Mis Five Forces Analysis

The U.S. Department of Health and Human Services (HHS) states that in order to realize meaningful use of the EHR technology, healthcare providers are obliged to apply the technology in a approach that enriches quality, safety, and efficiency of healthcare delivery; ebbs healthcare inconsistencies; involves patients and families; enriches care coordination; expands population and public health; and guarantees sufficient privacy and security guards for personal health information. (U.S Department of Health and

In a healthcare world that operates on stringent budgets and margins, we begin to see the need for a higher capacity healthcare delivery system. This in turn puts pressure on the healthcare organizations to ensure higher standards of patient care, and compliance with the reform provisions. However, these are the harsh realities of today’s healthcare environment, a setting in which value does not always equal quality. The use of technology can help to amend some of this by providing higher capacity care without compromising quality; this can be done with the use of such technology as electronic health records (EHRs). This paper will aim to address how EHRs influence healthcare today by expanding upon topics such as funding sources, reimbursement methods, economic factors, socioeconomic factors, business influences, and cost containment.

Initially, FastCat only had to compete with small health software companies. However, the changing market and trend for larger hospitals to take over smaller hospitals is eroding the current market. FastCat must now cater not to only larger customers, but also compete with new entries to the market, such as Microsoft and GE. This has a great potential to decrease our market share significantly. We currently possess about 3.75% of the total EHR market share, which could easily be decreased to 2% if we do not expand with the demands of the market. The current compensation system allows us only to be competitive with smaller software companies. Defining our market too narrowly impedes opportunities to attract and retain competent employees. We

The adoption of EHR has been slower than expected (Gans 1323). With numerous systems available, it is particularly difficult for a smaller practice to identify which system best meets its needs. Other notable challenges for some practices include assumption of the capital investment as well as managerial responsibilities associated with the IT infrastructure. A common implementation challenge encountered is the lack of a universal vision and definition of EHR. Since there are multiple interpretations of the definition of EHR and attendant requirements, identifying current and future needs is a complex process for potential users. Short term limited ability systems will eventually become obsolete as there is a move toward more global EHR systems. On June 18,

The software related Electronic health record implementation need to be appropriate for the needs of the organization and budget.(Swab, & Ciotti, 2010) The EHR software system has many areas of market depending upon the size of the hospital bed size. The first criteria for the vendors according to the bed with 100 and small hospital The Electronic health record system cost about between $ 1 million and 2 for the electronic health record system The electronic health record software cost for the organization about medium hospital cost is much larger than the first one. It comes around three to ten million. The hospital and organization with more than average bed cost for the electronic health record system will be higher amount than the other one. The cost and amount of electronic health record system will depend upon the size of the hospital . The management has to decide about the budget for the organization. (Swab, & Ciotti, 2010). The organization must evaluate its mission and goals in light of its particular strengths and weakness and in light of the demand for services and competition in the external environment. Based on that evaluation it can make a plan that will take advantage of opportunities like Electronic health record implementation according to the goals of an organization.(Finkler, Ward, & Baker, 2007).

Hence, EHR 's are inherently complex amalgamations of diverse subsystems targeted toward varied users. The stakeholders are the users and must have a role in implementing any IT or EHR system into its work flow. An EHR can be customized to accommodate any environment depending on the level of expertise of the vendor and how long they have been in the business of creating an optimum system that 's customized to fit the organizations needs. For the most part, EHR 's must be designed for efficient, error free use. Ideally, an EHR is a system that encompass all the subsystems that make a hospital meet "meaningful use" criteria to acquire incentives for adopting EHR into practice. In the next five years, EHR adoption will no longer be a luxury, it will be a "MUST". EHR 's and other health information technology will be a necessity to practice medicine (econsultant.com, 2010). Rather than purchase several standalone systems, it would behoove one , in my opinion , to purchase an EHR that would satisfy all the needs of the stakeholders, the physician , nurses and other hospital staff and all parties involved in the tertiary practice too. Although LWMS 's budget is not large enough to accommodate the full cost of implementing an EHR,

First, the process of acquiring a new EHR system will start with developing an office strategy based on different needs of our clinic. Some critical questions should be asked such as what would be the main goal to go paperless, what would be some features that my clinicians regard important, would my practitioners need a remote access, or would they be committed in learning and using

However, there’s an enormous amount of money involved to acquire these advanced EHR systems. There are fears of losing the capital investment. According to Prasad (2013), “better medicine means stable business.” With EHRs capability to provide efficient healthcare services, it is helping in containing the healthcare cost. However, some CFOs have looked beyond the financial gains of the EHR implementation. “You have to look beyond that to the intangible benefits, the improvements in delivery care and position your organization to be competitive in the future” (“ROI: Look beyond,” n.d.). Indeed, EHR is a long-term investment for HCOs with a great promise for future

So much so that our political leaders and President Barack Obama have created a stimulus package called the American Recovery and Reinvestment Act of 2009. Within this legislature, improvements to our healthcare industry and systems have been made with long-term financial savings in mind. As technology and uniformed data was becoming the standard in healthcare, the Health Information Technology for Economic and Clinical Health Act has accelerated the speed. “The number of certified EHR vendors in the United States has increased from 605,6 to more than 10007 since mid-2008” (Sitting and Singh, 2012). Healthcare organizations now have no choice but to invest in a new

A wave of medical errors and patient deaths caused by healthcare providers renewed the search for a viable EHR system in 2000. Electronic health records would allow "providers to make better decisions and provide better

The threat of new entrants is moderate. It is relatively easy for a company to enter this market because there are not a lot of legal barriers. But a smaller company that has just entered the market would have a tougher time competing with some of the larger companies – an obvious reason being that larger companies can have larger inventories. Another reason is that larger companies can do things to weaken the smaller companies, such as offer discounts, sales promotions, and increase spending on advertising. Since most of the companies in this industry are competing on

Getting successful universal EHR is not just technology selection, implementation question it needs to address many other aspects such as physician’s acceptance, policy/laws, incentives, security, and privacy and training issues before we can concentrate or focus on technology selection and implementations. The ecosystem should be ready with all these critical elements addressed only then successful EHR implementation can sustain in US. First and foremost there is a need to have consistency around the state/federal and HIPPA regulations which defines security and privacy issues in US. Due to conflicting requirements in these regulations mass acceptance of any medical system/technology cannot be effectively done. Second biggest issue for universal EHR adoption is the acceptance of EHR by physician’s communities. The benefits of EHR has been identified and acknowledged by medical communities at large however the rate of adoption and use after implementation is sluggish. The biggest common contributor for implementation, design and use of EHR systems is physician. Physicians should be properly trained and emphasis on continual education should also be placed through continuing education credits. Unless small physician office (stand-alone offices) buy-in the adoption of EHR no matter what technology and processes we have in place, EHR won’t be universally accepted and the entire benefit and value associated with EHR can be realized with universal acceptance of EHR. Thus need for

As we begin to strategically plan for our business, it is important for us to take a deep dive into our competitive environment to understand where we are strong competitively and where we are weak competitively. An analysis of the forces driving industry competition using M.E. Porter’s Five Forces Model will assist us in determining where the power lies in a business situation as we begin to plan. We must understand how they work in our industry and how they affect our particular situation. Whatever the collective strength of these forces is, our job as the strategists of the organization is to

Electronic health records (EHR’s) have many advantages, but there are plenty of disadvantages. EHR’s were created to manage the many aspects of healthcare information. Medical professionals use them daily and most would feel lost without it. Healthcare organizations were encouraged to adopt EHR’s in 2009 due to the fact that a bill passed known as The Health Information Technology for Economic and Clinical Health Act (HITECH Act). “The HITECH Act outlines criteria to achieve “meaningful use” of certified electronic records. These criteria must be met in order for providers to receive financial incentives to promote adoption of EHRs as an integral part of their daily practice”, (Conrad, Hanson, Hasenau & Stocker-Schneider, 2012).

When implementing a new EHR, departments need to have a plan in place when the system causes change to the process and design within the organization. Often times, regulations and policies need to be changed to coincide with a new system in place, such as a new EHR program (University of Scranton, 2017). A way to mitigate this situation is to start at the federal level’s regulations and work down the scope from there. This will guarantee that mandatory rules are still being followed and there is successful transition into future policies. Additionally, funding will be crucial to the organization’s ability to have a new EHR system. Each department needs to ensure they are properly tracking funds and that they can afford to upgrade.