drug reactions. EHR enables healthcare providers to access all of the patient’s personal health information. This information is important in the determination of the treatment plan. Critical decisions that avert drug-related allergies and side effects are made from the information contained in the EHR (Kharrazi et al., 2018). This helps to avert costs that would be incurred on the management of the allergies and side effects. Therefore, both the institution and the patient will benefit economically. The resources that the institution would have used in managing such allergies and side effects can be channeled to other developmental projects.

EHR helps to reduce the paperwork, which is associated with a significant number of errors and slow service delivery. The number of patients that can be served by the healthcare providers will increase significantly after the introduction of EHR. It will lead to the reduction of long patient queues and increase the rate of service delivery. The increase in service delivery implies that the hospital will have financial gains after the introduction of EHR. In addition to an increase in the number of patients that can be served, EHR will lead to an increase in the number of referrals to the institution. EHR enables health care providers from different facilities to share patients’ treatment progress and referrals to be made (Adler-Milstein & Jha, 2017). An increase in the number of referrals has a positive economic impact on the health care facility.

The introduction of EHR will lead to an improvement in the billing capture and reduce errors that occur during billing. During billing, EHR prompts for fields such as the number of medications and their costs (Adler-Milstein & Jha, 2017). It also contains the prices of all medications and medical equipment. This promotes accurate billings and helps to minimize paperwork-related errors that can lead to potential losses. Therefore, the introduction of EHR will lead to economic benefits for the health care facility.

The approximated implementation costs of the EHR are $ 3300 per heath care provider. Hardware costs for EHR are approximately $ 6500 per office with three healthcare providers (Reis et al., 2017). Software costs for the EHR are approximately $ 1500 per provider. The total cost of the implementation is approximately $ 360,000. The funds will be raised through a bank loan and the savings of the health facility. EHR will increase service delivery by approximately 300 more patients per day. Furthermore, it will lead to accurate billing and minimize financial losses. Calculations approximate implementation will generate more than $ 1,000,000 within the first five years. Therefore, it is economically viable.

How EHR Provides Ethical and Culturally Equitable Quality of Care

EHR will enable healthcare providers to uphold evidence-based practice. Health care providers will be able to access the patients’ personal health information. Based on the information, they will make informed decisions when choosing a treatment plan. This will help to provide patient-centered care and improve treatment outcomes (Jamshed et al., 2015). Furthermore, EHR helps to improve care coordination. Different healthcare providers can access accurate real-time patient information. This coordination is important for patients who have been referred and those who are being attended to by more than one specialist.

EHR will help to maintain the privacy and confidentiality of the patient. Information contained in the EHR is only accessed by authorized users, particularly the patients’ health care providers (Jamshed et al., 2015). User-specific passwords are used to prevent unauthorized access to patient information Patient confidentiality is important to eliminate any bias in the provision of care. This will lead to cultural and ethical equitable care provision.

Analysis of Supply and Demand for the EHR.

There are three health care facilities within a three-mile radius of the health facility. The health facility has the largest population among the three facilities. Currently, approximately 1000 patients visit the health care facility per day. The delays caused by the traditional paperwork system contribute to long patient queues at the facility. It is approximated that the delays make health care providers attend to about 750 patients per day. Approximately, 250 patients have to wait until the next day to receive health care services. Therefore, the use of paperwork creates a supply-demand gap.

The health care facility receives at least 30 referrals from the other health facilities per day. The neighboring two health care facilities have upgraded their service delivery to Electronic health records. The use of the traditional paperwork system in the health facility impedes the ease of patient referral. The other facilities have to use paperwork while making the referrals. This limits the communication among the patients’ previous and current health care providers. A large number of referrals from the other facilities versus the delays in the admission process at the facility creates a supply-demand gap.

Billing capture is done manually at the healthcare facility. This is associated with errors such as underquoting of drug and medical equipment prices attributed. Manual billing Capture is also associated with omissions of the dispensed drugs, medical equipment, or administer services such as laboratory tests. The errors can be linked to the large population of patients that are billed manually. This has been associated with financial losses at the health care facility.

The introduction of the Electronic Health Record solves the supply-demand gaps. EHR will help to decrease the delays recorded at the health care facility. It will increase the number of patients attended to per day and ensure that patients don’t wait for the next day to receive health care services. It will help to eliminate the necessity of approximately 200 patients having to wait for more than 24 hours to get health care services. EHR will help to facilitate a smooth patient referral process from the other institutions to the health care facility. This is because health care providers will be able to access real-time personal patient information without the need for paperwork (Kharrazi et al., 2018). An increase in the number of referrals due to a smooth transfer process has a positive economic impact. EHR will help to improve the billing process by providing inbuilt fields reflecting the patient’s medications, medical equipment, services provided, and their costs.

How Economic and Environmental Data Supports the Introduction of EHR

Environmental data demonstrate that the traditional paperwork system has led to a decrease in the number of patients served at the health care facility. It is approximated that 250 patients fail to receive healthcare services at the facility daily. This is attributed to the slow service delivery using paperwork. This has negative economic implications for the healthcare facility. Furthermore, data reveal that approximately 30 patients are referred to the health facility per day. The referral process is, however, impeded by the traditional paperwork system. Approximations reveal that after five years, EHR will generate approximately $ 1,000,000. Its implementation costs approximately $350,000. Therefore, the introduction and implementation of EHR are viable.

Conclusion

The introduction and implementation of EHR will help to improve service delivery at the health care facility. The number of patients served per day will increase. The number of referrals to the health care facility is also expected to increase. EHR will improve the billing process and help to avert losses. Therefore, the introduction of EHR will have a positive economic impact.

References

Adler-Milstein, J., & Jha, A. K. (2017). Hitech act drove large gains in hospital electronic health record adoption. Health Affairs, 36(8), 1416–1422. https://doi.org/10.1377/hlthaff.2016.1651

Jamshed, N., Ozair, F., Sharma, A., & Aggarwal, P. (2015). Ethical issues in electronic health records: A general overview. Perspectives in Clinical Research, 6(2), 73. https://doi.org/10.4103/2229-3485.153997

Kharrazi, H., Gonzalez, C. P., Lowe, K. B., Huerta, T. R., & Ford, E. W. (2018). Forecasting the maturation of electronic health record functions among US hospitals: Retrospective analysis and predictive model. Journal of Medical Internet Research, 20(8), 1–11. https://doi.org/10.2196/10458

Nishijima David L; Wisner, David H; Holmes, James F, D. K. S. (2016). Deep EHR: A Survey of Recent Advances in Deep Learning Techniques. Physiology & Behavior, 176(5), 139–148. https://doi.org/10.1109/JBHI.2017.2767063.Deep

Reis, Z. S. N., Maia, T. A., Marcolino, M. S., Becerra-Posada, F., Novillo-Ortiz, D., & Ribeiro, A. L. P. (2017). Is there evidence of cost benefits of electronic medical records, standards, or interoperability in hospital information systems? overview of systematic reviews. JMIR Medical Informatics, 5(3). https://doi.org/10.2196/medinform.7400

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Question 

Proposing a New Economic Initiative

PART 1 of 3
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OVERVIEW:
Research an economic opportunity that might be available within your health care setting that will provide ethical and culturally equitable improvements to the quality of care. Then, write a 2–4-page proposal for an initiative to take advantage of that opportunity, supported with economic data and an analysis of the prospective benefits.

Note: Each assessment in this course builds upon the work you have completed in previous assessments. Therefore, you must complete the assessments in the order in which they are presented.
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RESOURCES:
Health Care Supply and Demand:

Health Care Costs:

Proposing a New Economic Initiative

Economic Initiatives:

Ethical and Cultural Issues:

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ASSESSMENT INSTRUCTIONS:
Research an economic opportunity that might be available within your health care setting—at both micro (departmental, neighborhood) and macro (organizational, community) levels—that you believe will provide ethical and culturally equitable improvements to the quality of care. Then, propose an initiative to take advantage of that opportunity. Support your proposal with economic data (sector growth, supply versus demand, cost versus reimbursement, et cetera) and an analysis of the prospective benefits for your department and for the organization overall.

Such economic opportunities might include offering a new service line, working to improve a service line already offered, retiring an outdated or unprofitable service line, or any other initiative you believe will be of benefit to your organization in the short and long term. One example is a recently launched partnership with a local bicycle sharing company. Your organization partners with them to host healthy community events that offer free screenings for early detection of various health issues. Free screenings help fulfill some of your organization’s preventive and healthy lifestyle initiatives, while also potentially driving referrals to other services provided by your organization.

Note: Your proposal will serve as the basis for subsequent assessments in this course.

Requirements:
The requirements for your proposal, outlined below, correspond to the scoring guide criteria, so be sure to address each main point. Read the performance-level descriptions for each criterion to see how your work will be assessed. In addition, be sure to note the requirements for document format, length, and supporting evidence.

  1. 1. Explain why your proposed initiative presents a viable and beneficial economic opportunity for your organization.
    • Describe your proposed service line or economic initiative.
    • Explain why your proposal presents an economic opportunity at the micro level and macro level.
    • Explain how your proposed initiative will provide ethical and culturally equitable improvements to the quality of care.
  2. 2. Analyze the economic factors of supply and demand associated with your proposed initiative, within a context relevant to your organization or care setting.
    • What do economic and demographic data suggest is the supply and demand?
    • What additional information would improve your analysis?
  3. 3. Explain how relevant economic and environmental data support your proposed initiative.
    • How does the data illustrate a potential opportunity and the economic viability of your proposal?
  4. 4.Write concisely and directly, using active voice.
    • Proofread your proposal before you submit it to minimize errors that could distract readers and make it more difficult for them to focus on the substance of your proposal.
  5. 5. Support main points, assertions, arguments, conclusions, or recommendations with relevant and credible evidence.

Example Assessment: You may use the following to give you an idea of what a Proficient or higher rating on the scoring guide would look like: SEE ATTACHED

Additional Requirements
Your assessment should also meet the following requirements:

  1. 1. Format: Format your proposal using current APA style. Be sure to include: 7TH EDITION
    • A title page and references page. An abstract is not required.
    • A running head on all pages.
    • Appropriate section headings.
  2. 2. Length: Your proposal should be 2–4 pages in length, not including the title page and references page.
  3. 3. Supporting evidence: Cite 3–5 authoritative and scholarly resources to support your proposal. Be sure that your sources include specific economic data.
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