Would you like to strengthen the bottom line of your medical practice? With the right EHR, you can increase revenue, cut expenses, and enjoy the benefits of a well-organized and efficient office.
Here are 7 ways the right electronic health record system can deliver economic benefits:
1) Minimize malpractice suits and decrease malpractice insurance costs
Protect yourself and your practice. Physicians using certified EHRs have reported enhanced quality and safety of patient care, reduced malpractice suits, and improved defensibility. EHRs provide clinical alerts and reminders, diagnostic and therapeutic decision support, safeguards against prescribing drugs with adverse effects, and improved analysis, aggregation, and communication of patient information. In addition to decreasing exposure to malpractice suits, you may also be able to lower your medical malpractice insurance premium from 2 to 5 percent. Check with your malpractice company to see if they offer a better rate for using an EHR.
2) Run efficient daily reports and reduce unnecessary duplication of diagnostic tests
EHR systems provide accurate and readily available patient data for physician and staff review. Reports can be run for outstanding test results, and staff can check for patients who have not followed through with treatments or testing. Accurate reporting eliminates repetition, streamlines your workflow, and results in better patient care.
3) Slash overtime expenses
The right EHR improves practice workflow and streamlines clinical tasks, allowing physicians to maximize their patient load, stay on schedule, and provide an even higher level of patient care. In addition, medical staff can access patient information at any time, allowing them to respond to patients quicker and complete their tasks more efficiently. There’s no more need to log in extra hours playing “catch-up” and filing charts.
4) Re-allocate/re-define staff responsibilities
A medical practice with the right EHR runs like a well-oiled machine, leading to changes in staff responsibilities throughout the practice. Time-consuming actions and repetitive tasks can be eliminated, resulting in a more productive and more patient-focused use of staff time (and greater patient satisfaction).
5) Take advantage of government incentives
Doctors and eligible professionals can qualify for EHR incentive payments totaling as much as $63,750 per physician ($44,000 for Medicare incentives or $63,750 for Medicaid incentives). Take advantage of this opportunity and start collecting your government incentives.
6) Cut chart supply expenses
The costs of a paper-based office—paper, charts, book tabs, etc.—are overwhelming and wasteful. Getting rid of these expenses increases annual cost savings. The right EHR can make a paperless environment the new reality.
7) Create revenue-generating space and eliminate the costs of chart storage
Once an EHR is implemented in your office and you have successfully eliminated paper charts, you can also say goodbye to all the expenses of chart storage. There will be no more fees for offsite storage because everything is already stored in your EHR. Even better, space previously used for onsite chart filing can be converted into additional procedure rooms, exam rooms, or MRI rooms. Why not turn revenue-neutral storage spaces into revenue generators?