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1. What is the difference between Electronic Health Record and Electronic Medical Record?

What are balance sheets and what is it used for in the health care Industry?

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1- What is the difference between Electronic Health Record and Electronic Medical Record?

Electronic medical records (EMRs) are digital versions of the paper charts in clinician offices, clinics, and hospitals. EMRs contain notes and information collected by and for the clinicians in that office, clinic, or hospital and are mostly used by providers for diagnosis and treatment. EMRs are more valuable than paper records because they enable providers to track data over time, identify patients for preventive visits and screenings, monitor patients, and improve health care quality.

Electronic health records (EHRs) are built to go beyond standard clinical data collected in a provider’s office and are inclusive of a broader view of a patient’s care. EHRs contain information from all the clinicians involved in a patient’s care and all authorized clinicians involved in a patient’s care can access the information to provide care to that patient. EHRs also share information with other health care providers, such as laboratories and specialists. EHRs follow patients – to the specialist, the hospital, the nursing home, or even across the country.

While EHR and EMR might seem to be referring to the same thing, an EHR is more flexible, because it lets you gather information from multiple sources while an EMR only handles local data.

In contrast, an EHR relates to “health” and incorporates information and data about the mind, body, and physical condition of disease. Not only does the EHR include information related to your health from your primary care provider, it is capable of capturing data from all of the clinicians involved in your care, including visits with specialists and laboratory tests results. As a result, the EHR was designed to be shared with all providers involved in your care and even to move with you so that specialists and hospitals in other states can access it. EHRs reach far beyond one health organization and are a holistic account of your well-being compared to the more narrow definition of the term “medical record.”

2-What are balance sheets and what is it used for in the health care Industry?

A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner's equity at a particular point in time.A balance sheet is one of several major financial statements you can use to track spending and earnings. a balance sheet shows what your company owns and what it owes through the date listed.

Balance sheet is used in healthcare industry to identify the financial position of the healthcare organization means are they have enough profit and working capital to run their daily business operations.

Balance sheet in healthcare industry is used to contribute important information to help plan implementation.4 They provide quantitative estimates of the impact of implementation on our delivery system. They help make sure that we are practical in our recommendations and operate within the resources we have available to help our patients. Planning implementation using a balance sheet helps ensure that the resources that we invest in changing practice are commensurate with the improvement in clinical outcomes that we expect for our patients.

balance sheet data is used to examine liquidity, which is the ability of the healthcare organization to pay its current bills, by dividing current assets by current liabilities (the current ratio). There are dozens of balance sheet ratios that help show how a organization compares to its competitors and can help detect important financial trends.