Financial Benefits of Electronic Medical Records

Health care organizations are seeing productivity improvements through the automation of medical records. Tasks such as pulling and filing patient paper charts are becoming replaced with the point and click functionality of EMRs. End-of-day reporting activities can be generated directly from the EMR system.

1. Increased Productivity

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Health care organizations are seeing productivity improvements through the automation of medical records. Tasks such as pulling and filing patient paper charts are becoming replaced with the point and click functionality of EMRs. End-of-day reporting activities can be generated directly from the EMR system. Laboratory and imaging results are placed directly into the EMR providing access to users in one place. Diagnostic devices can report information directly into the EMR eliminating the need to fill out different forms.

2. Increased Revenue

Physicians can realize increased revenue through better coding recommendations and providing physicians with the ability to offer new services to patients. EM level coding assistance can be a huge financial benefit to family, pediatric, and internal medicine practices. In a recent study by the Medical Economics Magazine, it was stated that physicians not coding to the maximum EM levels could be losing ,000 to ,000 annually. Many EMR vendors allow patients to schedule and cancel appointments, view medical information, and complete forms via the health organization's website. This can help attract new business thereby reducing the load on the office staff. Going paperless with an EMR also allows the organization to free up office space for treatment and sometimes allowing for an extra associate. Improving the coding and billing process can increase insurance reimbursement leading to increased revenue. Being able to monitor a patients' treatment plans and filing documentation at the appropriate time can also help maximize reimbursement, allow a practice to run more like an efficient business.

3. Avoidance of costs

Implementing an EMR can help reduce expenses such as paper charts, poor documentation and high malpractice premiums. Transcription costs can also be reduced as an EMR can provide you with easier means for patient documentation and report writing, with things such as voice recognition software. Providers spend as much as 00 each month on such costs. Offices can also avoid expensive medications by offering patients more cost effective alternatives. High quality documentation and drug prescription alerts can lead to lower malpractice insurance premiums.

4. Increased Profits

Increased profits as a result of improved care, patient satisfaction, and office image are very difficult to quantify. All of these factors lead to increased referrals and patient retention which in turn result in increased profits.

Financial Benefits of Electronic Medical Records

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