Capital Project Capital Project Introduction Like any other firm, health care organizations periodically perform capital purchases so as to improve the quality of care and patient safety. Although such purchases may cause the organization to incur additional costs, they may benefit the organization in the long run…
With every capital purchase, an organization aims to meet a set of organizational needs. A capital purchase would not benefit an organization unless it contributes to the organization’s productivity or overall performance efficacy. This paper will discuss a software purchase a healthcare organization made for filing patient records properly. The paper will give particular focus on managerial, organizational, and economic benefits of this capital purchase. Capital purchase To define, “a capital purchase is defined as any purchase of $1000 and over” (Novak, 1996, p.335). Capital purchases are considered as long term assets of an organization. Generally, capital purchases are viewed as capital investments, capital assets, or capital acquisitions. The process of capital acquisition can benefit a healthcare organization in a number of ways. In the view of Gitman and McDaniel (2008, p.434), capital acquisitions add to an organization’s asset strength, which in turn contributes to the firm’s value chain efficiency and service efficiency. In the case of healthcare organizations like hospitals, a capital purchase is mainly intended to improve the quality of care delivery and thereby promoting patient safety. ...
The planned software purchase for filing patient records costs more than $5,000, and therefore, it is a capital purchase. This capital acquisition may assist the healthcare environment to deliver improved patient care services at affordable costs. Management goals of the purchase This capital acquisition would support many management goals including revenue growth, operational efficiency improvement, improved productivity, quality assurance, performance evaluation, reduced employee hiring and training costs. Loretz (2005) says that filing patient records manually is a difficult task because a large number of patients visit a healthcare institution every day. Hence, a healthcare institution needs to employ a large workforce to manage patient records appropriately. Evidently, an organization is forced to spend huge amounts on employee hiring and training in order to file patient records manually (p.2). This situation would probably reduce the firm’s profitability. However, computerized patient records handling system would assist a healthcare environment to manage patient data effectively and inexpensively. A software-based patient information filing system is beneficial for the organization to minimize the level of employee hiring because such a program may be capable of handling patient data more accurately and quickly. Even though this purchase may cost huge money initially, this acquisition would benefit the organization to trim down employee hiring and training expenses in the long term. Consequently, this may aid the firm to reduce its operating expenses and thereby improve profitability. As we discussed earlier, a software-based program can more quickly and accurately manage patient information; ...
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