How To Calculate & Achieve ROI On Your Investment In EMRMed Miles LLC
An electronic medical record (EMR) is a digital version of all the information you’d typically find in a paper provider’s chart: medical history, diagnoses, medications, vaccination dates, allergies, lab results, and doctor’s notes. EMRs are online medical records of standard medical and clinical data from a single provider’s office, mostly used by providers for diagnosis and treatment.
What is an EMR System?
EMR systems provide a wide range of functions and user interfaces and become the centre of all clinical activity in the office. The EMR system is used daily to process payments and insurance claims, schedule patients, share information with other staff within the clinic, add new patients, and update and record patient information. EMR software systems also allow clinics to seamlessly integrate changes in the Meaningful Use attestation prescriptions and reimbursements.
Implementation of an EMR system is customised for each clinic based on clinic needs, customization requirements, availability of clinic staff, and staff availability of SMR software. Each implementation has its timeline with a dedicated implementation specialist assigned to your clinic and he or she will help guide you through your entire project.
How To Achieve ROI in EMR
One of the most common metrics used to determine the profitability of a business is ROI. Return on investment is a basic accounting principle that helps companies predict whether their investments will result in a profit or a loss.
Any sane business needs to be able to understand the ROI of any of their investments, including medical industry businesses. Tracking your costs and calculating the potential value of your spending is important to plan for the future of your company.
A computer’s ability to collect and communicate data in healthcare is affected by its age and other factors, such as the location of the practice. Connecting to the system and the Internet can be more challenging in a rural environment than in an urban environment. Make sure your office location makes EMR deployment stress-free for you.
Prescription Management System:
Among the most important features of any prescription management system is the ability to enter a patient’s allergies and record all medications the patient is currently taking to ensure no adverse reactions occur. Physicians should be able to send new prescriptions and refills directly to the pharmacy for patient pickup.
Progress Note Entry:
Just as doctors and nurses write notes on sheets of paper in their patients’ charts, healthcare professionals using EMRs record their patients’ conditions, symptoms, appearance, and so on using a note entry tool. Some EMRs even allow patients to enter their symptoms before their visit through surveys or email alerts.
Learning to use an EMR—not to mention redesigning the workflow to accommodate electronic charting—can be overwhelming and will almost certainly slow doctors down at first. However, as learning takes place, especially for practices that focus on the implementation aspect of training, productivity will slowly increase, translating into big savings over time.
Once physicians and staff become comfortable with using an EMR, things like documenting patient visits and performing billing processes take less time. This allows doctors to spend more time with patients or schedule more appointments to bring in additional revenue for the office.
Benefits for small and mid-sized private practices that have implemented EMR systems integrated with practice billing and prescribing systems can be increased efficiency and accuracy through automated coding leading to increased profitability.
However, a differentiated view is in order here; better billing may coincide with fewer patients seen. EHR implementation increased reimbursement but decreased long-term practice productivity in all specialties.
How to Calculate ROI in Medical Billing?
- The formula for calculating ROI is normally simple. You start with the expected net return on the investment, divide it by the cost of the investment, and then multiply by 100. The resulting number gives you a percentage that tells you what return—whether positive or negative—you should expect.
- First, they approximate the amount of income they can reasonably expect from using the vehicle. They then add up all the costs of the investment (vehicle, insurance, maintenance, etc.). Next, they divide the cost by the projected revenue and then a multiple of 100 to get the percentage.
- If their estimated return on investment exceeds the original investment cost, it can become a purchase. However, there are other investment options, such as hiring additional drivers to use their cars and deliver on their behalf. If the cost of hiring drivers is lower than buying a car, then buying a vehicle has a lower return on investment than hiring drivers.
- The same principles apply to billing for DME healthcare. When a business experiences a high volume of DME orders, the chances of errors, denied claims, and late payments increase dramatically.
- You could bring on additional staff to handle all the extra work OR you could hire an experienced firm to handle the invoicing for you. Considering the cost of hiring staff (wages, benefits, insurance, industry knowledge, etc.) versus the cost of outsourcing this function, you’ll likely find that the potential return on investment is much higher when this work is outsourced.
- Fewer errors compared to paper records.
- Better and quicker care.
- Track results and data over time.
- Improve treatment and diagnosis.
- Identify patients who require screenings and preventive care.
- Better patient health data security and privacy.
- Supports data-based decisions.
- Receive follow-up support like reminders, web links, and self-care suggestions.
- Patients can access their records, view prescriptions, and follow recommended lifestyle changes.
- Space saving: Clinics do not need to store, manage and retrieve paper records, saving space.
- Optimising Workflows: EMRs help optimise workflows, track patients, and manage patients who visit healthcare facilities.
- Lower operational costs: Reduce operational costs by keeping records in one place.
- Contact with other health facilities: Clinics may be connected to laboratories, pharmacies, hospitals, and state and national health systems.
- Reminders: The EMR has communication capabilities that allow clinics to send reminders and alerts.
- Documentation: Reduce documentation errors and improve care.
Electronic medical records, or EMR, refers to a system of digitally organising patient data using specially designed software. Electronic medical records are essentially the digital equivalent of hard copy data files that record general patient information; such as their medical history and their treatment at the clinic during their visits.