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The value of risk-reducing information

R S Woodward1, S B Boxerman

  • 1Health Administration Program, School of Medicine, Washington University, St. Louis, MO 63110.

Journal of Medical Systems
|June 1, 1994
PubMed
Summary
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Executive information systems (EIS) can be valuable for hospitals by reducing income uncertainty for risk-averse decision-makers. Even financially non-viable EIS may be justified if they mitigate risk sufficiently.

Area of Science:

  • Healthcare Management
  • Decision Analysis
  • Information Systems

Background:

  • Value-of-information (VOI) analysis traditionally focuses on financial returns.
  • Executive Information Systems (EIS) are tools for management decision-making.
  • Hospital financial decisions involve significant uncertainty.

Purpose of the Study:

  • To integrate risk reduction benefits into VOI justifications for EIS.
  • To evaluate EIS value beyond direct financial profitability.
  • To assess the impact of risk aversion on EIS adoption.

Main Methods:

  • Incorporation of utility theory and risk aversion into VOI models.
  • Hypothetical case study of a hospital administrator selecting managed care contracts.
  • Analysis of EIS impact on net income uncertainty.

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Main Results:

  • EIS can be justified by risk reduction even if not financially profitable.
  • Risk-averse hospitals may benefit from EIS that reduce income variability.
  • The utility-increasing advantages of risk reduction are significant for EIS adoption.

Conclusions:

  • Risk reduction is a critical, often overlooked, factor in EIS value assessment.
  • EIS adoption decisions should consider the mitigation of financial risk for risk-averse organizations.
  • Integrating risk aversion enhances the justification for EIS in healthcare settings.