A recent survey of 200 physician groups highlighted on Health Data Management offers real-world insight into the impact of an electronic health record on a practice’s bottom line. The CDW Healthcare study, supported by data from the Medical Group Management Association (MGMA), the University of Virginia, and the American Congress of Healthcare Executives, illustrates the positive financial effect of an EHR on the revenue cycle. Once their EHR was deployed, the average practice in the survey increased their revenue by 15% or an additional $151,000 per physician from new streamlined processes and enhanced workflows.
This increased revenue that practices gain from an EHR is in addition to the stimulus opportunity that they can earn with “meaningful use” of a certified EHR like MediTouch® from Medicare and Medicaid incentive programs. If they applied for the Medicare EHR stimulus incentive program, “Eligible Providers” would earn another $18,000 in 2011 (up to $44,000 over five years), and under the Medicaid program, the incentive is another $21,500 in 2011 (up to $64,000 over five years) — that’s per medical provider, not per practice! When combined with the predicted increased revenue from deploying an EHR illustrated by the survey, the financial gains from an electronic health record are significant.
The survey also highlights the hidden implementation costs with many MediTouch EHR® competitors. With MediTouch’s intuitive, easy-to-use screens and fast workflow, you can implement an EHR without decreasing the volume of patients that you see — a common occurrence when implementing our competitors’ products as demonstrated in the survey results. This is because with MediTouch, you are charting at the point of care on a simple yet very powerful touch screen interface. There is no homework later to re-enter the encounter, as you will capture large amounts of medical data and insight quickly with MediTouch and still enjoy a quality, interactive experience with your patients.
Every day, there are more and more reasons to upgrade to a full electronic health record, and not deploying an EHR (or deploying the wrong EHR) could actually cost your practice money over the long term. With MediTouch, the choice for a robust, revenue enhancing EHR that you will want to use is an easy one.