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Justifying an information system

T Neal1

  • 1Department of Pharmacy, Valley Medical Center, Renton, WA.

American Journal of Hospital Pharmacy
|March 1, 1993
PubMed
Summary

This study presents a four-step model for hospital pharmacists to justify computerized information systems. The model analyzes costs, benefits, risks, and financial returns to maximize institutional investment.

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Area of Science:

  • Health Informatics
  • Hospital Pharmacy Management
  • Information Systems Analysis

Background:

  • Hospital pharmacists require a structured approach to justify the adoption of computerized information systems.
  • Evaluating existing systems and vendor proposals is crucial for informed decision-making.
  • Comprehensive analysis of costs, benefits, and risks is essential for successful system implementation.

Purpose of the Study:

  • To describe a four-step model for hospital pharmacists to justify computerized information systems.
  • To provide a framework for analyzing costs, benefits, risks, and financial returns.
  • To guide pharmacists in developing a robust justification for information system investments.

Main Methods:

  • Step 1: Cost identification and analysis, including existing system evaluation and vendor cost estimation.
  • Step 2: Benefit analysis, categorizing tangible economic, intangible economic, and noneconomic benefits.
  • Step 3: Formal risk assessment with assigned risk factors.
  • Step 4: Financial analysis including return on investment (ROI), net present value, internal rate of return, payback period, and profitability index.

Main Results:

  • The model systematically evaluates one-time, recurring, and annualized costs over five years.
  • Benefits are categorized into measurable economic and less quantifiable noneconomic factors.
  • Risk assessment identifies potential project challenges.
  • Financial analysis provides key metrics for investment justification, aiming to maximize ROI.

Conclusions:

  • A well-designed justification integrates cost, risk, and benefit analyses with a strategic action plan.
  • The four-step model offers a comprehensive approach for hospital pharmacists to secure funding for information systems.
  • Effective justification enhances the likelihood of successful implementation and realization of system benefits.

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