The Health Information Service of Longueville Private Hospital have been collecting their medico-legal transactions using Microsoft Excel. A profile of the hospitals medico-legal activity is detailed: Medico-legal Activity per month Subpoenas processed: 50 ROIs: 30 Chapter 16As: 40 Coroners requests: 20 Adoption requests: 1 Solicitors requests: 25

However, they have found that this tool is limited in its data reporting and analytics functionality pertaining to monitoring medico-legal activity, tracking outstanding arrears and workforce and workload activity. The Health Information Service decide as a team to submit a proposal to purchase a new product specifically designed to capture, process and report on medico-legal activity as well as interfacing with the hospitals information systems. Chart Release is discussed as a potential product to meet the business needs. Discover the options available for the business decisions undertaken in the Business Case including: 1) Analysis of maintaining current practice. (cons & pros) 2) Acquisition of the new medico-legal database (cons & pros)

How to do the cost benefit and payback analysis in this case? I know the formula equation for this is total cost/total revenue (benefit)=length of time (payback period)

Thank you!