ATTACHED IS THE FIRST PART OF THE PROJECT. Vendor selection and Cost Benefit A

ATTACHED IS THE FIRST PART OF THE PROJECT.
Vendor selection and Cost Benefit Analysis
Develop a questionnaire to give to the vendor that includes required information that you would need to help inform your selection recommendation. You need to consider all the information requirements to make an informed decision in comparing the vendors. The following are examples of questions, but these are not all inclusive:What are the vendor’s patient safety and security processes.
Describe the management process for the security of the patient/organizational information obtained and stored by the vendors’ system.
What technical requirements are required such as integrations requirements; battery maintenance and biomedical or calibration techniques that may be required.
What training opportunities are available for customers?
What is your ongoing support and maintenance plan?
Do you provide training for customers?
What costs are associated with your system? Hardware, software, licenses, etc.

Cost Benefit Analysis – Perform a cost-benefit analysis for the proposed system selection by calculating the payback period using Microsoft Excel. At this point in the project, assume you have narrowed your search to three different vendors. (You may submit all three CBAs on one Excel spreadsheet.) Assume the following: Since the hospital does not currently have a falls prevention system, expect that current resource requirements (staffing, extended patient stays and litigation costs) total $475,000 annually.
Vendor 1: System will cost $625,000 year 1; and $355,000 for all subsequent years.
Vendor 2: System will cost $500,000 year 1; and $365,000 for all subsequent years
Vendor 3: System will cost $750,000 year 1; and $300,000 for all subsequent years.
Format the Excel spreadsheet in a professional manner which allows easy comparison between the three vendors.
Determine which vendor’s system will pay for itself first and in which year this will occur. In addition, ascertain which system will be most cost-effective over time.
Compile a list of benefits that may be achieved by the new system. The benefits will be the same for all three systems: you do not need to do this for each individual vendor. This component should be formatted and suitable for submission to the Health Information Technology Steering Committee.