Financial Benefits of Electronic Medical Records
Successfully eliminate paper charts for new patients
Improve service to patients with more timely replies
Eliminate annual transcription costs
Increase billed charges and accuracy through higher E&M Cosing
Reduction of Malpractice Risk
Average Medical Practice Return on Investment
* The ROI information is based on industry standards of 5.00 cost per chart pull and 8% loss of revenue from lower E&M Coding.
ROI Benefit 1 - Successfully eliminate paper charts for new patients
Auto generated SOAP Notes (Subjective, Objective, Assessment and Plan) eliminate the need for handwritten notes. Searchable patient records enable instant retrieval of patient records with the click of a mouse.
ROI Benefit 2 – Improvement in Client Satisfaction
Clients benefit from EMR solution in a number of different ways. With a patient portal, clients can interact with the medical practice electronically; receive reminder notices, drug information, exam information in addition to request prescription renewals. Doctors can see more clients and prescriptions, dosages and interactions are always accurate.
ROI Benefit 3 – Reduction of Paper / Office Supplies and Storage Costs
Medical practices that leverage EMR solutions can dramatically reduce paper costs with COPE (Computerized Physician Order Entry), elimination of paper charts combined with electronic transmission of forms, faxes, lab requests, prescriptions and more.
ROI Benefit 4 – Elimination of Transcription Costs
Attach MP3’s to client electronic charts or leverage the voice recognition to electronic text features available in PrognoCIS EMR.
ROI Benefit 5 – Improved Billing
The number one source of physician income in the United States is the fees attached to the E&M Current Procedural Terminology codes. The rules surrounding how to determine which E&M code to use for a specific encounter are complex. Choosing a code and billing at a fee that is not supported by documentation can result is severe sanctions and financial penalties. These two factors have resulted in a tendency to choose a code that is lower than what would be appropriate for a specific encounter. PrognoCIS plays a significant role in improving coding accuracy by improving documentation through the automatic calculation of the level of service. Accurate information means billing is higher with fewer problems.
ROI Benefit 6 – Reduction of Malpractice Risk
Recently, the American Medical Association released a study indicating that EMR utilization may have an impact on malpractice settlements. The data revealed that physicians with EMRs had fewer claims than physicians without EMRs. The researchers suggest that the active use of an EMR likely results in fewer diagnostic errors, improved follow-up of abnormal test results, and better adherence to clinical guidelines, thereby reducing the potential for medical negligence, the basis for the majority of successful malpractice claims. Insurance companies will negotiate malpractice insurance premiums with medical practices using an EMR solution.
Successfully eliminate paper charts for new patients
Improve service to patients with more timely replies
Eliminate annual transcription costs
Increase billed charges and accuracy through higher E&M Cosing
Reduction of Malpractice Risk
Average Medical Practice Return on Investment
| Without EMR | ||||||||||
| Numebr of Physicians | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Encounters per Mo. | 400 | 800 | 1200 | 1600 | 2000 | 2400 | 2800 | 3200 | 3600 | 4000 |
| Number of Chart Pulls per Mo. | 500 | 1000 | 1500 | 2000 | 2500 | 3000 | 3500 | 4000 | 4500 | 5000 |
| Transcription Fees per Mo. | -1200 | -2400 | -3600 | -4800 | -6000 | -7200 | -8400 | -9600 | -10800 | -12000 |
| Lower E&M Coding loss per Mo. | -2800 | -5600 | -8400 | -11200 | -14000 | -16800 | -19600 | -22400 | -25200 | -28000 |
| Expense per Mo. | -3700 | -7400 | -11100 | -14800 | -18500 | -22200 | -25900 | -29600 | -33300 | -37000 |
| Revenue Loss Per Mo. | -2800 | -5600 | -8400 | -11200 | -14000 | -16800 | -19600 | -22400 | -25200 | -28000 |
| Summary Expense Total | -6500 | -13000 | -19500 | -26000 | -32500 | -39000 | -45500 | -52000 | -58500 | -65000 |
| With PrognoCIS EMR | ||||||||||
| Numebr of Physicians | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Encounters per Mo. | 400 | 800 | 1200 | 1600 | 2000 | 2400 | 2800 | 3200 | 3600 | 4000 |
| Number of Chart Pulls per Mo. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Transcription Fees per Mo. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue from Higher E&M Coding | 2800 | 5600 | 8400 | 11200 | 14000 | 16800 | 19600 | 22400 | 25200 | 28000 |
| EMR Software Expense per Mp. | -400 | -800 | -1200 | -1600 | -2000 | -2400 | -2800 | -3200 | -3600 | -4000 |
| PrognoCIS EMR Difference | 6100 | 12200 | 18300 | 24400 | 30500 | 36600 | 42700 | 48800 | 54900 | 61000 |
| 5 Year PrognoCIS EMR Difference | 30500 | 61000 | 91500 | 122000 | 152500 | 183000 | 213500 | 244000 | 274500 | 305000 |
| Health Care IT Stimulus Addition | 44000 | 88000 | 132000 | 176000 | 220000 | 264000 | 308000 | 352000 | 396000 | 440000 |
ROI Benefit 1 - Successfully eliminate paper charts for new patients
Auto generated SOAP Notes (Subjective, Objective, Assessment and Plan) eliminate the need for handwritten notes. Searchable patient records enable instant retrieval of patient records with the click of a mouse.
ROI Benefit 2 – Improvement in Client Satisfaction
Clients benefit from EMR solution in a number of different ways. With a patient portal, clients can interact with the medical practice electronically; receive reminder notices, drug information, exam information in addition to request prescription renewals. Doctors can see more clients and prescriptions, dosages and interactions are always accurate.
ROI Benefit 3 – Reduction of Paper / Office Supplies and Storage Costs
Medical practices that leverage EMR solutions can dramatically reduce paper costs with COPE (Computerized Physician Order Entry), elimination of paper charts combined with electronic transmission of forms, faxes, lab requests, prescriptions and more.
ROI Benefit 4 – Elimination of Transcription Costs
Attach MP3’s to client electronic charts or leverage the voice recognition to electronic text features available in PrognoCIS EMR.
ROI Benefit 5 – Improved Billing
The number one source of physician income in the United States is the fees attached to the E&M Current Procedural Terminology codes. The rules surrounding how to determine which E&M code to use for a specific encounter are complex. Choosing a code and billing at a fee that is not supported by documentation can result is severe sanctions and financial penalties. These two factors have resulted in a tendency to choose a code that is lower than what would be appropriate for a specific encounter. PrognoCIS plays a significant role in improving coding accuracy by improving documentation through the automatic calculation of the level of service. Accurate information means billing is higher with fewer problems.
ROI Benefit 6 – Reduction of Malpractice Risk
Recently, the American Medical Association released a study indicating that EMR utilization may have an impact on malpractice settlements. The data revealed that physicians with EMRs had fewer claims than physicians without EMRs. The researchers suggest that the active use of an EMR likely results in fewer diagnostic errors, improved follow-up of abnormal test results, and better adherence to clinical guidelines, thereby reducing the potential for medical negligence, the basis for the majority of successful malpractice claims. Insurance companies will negotiate malpractice insurance premiums with medical practices using an EMR solution.
