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Investigate funding alternatives to support successful EHR implementation
1NextGen Healthcare Information Systems, 795 Horsham Road, Horsham, PA 19044, USA. cjarvis@nextgen.com
The Journal of Medical Practice Management : MPM
|August 12, 2009
Summary
Electronic health record (EHR) adoption faces barriers like fear and funding. Physician practices can overcome these by exploring diverse financial aid options, including grants and vendor support, after careful cost-benefit analysis.
Area of Science:
- Health Informatics
- Healthcare Management
- Health Information Technology
Background:
- National studies indicate slow adoption rates for electronic health records (EHRs).
- Primary barriers identified are resistance to change and insufficient budget allocations.
- Addressing internal change management is crucial, but external funding is available.
Purpose of the Study:
- To identify and analyze various funding sources for physician practices seeking EHR adoption.
- To guide practices in evaluating financial assistance options post-cost and ROI analysis.
- To outline key considerations for selecting appropriate funding to meet practice goals.
Main Methods:
- Comprehensive cost and return on investment (ROI) analysis.
- Identification and categorization of diverse funding sources.
- Development of guiding considerations for evaluating funding options.
Main Results:
- Funding assistance is accessible from governmental, private, and commercial entities.
- Sources include federal, state, and local grants, foundations, payors, and vendors.
- Hospitals and health systems also offer potential support for EHR implementation.
Conclusions:
- Physician practices must conduct thorough financial analyses before seeking funding.
- A strategic approach to evaluating diverse funding sources is essential for successful EHR adoption.
- Seven key considerations can guide practices in securing the best financial match for their needs.
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