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 CenterInyourcapstoneprojectontheimplementationofanElectronicMedicalRecord (EMR) system at Somerset Medical Center, you have provided an in-depthanalysisofthefinancialimplications,includingtheinitialcosts,benefits,andsensitivityanalysis.Basedonthefinancialevaluationpresented,discusstheexpectedReturnonInvestment(ROI)fromtheimplementation of the EMR system. How do the various cost-saving factors,suchasreducedchartpulls,transcriptionsavings,andadministrativeexpense reductions, contribute to the overall ROI? Additionally, explain theimpactoftheproject'spaybackperiodandtheresultsofthesensitivityanalysis 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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ImplementationPlanoThis is the heart of your Capstone.oThis section articulates the who, what, when, where and how youintend to address the specific problem.oYou will fully describe all elements required to implement yoursolution as well as the influence this solution creates to alldepartments or areas of the organization.oEach step needed to accomplish this project should be fullyarticulated.oThis discussion should include but not be limited to the followingelements:people, resources, costs, ROI, reportingaccountabilities, measures of success, specific timelines, specialconsiderations such as regulatory, legal, financial, global andtechnological influences in addition to internal and externalmarketing and communication strategies.oTo break it down a bit more, the following may behelpful:▪Who:You will want to talk about who is involved in both thedevelopment and implementation piece of the plan.Howdoes this change impact the current staffing models? Whatinter-departmental networking is needed?Who will benefitfrom this plan?•What:After defining precisely what this project entails, youwill want to include discussions about what resources areneeded.Be sure to consider all aspects including facilities,personnel, equipment, suppliers, etc.What is available andwhat must be acquired?•When:Present a specific timeline for all phases of the projectplan.Include all critical stages and articulate who isresponsible for these steps. Utilizing a chart or table may behelpful.•Where:Describe the location where you project plan will belaunched.What characterizes this place and how does it helpor hinder the process?Will more than one location beinvolved and how does this change the dynamic?Have otherlocations had experiences that you can draw upon as youcraft this plan?•Why:This aspect of the implementation plan provides youthe opportunity to share your personal interest in thesuccessful implementation of this plan.How does this plansupport positive business ethics?Twenty-first centuryleadership? Cultural and global considerations? Comment onCommented [KM1]:Please include the introductionDiscussion about implementation of EMR to Somerset MedicalCenter, 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, etcCommented [KM2]:Please include in the introduction maximumfrom the requirements

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how this plan integrates course knowledge, business skills,and work experience to produce an effective real worldoutcome.FinancialsoProvide a detailed analysis of the financial implication of this plan;include an Excel worksheet showing calculations.CommunicationsoArticulate a specific communications plan to “sell” yourproject tothe approving individual / group.oDiscuss communications related to implementation.oIdentify key stakeholders that you will be in communication with,and your approach with each.In ConclusionoProvide a conclusion and a call to action.oInclude a description of next stepsoEnd the paper so that the final statements in the Conclusionsection are decisive and well-constructed.FinancialevaluationAccording to the HealthUSNews,“Somerset Medical Center is a general medical andsurgicalhospital in Somerville, NJ, with 250 beds. Survey data for the latest year availableshows 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 Centerfrom the present paperwill result in significant cost savingsfor them.The financial evaluation ofthisproject needstoconsiderallfactors whichwillresult inthesaving of cash for the hospitalonce the implementation has been completed.While it wasdifficult to get the actualproductCommented [KM3]:I changed the text of the Financialevaluation, please read that I did not miss something important

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costsfromelectronic medical records software providers,-ouranalysiswerecompleted bycollectingthe informationfrom differentmedical publications, as well asasEMRcomparableinternet resources.Theestimateswerebased on thesesources.Whilethe accuracy of the estimate can bechallenged,wepreparedthesensitivity analysisNevertheless, the methodology of the analysis issound and supports the conversion by the hospital.Executive like to have a summary of the cost savings upfront so they can see the resultwithoutreading everything. So do a summary here before getting into details below.According to thearticle“Study of the cost-benefit analysis of electronic medical record systemsin general hospital in China.”,(http://www.ncbi.nlm.nih.gov/pubmed/22212632), “Benefits fromusing 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, improvedcharge capture and decreased billing errors” (Li K,Naganawa S, 2012)….PLEASE INCLUDE GRAPHwhich shows the ROI (cost savings from the initial investment toROIand 5 yearsThe timeof return on investment isyears.Summary………Initial cost estimateThere are two categories of costs associated withEMRimplementation.The firstcostis thesystem costs andthe second isinduced costs (Table 1).System costs include the cost of the software and hardware, implementation, training, ongoingmaintenance and support.Induced costs are those involved in the transition from a paper to electronic system.Commented [KM4]:Please include summaryof the costsavingandplease includethe graph which shows the cost saving from theinitial investment to ROI and 5 yearsCommented [KM5]:Include graph hereCommented [KM6]:Please add the time of return

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