For this assignment, you are requesting funding from the Board of Directors for an investment of an electronic health record (EHR) system. Create one summary, on a Word document, which delivers each of the 4 parts of this assignment. When combined this summary should support your funding request, by analyzing the impact a new EHR would have on the hospitals revenue and reimbursement, on data collection, operations, and relationships both internal and external.
- Please complete all parts in a Microsoft Word document.
- The body of your document should be at least 600 words in length.
- Quoting should be less than 10% of the entire paper. Paraphrasing is necessary.
- Students must cite and reference at least 3 credible sources from the Library.
Apply principles of healthcare finance for revenue management.
Task: Demonstrate the principles of health care finance for revenue management through the intended application of cost reporting and variances. Create a summary which covers the pros of investing in a new EHR. Include in your summary how the EHR will address topics of cost reporting and the variances seen currently.
Implement processes for revenue cycle management and reporting.
Task: The Board of Directors will need to consider the implications of adopting a new EHR system on systems related to RCM and reporting. Use the information researched in unit 8 assignment and summarize how the three considerations you researched relate to the overall process of RCM.
Identify severity of illness and its impact on healthcare payment systems.
Task: As part of your analysis on the implications of a new EHR system on other information systems, analyze the relationship between data quality within a new EHR and severity of illness. Identify the purpose and use of severity of illness based on information within the health record. Conclude this section of your summary by associating severity of illness and health care payment systems, integrating case-mix and CAC systems.
Identify the different types of organizations, services, and personnel and their interrelationships across the health care delivery system.
Task: Funding request summaries often become available to the general public–either on its own or when combined into another report. Identify and discuss the connections among the different types of organizations, services, and personnel–including their interrelationships across the health care delivery system. To do this, analyze the implications of a new EHR system with both internal and external organizations.
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Introduction: As a medical professor in charge of creating college assignments and answers, I have designed an assignment for students to request funding from the Board of Directors for an investment in an electronic health record (EHR) system. The assignment requires students to analyze the impact of a new EHR system on revenue and reimbursement, data collection, operations, and both internal and external relationships. The following is a summary that covers each part of the assignment.
Part 1: Applying Principles of Healthcare Finance for Revenue Management
A new EHR system can have a significant impact on hospital revenue and reimbursement. Implementing an EHR can lead to cost savings as it eliminates the need for paper-based record-keeping systems. Additionally, EHRs can help identify errors in billing and coding, leading to more accurate reimbursement. The EHR will address topics of cost reporting and variances by providing timely and accurate data that can be used for financial analysis and decision-making.
Part 2: Implementing Processes for Revenue Cycle Management and Reporting
The adoption of a new EHR system could have implications for systems related to revenue cycle management (RCM) and reporting. Three considerations related to RCM and reporting include compliance, data security, and interoperability. With a new EHR system, compliance measures can be standardized more easily, which can result in greater efficiency and fewer errors. Additionally, EHRs provide better data security than paper-based records. Interoperability can improve data exchange between internal systems, which can improve efficiency and accuracy in RCM.
Part 3: Identifying Severity of Illness and Its Impact on Healthcare Payment Systems
The quality of data collected through an EHR system can have a significant impact on healthcare payment systems. Severity of illness is a system used to classify patients based on the severity of their condition. The purpose of this system is to ensure that patients receive appropriate care and that healthcare providers are reimbursed accurately for services rendered. Through accurate data input, EHRs can provide more precise and accurate information on patient severity, leading to more accurate reimbursement. Case-mix and computer-assisted coding (CAC) systems can also be integrated with EHRs to improve data accuracy and quality.
Part 4: Identifying the Different Types of Organizations, Services, and Personnel and Their Interrelationships Across the Health Care Delivery System
A new EHR system can impact both internal and external organizations within the healthcare delivery system. EHRs can improve communication and information exchange between different departments within a hospital, as well as between different healthcare providers. On the other hand, EHRs can also impact external organizations, such as insurance companies and other healthcare providers, through improvements in data sharing and communication. Understanding the impact of a new EHR system on both internal and external organizations and their interrelationships is crucial to the successful adoption and implementation of this system.
In conclusion, a new EHR system can have a significant impact on hospital revenue and reimbursement, data collection, operations, and both internal and external relationships. To successfully request funding for a new EHR system, it is important to analyze each of these impacts thoroughly, as well as the implications for revenue cycle management, severity of illness, and interrelationships among different types of organizations and services within the healthcare delivery system.