Research information about current considerations and challenges related to the financial and...

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Research information about current considerations and challenges related to the financial and budgetary systems in health care organizations. Consider the use of data analytics and tools in the monitoring, assessing, and evaluating of the performance of health care organizations. Include a discussion of the importance and efficacy of financial statements used in the decision-making process of health care organizations.

Support your work with at least 4 academic or professional peer-reviewed sources published within the past 5 years.

2 pages

David · Accepted Answer

Driven by mergers, acquisitions, consolidations and the need to replace aging legacy 
hospital patient accounting and practice management systems (sometimes from no-longer-viable 
vendors), many CIOs are facing the need for a new PFS. They are finding these efforts are 
complex and fraught with risk. Procurement can be tangled up in overarching enterprise 
decisions about how to replace a complex existing applications portfolio with one or more 
distinct EHRs for its physician practices and hospitals. On top of that, there may be more than 
one incumbent vendor for hospital patient accounting/HIS and physician practice 
management/billing. 
PFS conversions are rarely undertaken, given their cost, complexity, and high risk for 
business and cash-flow disruption. Periods of market disruption and major shifts in platform and 
market share leadership have been very rare. The one that began around 2002 — triggered by 
Generation (Gen) 3 EHR/PFS offerings — was the first major shift in three decades. As a 
consequence, many CFOs, CIOs and revenue cycle VPs, may have never managed this type of 
system or transition, thus increasing their risk (Financial Analytics, 2017).

Research information about current considerations and challenges related to the financial and budgetary systems in health care organizations. Consider the use of data analytics and tools in the...

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