Most medical practices that implement Electronic Medical Records (EMRs) see a significant financial return on investment (ROI). Here are five ways that happens: You can see more patients; you’ll reduce missed appointments; your claims processing will be more efficient; you’ll spend less on hard technology costs; and you’ll improve reimbursements. Below we discuss each in more detail.
1. You can see more patients. Once you’ve implemented an EMR and established good work flows, you’ll spend less time documenting, allowing you more time to see more patients.
2. You’ll reduce missed appointments. Cancelations and no-shows are key performance indicators. An EMR can reduce them by issuing appointment reminders, and a reduction in missed appointments can improve your bottom line.
3. Your claims processing will be more efficient. Once you’ve implemented an EMR, you’ll spend less time filing, faxing, and retrieving charts and moving documents, which will allow claims to be processed faster.
4. You’ll spend less on hard technology costs. Once you’ve implemented an EMR, your technology will be centralized, so youâ€™ll make fewer ad hoc purchases. Moreover, if your EMR is cloud-based, you’ll spend less on equipment overall.
5. Youâ€™ll improve reimbursements. Many EMRs have alerts that make sure you’re using the correct document to satisfy reimbursement requirementsâ€”and improved legibility is a bonus.