Venice Family Clinic Capital Budget proposal.pptx

Ehr software all software costs including additions

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EHR software: all software costs including, additions and upgrades. Assistance: IT contractors, legal support, system maintenance and installation consulting support; data conversion and workflow redesign support. Training: initial and ongoing training for clinical staff and office staff. Contingencies: potential productivity, revenue and patient-related gains and losses.
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BUDGET REASONING VFC will need to spend an estimated $162,000 in software, hardware, implementation, and support, and allow for any productivity loss says Green (2017). Then another estimated $85,000 in maintenance costs within the first year. For the office supplies on average a single physician office could spend about $3,900 a year on office supplies alone. In reviewing what VFC spent in 2017, computers costs $431,897, software $385,190 and office supplies $129,375 (From Our Family 2012). These figures were referenced from the VFC’s Consolidated Statement of Functional Expenses, year end June 30 th 2017. These are just the initial costs, there will be on-going maintenance costs such as software upgrades and 24/7 system support and training annually that will also need to be factored in.
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BUDGET RATIOS / CALCULATIONS Total Net Revenue was calculated/budgeted to equal $46,739,564 the Total Net Expenses was budgeted to equal $376,375 The Total Net Profit would then be calculated using the equation: Net profit= (net revenue)/ (net expenses) Net profit= ($46,739,564)/ ($376,375) Net profit= 12,418
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IMPACTS & JUSTIFICATIONS Short-Term Impact: Overall this entire budget is best on a short-term basis, due to the fact that historically the VFC was losing money. Therefore since they had already spent $431,879 on computer costs in 2017, we can then cut back on the spending allotted for that area and save monies. Long-Term Impact: By increasing the insurance coverage annually will allow for any contingencies going forward. As we move forward the expense to revenue ratio will change eventually showing a profit, especially if we continue to fund raisers.
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REFERENCES: HealthIT.Gov (October 5, 2017), Benefits of EHRs. Retrieved from: Venice Family Clinic Consolidated Financial Statement, Year Ended June 30 2017. Retrieved from . Choi J., Lee W., Rhee P., (September 30, 2013), Cost-Benefit Analysis of Electronic Medical Record System at a Tertiary Care Hospital. Retrieved from: . Bragg, S. (November 18, 2017), Types of Financial Statements. Retrieved from: Hodgkins, M., July 14, 2014 Electronic Health Record, EHR Implementation, AMA Retrieved from: Green J. November 13, 2017, How much EHR costs and how to set your budget Retrieved from: https ://
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  • Fall '18
  • Electronic health record, VFC

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