Vila Health must install a new HIS based on the cost-benefit analysis, not just to link all of the institutions, but also to see what influence it might have on income and patient care. A new HIS is expected to generate increasing benefits each year that would start from $28,000 on the first year and $76,400 by the end of the fifth year.The total benefits would total to 244,800 at the end of the five years. This would result in a net benefit of $130,800 at the clinic. This implies that the project would add value and revenue at the clinic.In addition to generating income, the HIS will enhance patient care by reducing overtime, reducing errors and readmission with access to applications that assist them in making critical health-care choices.
A cost-benefit analysis is an important part of the decision-making process in a health-care organization because it looks at the potential profits or losses that could arise from certain project decisions. The decision to adopt a new HIS at Vila Health is not an easy one, since there are numerous financial factors to consider. The associated cost-benefit analysis sheds light on the possible revenue gained as a result of this deployment. It is advised that Vila Health proceed through with a fresh HIS deployment at this time.
HealthIT.gov (2014). How much is this going to cost me? Retrieved from https://www.healthit.gov/faq/how-much-going-cost-me
Struggling with statistics? Let our experts guide you to success—get personalized assistance for your project today!