5 1 Reflective Journal Benefits of a Capital Item.docx

Bottom line for an emr system will improve the over

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bottom line for an EMR system will improve the over-all performance of a healthcare practice all while enhancing the efficiency and accuracy of the patient billing process, once again saving time and money for the organization. Also per Choi J., Lee W., Rhee P., (2013), there will be less money spent on office supplies and storage spaces to house at least 7 years of paper information. For patients an EMR system will provide improved diagnosis for their treatment. In addition, a lot less errors are found within their personal health record themselves. EMRs also provide faster care and decision responses from assigned medical professionals to improve the patient’s quality of care. Lastly (CMS) Centers for Medicare and Medicaid offers greater incentives to providers and organizations that utilize EMR systems along with (CPOE) systems computerized provider order entry (CPOE) for medication, laboratory and radiology orders as per Choi J., Lee W., Rhee P., (2013). From our text (Nowicki, 2015), we learned the the typical ways to estimate to benefit- cost ratio for capital expenditures are the payback period analysis, which is the number of years required for cash flows to recover on the original investment. The net present value (NPV) analysis, which is the present value of the future cash flow of an investment. The NPV allows for the discounting of future cash flows to figure out their present value. Then there’s the “Net Present Value Rule”, which states the project should be accepted if the NPV is positive and rejected if the NPV is negative. The Internal Rate of Return (IRR) analysis, which is the necessary net present value of an investment that, when it’s added to the final market value of the
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3 investment, equals the minimum return one needs to break even on an investment in the first place (Nowicki, 2015).
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  • Fall '18
  • electronic medical record, Rhee P., Choi J.

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