Essay on "Capital Budgeting"

Essay 11 pages (3028 words) Sources: 7 Style: APA

[EXCERPT] . . . .

Therefore, there is less and less chance of sending patients for wrong diagnostic tests.

To achieve economies of scale and economies of scope, hospital requires integration of all the functions such as finance, human resource, legal, risk, real estate and management. SAP Patient Management not only provides the management of patient data but also combines all the data systems of hospital to one central data base. This data base allows everyone in the system to access same information. There is no need for every department to compile a different data. If one patient enters the hospital, his data will be gathered once and provided to all. On the other side, the patient will not have to repeat him/herself about his requirement at every diagnostic center. This will increase patient satisfaction in the quality of service.

Impact on Management Goals

SAP Patient Management software will work as the backbone for management of hospital. All the functions are incorporated in this one software. It covers all the aspects of management like human resource, accounting, and finance and supply chain. Most healthcare decision makers are not familiar with the financial aspects, this provides them easy understanding of difficult concepts. Following are the goals that can be achieved through SAP Patient Management software:

1. Quality Assurance

SAP is ideal software to ensure quality. It provides a user-friendly interface for the staff. Since there is no duplication of data, all have the same information; therefore the staff will be able to provide quality service. The early scheduling allows the staff to know about the appoint

Continue scrolling to

download full paper ⤓

ments and make arrangements accordingly. The physicians know the current status of their patients and patients do not have to repeat their medical history every time they go for a check-up or diagnostic test.

2. Employee Development

This is the age of technology. Every organization has moved to new technology in their respective industry. Healthcare has been one of the few industries which embraced information technology quite late. Most of the work in hospitals used to be manual and a lot of man-power was required for that work. But now, it is important for every organization to upgrade its systems and human resources. SAP provides very user friendly software for the staff. It will help them to be efficient and do their work with more interest. When employees have to double check the paperwork, they usually get impatient and do not treat patients in a friendly way. SAP Patient Management reduces the leg-work and allows the employees to enjoy their work.

3. Productivity

As discussed in detail earlier, the main purpose of SAP Patient Management software is to enhance the productivity of hospital. It will help so with its financial and cost accounting module. These will also help determine if the procedures followed in the hospital are profitable or not. The software helps determine profit from individual patients as well. If a physician wants to determine the profit he/she generated from a certain treatment, it can easily be calculated by SAP. Hence, by determining these aspects, decision making will be easier process. This will give a clear picture about decisions regarding the procedures to follow.

4. Less Wait Time

SAP Patient Management enables the staff to plan the scheduled appointments in advance, keeping room for the non-planned appointments. In this way patients who have planned appointment will not have to wait for their turn. On the other hand, those who do not have a planned appointment, SAP will help the nursing staff to place them in time slots available in a matter of minutes. Access to schedule of physicians through SAP will help the staff save time of both the patient and the doctor.

5. Reduce Cost

Digitalizing all the data and having a backup system will first of all reduce the cost of paper and stationary used in the hospital. SAP has a low maintenance cost. By integrating all the departments, functions of hospital will run more smoothly. There will not be a formal training required for operating SAP Patient Management software because it can be customized according to individual needs.

Organizational Goal

In addition to managerial goals, SAP Patient Management will help the hospital to achieve organizational goals. Goals of an organization should be specific, measurable, accountable, and relevant and time-bound; hence called SMART goals. Hospitals rely more on integrated effect of departmental goals to achieve organizational goals. SAP Patient Management will help to accomplish these organizational goals:

1. Patient Care

SAP provides the hospital an integrated system that enables all the departments in the hospital to access same data of a patient. If the hospital uses SA Patient Management then the patients will not have to wait for a long time to see the physician. This software will also enable the staff to plan the schedule for patients as well as physicians. If a patient is to be discharges, then the doctor will be immediately notified through SAP Patient Management. This will enable the doctor to give instructions to patient about diet etc. And make the patient more satisfied that the hospital is concerned about him/her.

2. Cost Containment

Using SAP Patient Management, hospital can contain costs by eliminating non-useful processes. This software is designed to be customized according to the needs of the hospital. SAP Patient Management keeps record of the inventory, so new order is placed only when it is required and there is no extra cost for the drugs which are not required by the hospital.

3. Capacity Utilization

SAP Patient Management has a very well-organized module for keeping record of inpatient and outpatient. This also helps to utilize the capacity of hospital to its most efficient level. As mentioned earlier in the article, SAP Patient Management has a scheduler which enables the staff to make rough sketch of appointments for the day on the basis of planned appointments. The goal of SAP Patient Management is not maximum utilization of the hospital capacity, but it works for the efficient utilization of capacity i.e. maximum result by using minimum resources.

SAP Patient Management-Need of the Organization

This software is not only need of the hour but also very essential for the hospital. Its main features (as discussed earlier) are very effective and will help in every function of the hospital. It not only fulfills the organizational goals but also provide equal opportunity in the form of modules to achieve managerial and departmental goals.

SAP is the world's best software company which provides business solutions for every industry. Although the same kind of software can be bought from any other company, but the quality and shelf life of the software will not be up to the mark. SAP Patient Management requires less time to start up. It provides effective back and front end processing. The backup system of SAP Patient Management is very well-organized.

SAP Patient Management is compatible with all the departments of hospital. It will be equally proficient with physician, pharmacist, cost accountant or finance manager. It covers all the aspects that are essential for the functioning of a hospital. Diagnostic test centers can use SAP Patient Management for keeping patient history and updating the tests and treatments. It can also be used for scheduling and billing of the tests. The procurement department can place online orders and keep record of the inventory through SAP Patient Management. Finance department can make elaborated income statements and calculate revenue, profits, expenditure and other cost analysis by using SAP Patient Management.

Human resource is a very important pillar of any service-oriented organization. The whole concept of productivity is dependent on the competence of human resource. SAP Patient Management helps not only in maintaining records and integrating functions; it also provides a complete schedule of every staff member. So while arranging appointments, the nurses are aware of physicians' schedule and they do not keep the patient waiting for them and arrange the appointment accordingly. In this way SAP Patient Management helps in the efficient and effective use of human resources in the hospital. Due to the integrated system, there is no need of staff members going to each other for any information regarding patients or bills etc.

So, we can say that SAP Patient Management is multi-functioning software which is used to keep all the building blocks of the organization intact. Its function is to assist the staff in handling daily errands as well as perform tasks as big as financial analysis and as small as scheduling an appointment.

References

Bailey, C. (2012). The Cost Reduction Imperative. Becker's Hospital Review.

Cleverly, W.O., Cleverly, J.O., & Song, P.H. (2010). Essentials of Health Care Finance. Jones & Bartlett Learning.

Devraj, S., & Kohli, R. (2000). Information Technology Payoff in the Heath-care Industry: A Longitudinal Study. Journal of Management Information Systems, 41-67.

Finkler, S.A., Kovner, C.T., & Jones, C.B. (2007). Financial Management for Nurse Managers and Executives W.B. Saunders Company.

Menon, N.M., Lee, B., & Eldenburg, L. (2000). Productivity of Information Systems in Healthcare… READ MORE

Download Full Paper

Write a New Paper for Me

Quoted Instructions for "Capital Budgeting" Assignment:

“

ding Criteria Section I of the Capital Project Week Four • Write a 3,000- to 3,500-word paper in which you complete the following:

o Research a capital purchase, costing more than $5,000, that your company could benefit from. Examples include a new X-ray machine, an MRI processor, software for filing patient records, a research library, or any large item that your company might use.

o Identify the management goals that expenditure would support. Management goals might include revenue, improvement, productivity, quality assurance, employee development, or management services consultant packages.

o Explain how the item could enhance the economic environment of the organization.

o Identify the organizational goals the expenditure would support. Goals might include patient care, medical and allied health education, community service, cost containment, leadership role, and clinical research.

o Explain how the expenditure would relate to the needs of the organization. Explain how it would be beneficial to the organization.

o Justify the expense to the organization. Relate the reasons to the hospital goals, including departmental and management goals, and how the acquisition might be beneficial.

• Format your paper consistent with APA guidelines. Use the APA Sample Paper in Center for Writing Excellence (CWE) as a guide.

• Use headings appropriately to provide organization and structure for your thoughts.

Content 8 points possible Points available Points earned • Describes capital item and how purchase supports management goals, organizational goals, and or meets a specific need 4 • Explains the effect of the purchase on the economic environment of the organization and justifies the expense related to goals 4 Format 2 points possible Points available Points earned • Follows rules of grammar, usage, and punctuation • Has a structure that is clear, logical, and easy to follow • Consistent with APA guidelines for formatting and citation of outside works 2 pls include these 2 sources;ding Criteria Section I of the Capital Project Week Four • Write a 3,000- to 3,500-word paper in which you complete the following:

o Research a capital purchase, costing more than $5,000, that your company could benefit from. Examples include a new X-ray machine, an MRI processor, software for filing patient records, a research library, or any large item that your company might use.

o Identify the management goals that expenditure would support. Management goals might include revenue, improvement, productivity, quality assurance, employee development, or management services consultant packages.

o Explain how the item could enhance the economic environment of the organization.

o Identify the organizational goals the expenditure would support. Goals might include patient care, medical and allied health education, community service, cost containment, leadership role, and clinical research.

o Explain how the expenditure would relate to the needs of the organization. Explain how it would be beneficial to the organization.

o Justify the expense to the organization. Relate the reasons to the hospital goals, including departmental and management goals, and how the acquisition might be beneficial.

• Format your paper consistent with APA guidelines. Use the APA Sample Paper in Center for Writing Excellence (CWE) as a guide.

• Use headings appropriately to provide organization and structure for your thoughts.

Content 8 points possible Points available Points earned • Describes capital item and how purchase supports management goals, organizational goals, and or meets a specific need 4 • Explains the effect of the purchase on the economic environment of the organization and justifies the expense related to goals 4 Format 2 points possible Points available Points earned • Follows rules of grammar, usage, and punctuation • Has a structure that is clear, logical, and easy to follow • Consistent with APA guidelines for formatting and citation of outside works 2

ding Criteria Section I of the Capital Project Week Four • Write a 3,000- to 3,500-word paper in which you complete the following:

o Research a capital purchase, costing more than $5,000, that your company could benefit from. Examples include a new X-ray machine, an MRI processor, software for filing patient records, a research library, or any large item that your company might use.

o Identify the management goals that expenditure would support. Management goals might include revenue, improvement, productivity, quality assurance, employee development, or management services consultant packages.

o Explain how the item could enhance the economic environment of the organization.

o Identify the organizational goals the expenditure would support. Goals might include patient care, medical and allied health education, community service, cost containment, leadership role, and clinical research.

o Explain how the expenditure would relate to the needs of the organization. Explain how it would be beneficial to the organization.

o Justify the expense to the organization. Relate the reasons to the hospital goals, including departmental and management goals, and how the acquisition might be beneficial.

• Format your paper consistent with APA guidelines. Use the APA Sample Paper in Center for Writing Excellence (CWE) as a guide.

• Use headings appropriately to provide organization and structure for your thoughts.

Content 8 points possible Points available Points earned • Describes capital item and how purchase supports management goals, organizational goals, and or meets a specific need 4 • Explains the effect of the purchase on the economic environment of the organization and justifies the expense related to goals 4 Format 2 points possible Points available Points earned • Follows rules of grammar, usage, and punctuation • Has a structure that is clear, logical, and easy to follow • Consistent with APA guidelines for formatting and citation of outside works 2 pls include this 2 sources:Cleverly, W. O., Song, P. H., & Cleverly, J. O. (2011). Essentials of health care finance (7th ed.). Sudbury, MA: Jones and Bartlett Learning. ch 19&20

Finkler, S. A., Kovner, C. T., & Jones, C. B. (2007). Financial management for nurse managers and executives. (3rd ed.) St. Louis, MO: Saunders Elsevier. ch 15-17

How to Reference "Capital Budgeting" Essay in a Bibliography

“Capital Budgeting.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663. Accessed 27 Sep 2024.

Capital Budgeting (2012). Retrieved from https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663

A1-TermPaper.com. (2012). Capital Budgeting. [online] Available at: https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663 [Accessed 27 Sep, 2024].

”Capital Budgeting” 2012. A1-TermPaper.com. https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663.

”Capital Budgeting” A1-TermPaper.com, Last modified 2024. https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663.

[1] ”Capital Budgeting”, A1-TermPaper.com, 2012. [Online]. Available: https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663. [Accessed: 27-Sep-2024].

1. Capital Budgeting [Internet]. A1-TermPaper.com. 2012 [cited 27 September 2024]. Available from: https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663

1. Capital Budgeting. A1-TermPaper.com. https://www.a1-termpaper.com/topics/essay/capital-budgeting-aim-hospitals/4243663. Published 2012. Accessed September 27, 2024.

Related Essays: