What Savings Can my Practice Expect by Moving to EHRs

Many health care providers have found that electronic health records (EHRs) help improve medical practice management by increasing their practices efficiency and cost savings.

A national survey of doctors who are ready for meaningful use offers important evidence:

  • 79% of providers report that with an EHR, their practice functions more efficiently
  • 82% report that sending prescriptions electronically (e-prescribing) saves time
  • 68% of providers see their EHR as an asset with recruiting physicians
  • 75% receive lab results faster
  • 70% report enhances in data confidentiality

These savings are primarily attributed to automating several time-consuming paper-driven and labor-intensive tasks that normally you the physician or your office staff have to take care of.

  • Reduced transcription costs
  • Reduced chart pull, storage, and re-filing costs
  • Improved and more accurate reimbursement coding with improved documentation for highly compensated codes
  • Reduced medical errors through better access to patient data and error prevention alerts
  • Improved patient health/quality of care through better disease management and patient education
  • Paper prescriptions can get lost or misread. With electronic prescribing (e-prescribing), doctors communicate directly with the pharmacy. An e-prescribing system can save lives (by reducing medication errors and checking for drug interactions), lower costs, and improve care. It is more convenient, cheaper for doctors and pharmacies, and safer for patients. In short, e-prescribing is an important, high-visibility component of progress in health information exchange.
  • Because EHRs contain all of a patient’s health information in one place, it is less likely that you the provider will have to spend time ordering—and reviewing the results of—unnecessary or duplicate tests and medical procedures. Less utilization means fewer costs.

Electronic Health Records Create More Efficient Practices and Reduce Paperwork

EHRs can reduce the amount of time you the provider spends doing paperwork. EHR-enabled medical practices report seeing improved medical practice management through integrated scheduling systems that link appointments directly to progress notes, automate coding, and managed claims

Administrative tasks, such as filling out forms and processing billing requests, represent a significant percentage of health care costs. EHRs can increase practice efficiencies by streamlining these tasks, significantly decreasing costs.

In addition, EHRs can deliver more information in additional directions. EHRs can be programmed for enhanced communication with other clinicians, labs, and health plans through:

    • Easy access to patient information from anywhere
    • Tracking electronic messages to staff, other clinicians, hospitals, labs, etc.
    • Automated formula checks by health plans
    • Order and receipt of lab tests and diagnostic images
    • Links to public health systems such as registries and communicable disease database

How Will Having EHRs Have an Effect on My Revenue?

By having electronic health records set up in your practice, you can save time and money by

  • The reduction of time and resources needed for manual charge entry resulting in more accurate billing and reduction in lost charges
  • Enhanced ability to meet important regulation requirements such as Physician Quality Reporting Initiative (PQRI) through alerts that notify physicians to complete key regulatory data elements
  • Reduction in charge lag days and vendor/insurance denials associated with late filing
  • Charge review edits alerting physicians if a test can be performed only at a certain frequency
  • Alerts that prompt providers to obtain Advance Beneficiary Notice, minimizing claim denials and lost charges related to Medicare procedures performed without Advance Beneficiary Notice

It’s time for you and your practice to take advantage of the government incentives that are out there and switch over to EHRs that not only benefit you as a provider, but your patients as well giving them better control over their health care. Give EHR Funding a call today and a government funding specialist will be able to get your practice on the right track to compliance and incentive funding to pay for these upgrades, as well. Call 866-203-3260 today.

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