The Role of ROI in EHRs


ID 10071148Some Medical professionals know all about bill coding, handling insurance payments and even working with government organizations to make sure their services are paid in full. But they often miss many other opportunities to cut costs and build strong returns on investments (ROI), especially in areas like EHR solutions.

Priorities, for most healthcare professionals, are that every aspect of the healthcare delivery system should provide great outcomes while acting to improve the patient experience when they visit the office. That means things like decreasing wait times, boosting patient safety and increasing the efficiency and quality of care are always going to outweigh investing in a new technology.

EHR solutions are vital for all of these aspects of care. The benefits include cost avoidance, cost reduction and revenue enhancement that offer ROI that a lot of healthcare providers underestimate.

Cost Avoidance and Reduction

How much money did your practice spend on pulling charts or on your medical records staff? If it takes you more than a couple of minutes to find that data, you already see the benefits of EHR and IT technologies.

The use of paper records presents a need for a medical records staff, and, consequently, a labor cost for each chart pulled. It is estimated to cost around $5 each time your practice has to pull a chart. Now extrapolate that out to how many charts are pulled a day, a month, a year. With an EHR system, that labor cost is eliminated. The medical records staff can either be significanlty reduced, or re-purposed so that the staff is working in a revenue generating function rather than one that is a cost. 

You also can protect yourself from potential lawsuits and other legal issues that stem from errors or missing charts. An EHR, which has an audit trail and secured storage method can help avoid legal fees, lawsuit payouts and can help to lower your mal-practice insurance premiums.

Revenue Enhancement

Quality of care at your facility will be better when you streamline with these new technologies. And we all know that every positive experience a patient has adds to your reputation, making it more likely that patients will choose you over your competitors.

Electronic records go beyond that though. Compliance and regulation reporting, treatment prompts and improved billing practices come with EHR because everything you need is right at your fingertips. This decreases demand on your staff, reduces payroll, increases efficiency and success in billing collections, allows for better decision-making on all levels, and ensures you will see more patients.

In other words, ROI is a big part of the reason healthcare providers are implementing EHR solutions more often these days.

 

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