Six Benefits of an EMR System

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Many are still hesitant to adopt an EMR system, but using electronic medical records integrated with a comprehensive practice management software can generate cost savings as well as increased revenue. There are six very clear benefits of such a system.

Electronic health records (EHRs), or electronic medical records (EMRs), are certainly not a new idea, but these days they are a hot topic of discussion. Statistics show that only about 20-40% of physicians use some type of full or partial EMR system, but President Obama has publicly stated the his goal for nationwide adoption in the next five years.

Many are still hesitant to adopt an EMR system, but using electronic medical records integrated with comprehensive practice management software can generate cost savings as well as increased revenue. There are six very clear benefits of such a system:

Less paperwork, more patients. It can be time-consuming to pull a patient’s history and document a patient’s visit on paper. Utilizing an EMR system, a patient’s history is at your fingertips, and charting can be done in real time. By using structured data entry like templates, the process can be streamlined. The average time saved is estimated to be five minutes per patient; since the average physician visits with 25 patients daily, this adds up to two hours each day. This means an additional 6 or 7 patients could be seen daily.

Improve evaluation and management (E&M) coding. Unfortunately it’s quite common for physicians to undercode, whether due to lack of time to document the care given, or out of fear of an audit. Medical Economics magazine has estimated that physicians who routinely down-code one E&M level lose an average of $40,000 to $50,000 annually in reimbursements. An EMR system allows for rapid but comprehensive documentation of visits. This means cognitive services can be correctly documented in order to justify the correct E&M level. In addition to increasing average reimbursements, accurate E&M coding reduces staff time required for post-processing and/or correction of claims.

Eliminate paper charts and the cost associated with them. Medical Economics has estimated that the creation, tracking, storage and maintenance of paper records cost $8 per record per year. An electronic record on the other hand, costs on average about $2. This is a significant cost savings. Additionally, EMRs reduce real estate expenses (by eliminating the need for storage), and labor costs needed to maintain paper systems. Reduce or eliminate dictation and transcription costs.

The average physician spends between $12,000 and $25,000 annually on transcription services. Most major EMR systems provide templates that allow transcriptionists, or even physicians to add notes more efficiently (and just as important, more accurately). You may not be able to entirely eliminate the need for dictation or transcription, but costs can be cut considerably.

Stop chasing paper. If an insurance carrier denies coverage, this often leads to a mad scramble for all relevant paperwork. Copies must be made, notes rewritten, etc, and the claim resubmitted within the typical 90-day period.

With an EMR system, all applicable information can be instantaneously retrieved and resubmitted. Capture charges automatically. Bryn Technologies has identified that the average primary care practice loses over $250,000 in non-billed services per year. Advanced EMR systems can automate accurate charge capture. All valid procedure and supply codes can be associated with a particular ICD-9 so nothing is missed. It’s clear that more money can be generated and saved by transitioning to an integrated EMR system. There is no need to be hesitant any longer.

The technology of EMRs and practice management software has advanced beyond the awkward early adoption phase and is ready to be embraced by the majority.

Article Source: http://depositarticles.com/

Helen Walker. e-MDs is the developer of Solution Series™—the standard for an affordable and integrated EMR system and practice management software

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