Section 1.9 Assess Financial Assessment, Financing Resources, and Acquisition Models for EHR and HIE This tool provides a description of various sources of funds that may be available for health information technology HIT if you are in an independent facility. Time needed: 4 hours Suggested other tools: NA Introduction Making an investment in any form of health information technology (HIT) is challenging for every organization. This may be especially true for behavioral health facilities, which usually are very small and do not have sufficient psychiatrist and/or Medicare/Medicaid to earn federal incentives “bandwidth” for meaningful use (MU) of electronic health records (EHRs). However, behavioral health providers need to keep pace with the health care industry overall and some states are mandating or incentivizing all providers, including those in behavioral health, to adopt EHR and/or health information exchange (HIE) technology. How to Use Use the Financial Assessment to assess your financial preparedness for acquiring EHR and HIE support. Some of the information gathered here may be useful for making a business case for acquiring a loan or preparing a grant application. Collecting baseline data also helps you establish goals, as well as conduct benefits realization studies later on to measure your return on investment (ROI). Identify potential sources of funds to pursue. Determine which form of EHR or HIE acquisition is best for your organization While you may initially think only one option is feasible for you, considering other options may reveal hidden costs and other valuable comparative information. Financial Assessment Use the following assessment to determine your financial position with respect to a major investment such as EHR and/or HIE. If you identify lack of preparedness, you may want to shore up those areas prior to making the investment. Not Yet Prepared Moderately Prepared Highly Prepared 1. Do you have a No cost estimate yet Fairly broad range Have a good □ □ □ realistic estimate of understood at this point understanding of range upfront costs for the only of prices from reliable EHR or HIE you want to sources acquire? 2. Do you have a No estimate yet Fairly broad Have a good □ □ □ realistic estimate of understanding at this understanding from ongoing costs for the point only reliable sources EHR or HIE you want to acquire?
Section 1.9 Assess Financial Assessment, Financing Resources, and Acquisition Models for EHR and HIE This tool provides a description of various sources of funds that may be available for health information technology HIT if you are in an independent facility. Time needed: 4 hours Suggested other tools: NA Introduction Making an investment in any form of health information technology (HIT) is challenging for every organization. This may be especially true for behavioral health facilities, which usually are very small and do not have sufficient psychiatrist and/or Medicare/Medicaid “bandwidth” to earn federal incentives for meaningful use (MU) of electronic health records (EHRs). However, behavioral health providers need to keep pace with the health care industry overall and some states are mandating or incentivizing all providers, including those in behavioral health, to adopt EHR and/or health information exchange (HIE) technology. How to Use Use the Financial Assessment to assess your financial preparedness for acquiring EHR and HIE support. Some of the information gathered here may be useful for making a business case for acquiring a loan or preparing a grant application. Collecting baseline data also helps you establish goals, as well as conduct benefits realization studies later on to measure your return on investment (ROI). Identify potential sources of funds to pursue. Determine which form of EHR or HIE acquisition is best for your organization While you may initially think only one option is feasible for you, considering other options may reveal hidden costs and other valuable comparative information. Financial Assessment Use the following assessment to determine your financial position with respect to a major investment such as EHR and/or HIE. If you identify lack of preparedness, you may want to shore up those areas prior to making the investment. Not Yet Prepared Moderately Prepared Highly Prepared 1. Do you have a realistic estimate of upfront costs for the EHR or HIE you want to acquire? □ No cost estimate yet □ Fairly broad range understood at this point only □ Have a good understanding of range of prices from reliable sources 2. Do you have a realistic estimate of ongoing costs for the EHR or HIE you want to acquire? □ No estimate yet □ Fairly broad understanding at this point only □ Have a good understanding from reliable sources