Health Care Information Technology Essay

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Health Care Administration

Health information Technology (HIT) has over the years been one of the most sought after application in the pursuit of a cost effective and streamlined health care provision, this has however been facing a lot of challenges. According to Health Information Technology for Economic and Clinical Health (HITECH) Act, HIT is defined as ““hardware, software, integrated technologies or related licenses, intellectual property, upgrades, or packaged solutions sold as services that are designed for or support the use by health care entities or patients for the electronic creation, maintenance, access, or exchange of health information” (Zeng X, 2009). HIT in a nutshell avails high quality, real time access to critical information to the patient, it is patient centered. HIT, from the definition could also mean a range of services like robotic surgeries to complex processes like chronic diseases home monitoring devices, though this is not often the case. There are also the patient expectations such as remote access to the information, lab test results, amending the records, access to medication list, details on billing though this is rarely the case. There is need hence for the health care providers to know how to balance the expectations of the patients with what HIT can actually provide.

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The patient and the medication supporter need to be given the actual a realistic picture of what to expect in the entire process of medication and even after.

Financial Management

The required rate of return (RRR) is the returns that one desires from a business venture before committing to it financially. This if often subjective and differ from one investor to another. For instance, in the same technology stock, one investor may put the RRR at 15% yet another put at 10%. If the investor deems an investment too risky from the RRR then they may opt for alternative investment. On the other hand, the Expected Rate of Return (ERR) uses probability to try and weigh the various return outcomes that a given business venture may bring forth. This too varies according to individual investors (Garger J., 2010). These two variables often help investors to make decisions, the ERR is often referred to as the minimum possible return that the investor wants. This then means that if the ERR is higher than or the same as the RR, then it is a business worth investing in and the investor should….....

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References

Corporate Finance Institute, (2018). What is Expected Return? Retrieved February 26, 2018 from https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/expected-return/

Expert Wealth Management, (2018). Why Does Diversification of Investments Reduce Risk? Retrieved February 26, 2018 from https://www.expertwealthmanagement.co.uk/expert-opinion/why-does-diversification-reduce-risk/

Garger J., (2010). Learn the Differences among Required, Expected, and Realized Rates of Return When Investing. Retrieved February 26, 2018 from http://www.brighthub.com/money/personal-finance/articles/16790.aspx

Zeng X, (2009). Redefining the Roles of Health Information Management Professionals in Health Information Technology. Retrieved February 26, 2018 from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2781729/

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