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Implementation And Financial Evaluation Of Electronic Medical Record (EMR) System At Somerset Medical Center

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    Implementation and Financial Evaluation of Electronic Medical Record (EMR) System at Somerset Medical Center In your capstone project on the implementation of an Electronic Medical Record (EMR) system at Somerset Medical Center, you have provided an in - depth analysis of the financial implications, including the initial costs, benefits, and sensitivity analysis. Based on the financial evaluation presented, discuss the expected Return on Investment (ROI) from the implementation of the EMR system. How do the various cost - saving factors, such as reduced chart pulls, transcription savings, and administrative expense reductions, contribute to the overall ROI? Additionally, explain the impact of the project's payback period and the results of the sensitivity analysis on the financial feasibility of the EMR system. In your conclusion, summarize the financial viability of the project for Somerset Medical Center. Word Count Requirement: 1,500 – 2,000 words

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    Implementation Plan o This is the heart of your Capstone. o This section articulates the who, what, when, where and how you intend to address the specific problem. o You will fully describe all elements required to implement your solution as well as the influence this solution creates to all departments or areas of the organization. o Each step needed to accomplish this project should be fully articulated. o This discussion should include but not be limited to the following elements: people, resources, costs, ROI, reporting accountabilities, measures of success, specific timelines, special considerations such as regulatory, legal, financial, global and technological influences in addition to internal and external marketing and communication strategies. o To break it down a bit more, the following may be helpful : ▪ Who: You will want to talk about who is involved in both the development and implementation piece of the plan. How does this change impact the current staffing models? What inter - departmental networking is needed? Who will benefit from this plan? • What: After defining precisely what this project entails, you will want to include discussions about what resources are needed. Be sure to consider all aspects including facilities, personnel, equipment, suppliers, etc. What is available and what must be acquired? • When: Present a specific timeline for all phases of the project plan. Include all critical stages and articulate who is responsible for these steps. Utilizing a chart or table may be helpful. • Where: Describe the location where you project plan will be launched. What characterizes this place and how does it help or hinder the process? Will more than one location be involved and how does this change the dynamic? Have other locations had experiences that you can draw upon as you craft this plan? • Why: This aspect of the implementation plan provides you the opportunity to share your personal interest in the successful implementation of this plan. How does this plan support positive business ethics? Twenty - first century leadership? Cultural and global considerations? Comment on Commented [KM1]: Please include the introduction Discussion about implementation of EMR to Somerset Medical Center, NJ. ….We must show that this business is very profitable, and hospital doesn’t need to use the big space for medical records, keep 8 employees, pay for rent storages etc. Please include the timeline for implementation in introduction, impact the current staffing model, etc Commented [KM2]: Please include in the introduction maximum from the requirement s

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    how this plan integrates course knowledge, business skills, and work experience to produce an effective real world outcome. Financials o Provide a detailed analysis of the financial implication of this plan; include an Excel worksheet showing calculations. Communications o Articulate a specific communications plan to “sell” your project to the approving individual / group. o Discuss communications related to implementation. o Identify key stakeholders that you will be in communication with, and your approach with each. In Conclusion o Provide a conclusion and a call to action. o Include a description of next steps o End the paper so that the final statements in the Conclusion section are decisive and well - constructed. Financial evaluation According to the HealthUSNews, “ Somerset Medical Center is a general medical and surgical hospital in Somerville, NJ, with 250 beds. Survey data for the latest year available shows that the hospital had a total of 15,417 admissions ” . ( http://health.usnews.com/best - hospitals/area/nj/somerset - medical - center - 6221340 ) We believe that the implementation of a new EMR system at Somerset Medical Center from the present paper will result in significant cost savings for them . The financial evaluation of this project needs to consider all factors which will result in the saving of cash for the hospital once the implementation has been completed. While it was difficult to get the actual product Commented [KM3]: I changed the text of the Financial evaluation, please read that I did not miss something important

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    cost s from electronic medical records software providers, - our analysis w ere completed by collect ing the information from different medical publications, as well as as EMR comparable internet resources. T he estimates were based on these sources. While the accuracy of the estimate can be challenged, we prepared the sensitivity analysis Nevertheless, the methodology of the analysis is sound and supports the conversion by the hospital. Executive like to have a summary of the cost savings upfront so they can see the result without reading everything. So do a summary here before getting into details below. According to the article “ Study of the cost - benefit analysis of electronic medical record systems in general hospital in China.”, ( http://www.ncbi.nlm.nih.gov/pubmed/22212632 ) , “ Benefits from using EMR accrue primarily from savings in new medical record creation, decreased full - time - equivalent (FTE) employees, saving of adverse drug events (ADEs) and dose errors, improved charge capture and decreased billing errors ” ( Li K , Naganawa S , 2012) … . PLEASE INCLUDE GRAPH which shows the ROI (cost savings from the initial investment to ROI and 5 years The time of return on investment is years . Summary ……… Initial cost estimate There are two categories of costs associated with EMR implementation . The first cost is the system costs and the second is induced costs ( Table 1 ). System costs include the cost of the software and hardware, implementation, training, ongoing maintenance and support. Induced costs are those involved in the transition fro m a paper to electronic system. Commented [KM4]: Please include summary of the cost saving and please include the graph which shows the cost saving from the initial investment to ROI and 5 years Commented [KM5]: Include graph here Commented [KM6]: Please add the time of return

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