The benefits of Electronic health records software in healthcare are undeniable, whether it is increased reimbursement, improved communication with patients, or increased efficiency. Implementing a full-featured Electronic Medical Record system can provide several tangible and profitable benefits to new medical practices if done correctly. However, many physicians regard EMR benefits as a sham and see them as a source of new costs and disruptions. Although implementing an EMR system can be costly, the majority of medical practices have found effective ways to profit from their EMR. Let’s take a look at five ways that EMR software in healthcare can help new practices become profitable.
1. EHR and EMR Software save Time and Energy for Employees
EHR and EMR software in healthcare reduce the administrative burden on a practice’s administrative staff. Menial tasks that can be easily performed using mechanized technologies, such as manually entering data pertaining to a patient’s hospital visit, diagnosis, treatment, and prescription into a computer, can be effectively handed over to EMR software.
EMR software save administrative staff energy and time, which can be invested in more productive tasks like patient support. Another advantage of EMR is that it allows a practice to go paperless, which is good for both the environment and the practice. It also reduces the time needed to sift through bundles of medical records.
Furthermore, going paperless saves thousands of dollars per year by removing the need for office supplies, transcription, and other physical file storage requirements.
2. EMR Assists Doctors in Making the Most of Their Claims
When dealing with government insurance providers, claim reimbursement usually necessitates extensive documentation. The documentation process is time-consuming and can be frustrating at times due to its many stages. As a result, the vast majority of medical specialists only bill for items for which they have solid and written evidence. As a result, only about 15% of legitimate reimbursements make it to the final stage. Because insurers frequently deem certain claims to be unnecessary, unsupported, or uncalled for, it is common for doctors to have their claims downloaded to less expensive software.
With the advent of the electronic medical records software, this complication has been removed by allowing medical professionals to cover and document every aspect of a patient’s hospital visit. This increases the amount of claim revenue that a medical practice is eligible for, resulting in increased growth.
3. Healthcare EMR Software Increase Efficiency
Time is money, and this is especially true for doctors and other medical professionals. EMR software in healthcare increase profitability by delivering the most important benefit: time savings. This allows doctors to see more patients each day, resulting in increased growth and revenue.
EMR software include several features that improve efficiency and save time, such as:
- Prescriptions that are automatically transferred to your preferred pharmacy before the patient even leaves the doctor’s office.
- Pre-filled templates that allow medical professionals to quickly document common patient complaints and diagnoses rather than writing everything from scratch every time.
Even if such tools only save a small amount of time per visit, these small time savings can add up over time. For example, if the time spent with each patient is reduced by two minutes, a doctor will be able to see two more patients per day. Even if it only adds $100 per patient, a medical practice’s revenue can increase by $50,000 per year.
Because EMR reduces the need for a large administrative staff, doctors can save a significant amount on salary expenses.
4. Consultants In Electronic Medical Records Can Help To Reduce Liability Premiums.
A recent study found that using an Electronic Medical Record system. That can reduce malpractice claims to about one-sixth of their previous rates. The study also discovered that, of the 51 malpractice claims filed during the observation period. Only two were filed after the implementation of an EMR system.
As a result, electronic medical records consultants help to reduce malpractice claims . The financial and emotional stress that goes along with them. Because of the positive relationship between dwindling malpractice claims and EMR adoption, several malpractice insurers.
5. Government Incentives, EMR Benefits can be obtained at a Lower Cost.
The government incentive program for switching to an EMR is fully operational. That assists medical professionals in making this costly transition. For example, medical professionals who participate in the Medicare EHR Incentive Program can be reimbursed up to $44,000 over a five-year period. Similarly, medical professionals who choose to participate in the equivalent Medicaid program. That may be compensated for up to $64,000 over a six-year period.
How EMR Software Increase Revenue?
Improving the success of your healthcare practice is frequently linked to increasing revenue. This is where EMR/EHR adoption can be a game changer. Another factor driving its adoption is that healthcare providers are realising. That as revenues decline, competitors are using EMR/EHR software to save millions of dollars. The following sections describe how the software can be used to ensure that a practice. That hospital runs smoothly, provides the best return on investment while lowering operating costs, overheads, and improving patient care.
Charge Capture Is Automated and Improved
Errors made by staff during the medical billing process frequently result in lower billing. As a result, lost revenue for a clinic or healthcare service provider. However, electronic medical records (EMR) are designed for the easy capture of all charges associated with services. On average, healthcare providers earn more even when patient numbers remain constant.
There Are Fewer Claim Denials with EMR Software
Denied claims in practices frequently account for 14% of total claims submitted, and accurate coding using EMR aids in overcoming this particular issue. 90% of claim denials are avoidable with the use of EMR software. When used in conjunction with account receivable management, revenue recovery can be maximized.
Increases Storage Space
Because of the reduced need for storage space as a result of the use of EMR/EHR, clinics. The healthcare providers can use the rooms that have been freed up for consultations and other purposes. This significantly increases revenue generation from existing infrastructure without increasing fixed costs.
Streamline Billing Process
In order to avoid an audit, healthcare providers frequently use billing codes. That are lower than what is typical for a service. This practice by physicians to avoid audits by authorities frequently results in revenue losses of up to $40,000 per year. Down coding can be easily avoided by using E&M billing codes recommended by EMR software for services. Which also reduces the likelihood of audits.
Improves Physician Productivity and Communication
Using EMR/EHR in a clinic facilitates communication between physicians and staff while also reducing the time spent on creating physical documentation for each patient. With EMR/EHR software, progress notes can be generated automatically and reviewed from home or the office, allowing physicians to see more patients during the day.
Reduces the Need for Additional Staff
Staff productivity increases when they use EMR/EHR software because they can complete their tasks more quickly without having to look for physical records or file paperwork. Additionally, the software can assist practices in dealing with increased patient loads without the need for additional staff.
Reduces Insurance Premiums for Malpractice Claims
Improving documentation with the help of EMR/EHR results in good audit trails and high accuracy, resulting in fewer malpractice suits and lower premiums paid by healthcare providers and clinics.
Conclusion
It is not difficult to figure out how to increase revenue in your practice, and EMR software has repeatedly proven to be the answer. As an experienced medical billing outsourcing company with years of experience handling EMR software, that can ensure that your clinic or hospital is using the software as soon as possible so that you can reap the benefits of increased cash inflow.