Time and time again, we hear horror stories of electronic health record (EHR) systems that far exceed budgetary expectations of their healthcare organizations. Failure to estimate all of the expenses accurately has steep long-term effects on operating costs, as indicated in Steven R. Eastlaugh’s recent hfm® article*. It’s important to look at total cost of ownership – TCO – which goes well beyond the initial software, hardware and annual maintenance costs. For that reason, every well-managed healthcare organization purchases EHRs based on comparative TCO and then tracks the elements of TCO thereafter. Most often, executives do not fully account for long-term EHR expenses, such as ongoing cost of licenses, upgrade fees and staff dedicated to support. These cost factors vary widely by EHR vendor and solution. Using hospital data from HIMSS Analytics, the nonprofit research arm of the Healthcare Information […]
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