u6a1_CostBenefitAnalysis_Stanton.docx - Magnetic Resonance...

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Magnetic Resonance Imaging Purchase Faye Stanton Capella University Healthcare Finance and Reimbursement A Cost Benefit Analysis May 2021
COST BENEFIT ANALYSIS: MRI PURCHASE Executive Brief There has been a request recently from one of the physician groups to purchase a magnetic resonance imaging (MRI) unit. Current practice for the use of this equipment involves the patient being referred to an external facility for this service, which has risks and can be costly. It has been approximated that nearly thirty-three percent of patients do not follow through with referrals. Additionally, if the external facility is receiving referrals from numerous physician groups in their community, then wait times for service could be extended. Both factors have the potential for delaying appropriate treatment to the patient. Based on the cost-benefit analysis to follow, the benefits of this type of investment to the organization prove not only better patient care and satisfaction, but a substantially positive investment. Organizational Needs & Future Growth On a consistent basis, the organization and associated physician groups must analyze their resources to ensure that the cost of certain programs, equipment and employee positions/structure are being outweighed by the overall benefit to each. If the cost of any of those business aspects exceeds the anticipated benefits, then the administration should reject or re-distribute those resources to add benefit elsewhere.

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