How Can Electronic Health Records Reduce Costs?
- August 11, 2022
- Posted by: Steve Smith
- Category: Electronic Health Records
The accelerating digitalization of the healthcare sector allows for real-time access to patient-related data in previously inaccessible ways. With more healthcare facilities moving away from paper charts and toward practice management systems, Electronic health records (EHRs) are becoming more assimilated and technologically proficient. EHRs will likely induce significant changes in healthcare practices and patient care delivery. EHR adoption can improve patient care by allowing faster, safer, and more cost-effective decision-making. It may also result in more personalized treatment approaches and a firmer basis for value-based patient care.
According to the research, 79 percent of providers report that their practice works more efficiently using an EHR. Along with this, it is also researched that electronic prescriptions save 82% of the time. 68 percent of providers consider their EHR to be an asset when it comes to enrolling physicians.
By providing timely, manageable data about patients or entire healthcare practice, electronic health (e PHI) initiatives may improve care quality. The hub of computerized health information systems is electronic patient care information. However, system interoperability is dependent on the implementation of information standards. Furthermore, investing in technology systems necessitates cost-effectiveness assessments to assure the long-term viability of processes for stakeholders.
The digital transformation wave of the last decade has considerably impacted how we see corporate operations across practically all industries. Electronic health record (EHR) and digitization are concepts that have been vigorously debated and gradually executed in recent years. These electronic records and software-based billing systems can improve healthcare cost transparency and productivity.
With the Right EHR, you may cut operating costs and total cost of care
Whether you are a small, independent, or leading healthcare practice, there is a lot of emphasis on these two costs: lowering your total operating costs as a healthcare provider and lowering the total cost of concern for your patients. These issues are frequently interconnected and EHR (electronic health record) software alone will not resolve these complicated issues; it is critical to investigate the role of this technology in keeping prices down.
Methods to Boost Cost Efficiency in Healthcare Practices
Here are some guidelines to support you decrease your overhead expenses.
Strategically Addressing Outflows
Overhead outflows account for a sizable portion of the total operating costs of clinics and healthcare practices. While most of these outflows are inevitable for the effective operation of a healthcare facility, careful management of outflows can give your hospital or practice a distinct advantage in improving overall operational efficiency. That includes avoiding unnecessary administrative expenses, minimizing unplanned expenses, and ensuring that your investments align with your long-term goals. This strategy is also beneficial for building a solid financial foundation for your healthcare practice. This article will provide you with strategic insights on addressing overhead outflows to manage your healthcare practice expenses better and increase profitability.
Classify and report overhead expense
The primary step toward actual overhead cost control is determining how to classify and report overhead expenditures appropriately. It will be easier to identify and reduce costs if you precisely categorize and allocate overheads without affecting the quality of care.
Outsource Medical Billing
Outsourcing a Medical billing firm and other revenue cycle management tasks might also help you encounter your cost-cutting objectives by streamlining your operations.
Congregation insights from different businesses and applying them to areas of the healthcare industry might help you reinforce your cost-cutting initiatives.
Frequent interaction of diagnostic imaging equipment and operational data analysis can provide information about equipment utilization. This type of networking will also improve transparency and help to minimize redundant laboratory testing.
Medical billing is an essential aspect of the healthcare sector. Medical billing and collections are both time-consuming and complex in general. Any healthcare provider understands how tough it is to get paid for their services. Reliable medical billing with EHR software improves cash flow and contributes to a medical practice’s financial success.
If you have a high number of denials, it will affect your cash flow significantly. The following tactics keep your accounts receivable in check while making the whole task more accessible and less time-consuming.
Build a Transparent Collection Process
A simple collection approach with EHR software guarantees that patients are informed about the expense of therapy ahead of time. It is critical to have a standardized collecting technique and to educate patients about treatment charges step-by-step. They are becoming more conscious of their payment obligations in this manner, which will also assist you in increasing your collections and reducing overhead costs.
It would be best if you examined your patients’ eligibility at each appointment to reduce the ratio of claims rejected and to ensure that co-pays are obtained in advance to avoid unnecessary and complicated paperwork or chasing payments afterward.
Error Free Claims Submission
Medical billing errors are the most common causes of claim denials and late payments. Approximately 70% of medical claims contain errors, and as we all know, insurance companies follow laborious processes that require them to delete erroneous claims. EHR software reduces all these errors caused by manual processing. As a result, EHR software has modernized the medical billing process and improved revenue outcomes.
Management of Denials
A particular structure for verifying claims can help you reduce claim errors and get paid as quickly as possible. However, if errors arise, ensure that a robust denial management system is in place to address those refusals as soon as feasible. The insurance company will not charge you if your system fails to accept and handle these denials quickly. As a result, ensure that you have a specific denial management policy to deal with claims reprocessing proactively. Your entire focus should be on reducing the number of claims denied. That can only be accomplished with the assistance of experts; hence, we strongly advise you to outsource your revenue cycle.
Ascertain Account Concerns
A medical billing firm use an effective EHR software system to monitor troublesome accounts based on various variables, such as late payments, refused payments, or frequent changes to contact information. If there are still problematic accounts on the list, you could send them to the clearinghouse to decide what’s missing or due.
Stuck With Advanced Technology
Medical billing standards are persistently changing, and physicians must plan for and understand new updates at the same time. You can provide and encourage updated education and training for your employees to help them keep up with new software developments. Adopting new technological trends that have the potential to streamline your billing practices can also be constructive. Related to several claim resubmissions, all of these exertions are less expensive in the long run.
Implementing these EHR software tactics will undoubtedly enhance your cash flow and reduce costs for your practice.
EHRs Proliferate The Efficacy Of Healthcare Practices
There are several approaches healthcare practices may take to increase efficiency, but probably none is as effective as implementing the appropriate electronic health record software. Technology is sometimes viewed as a burden in healthcare, yet it can rationalize set-ups and reduce the total amount of manual data input, reducing the likelihood of errors. It also frees up staff employees who previously conducted all of the manual data transmission to assist with other clinic-related tasks.
Reduced Transcribing Costs
Electronic health records (EHRs) can reduce costs by automating the transcription of medical records. This is because EHRs can store a patient’s medical history in a single database, making it easier for physicians and nurses to quickly and easily transcribe this information into a document.
Furthermore, EHR software can help improve the accuracy and completeness of medical information by automating data entry verification. This ensures that all entries are accurate and up-to-date, reducing the need for physicians or nurse consultations to resolve data discrepancies. Overall, electronic health records are becoming an increasingly popular way to reduce costs associated with healthcare. By automating various processes within the healthcare system, they can save patients and healthcare provider’s money on various expenses related to healthcare.
Reducing the Amount of Time Spent On Paperwork
Electronic health records (EHRs) can help reduce the amount of time spent on paperwork by consolidating all patient information into one system. This way, physicians and nurses can quickly and easily access all the relevant information they need to care for patients. Additionally, EHRs can automate many of the processes that are currently done manually. This saves both time and money, as it cuts down on the number of errors that occur during these processes. In addition to reducing costs, EHRs also improve patient satisfaction by providing them with more accurate and up-to-date information about their health. Patients who have access to an EHR feel confident that they can oversee their health care and make informed decisions about their treatments. They also appreciate the convenience and speed of using an EHR, as it allows them to access medical data without having to wait long periods or go through multiple channels.
Improving Billing Documentation
Electronic health records can reduce costs by automating billing and insurance claims processing. They can also improve the quality of billing documentation, making it easier for providers to understand and correct errors.
Billing is a complex process that often requires a lot of manual input. That can lead to mistakes, rejecting payments, or applying incorrect charges. By using electronic health records, providers can streamline this process by automatically entering information into the system. This will make it easier for them to track payments and billing cycles and identify any errors that may have occurred.
In addition, electronic health records can also help providers better understand their patient’s finances. This is because they provide detailed information about each individual’s insurance coverage and past medical bills. This data can be used to improve the accuracy of bills and reduce expenses on both sides of the equation.
Reduced Costs of Chart Draw
Electronic health records (EHRs) can reduce the costs associated with chart drawing. With an EHR, physicians and other healthcare professionals can upload all of the patient’s medical records into a single system, which various members of the staff can access easily. This allows quicker and easier access to information, reducing the time needed to draw charts. Additionally, it can help to ensure that all relevant medical information is available when needed, minimizing the need for consultations or repeat tests. Though there are some potential drawbacks to using an EHR – such as data security concerns – overall, they are widely considered to be one of the most cost-effective means of dipping costs in the healthcare practices.
Reduced Costs of storage
Electronic health records (EHRs) can reduce storage costs by preventing duplicate data entries and allowing more accessible information retrieval. One of the most significant costs associated with storing medical data is the cost of redundancy. Duplicate data entries can cause headaches for physicians, nurses, and other healthcare professionals who need to access specific information quickly. EHRs can help prevent this problem by automatically flagging instances of duplicate data entry. It will save space and time by storing only the most recent version of that data. Another way in which EHRs can reduce costs is by allowing for easier retrieval of information. Since all health records are linked to one another, physicians can easily find relevant patient histories and logs during consultations. This saves them time and helps ensure that patients get proper care from their physicians.
Reduced Costs Re-Filing
Re-filing refers to the time physicians must spend redrawing charts or resubmitting medical documents. By using an EHR, physicians can get access to all the relevant data from previous treatments immediately, which reduces their workload significantly. This frees up more time for them to focus on treating their patients. Also, it improves the quality of care provided to their patients since physicians’ ability to access relevant information quickly impacts their ability to make informed decisions and provide exemplary patient care. Re-filing also reduces the amount of paper waste that occurs when physicians need to redraw charts or resubmit documents. EHRs also reduce the amount of time physicians spend on paperwork, potentially saving them money.
This article teaches you how electronic health records can reduce costs and help you restructure daunting healthcare tasks.
Is your business lack investments to manage Electronic Health Records services? Do you want to improve adequate proficiency by digitizing the entire patient medical billing process? Then, outsourcing electronic health records services to an experienced service provider would be the ideal alternative for your firm. Outsourcing medical billing firm permits you to save money and upturn growth and operational effectiveness.
Healthcare businesses of all sizes endeavor to deliver the best possible patient care. At the same time, they must keep costs low to maintain their success. Labor-intensive managerial operations in healthcare practice, such as patient health record keeping and e-prescription, devour significant time and resources, which is why many healthcare practices employ Electronic Health Records (EHR) software. These solutions improve medical staff workflow and provide additional financial benefits.
The cost of EHR software should not impede enhancing productivity and improving care quality. Medifusion provides low-cost Electronic Health Records to suit several practice requirements.
How Does Medifusion EHR Software Assist Healthcare Practices Keep Overhead Cost Low?
EHR software enables medical personnel to use a single electronic system to store patient data. EHR software promotes proficiency and output while saving you money by assimilate various aspects of patient data management. Physicians may see more patients daily by spending less time on paperwork with Medifusion EHR software. Other financial returns of our EHR software include:
Installation and Support
Our electronic health records software pricing includes setup, training, and ongoing support. Having that kind of system ensures that your business has the resources to utilize it to its full capacity.
Users Have Unrestricted Access
With our cloud-based EHR software, you can offer system access to as many staff members as you like. Because our licensing price only applies to prescribing personnel, you can keep your entire team up to date without paying a fortune.
Integration of solutions
EHR software offers even more economic benefits when integrated with other healthcare technology solutions. Our low-cost Electronic Health Records system combines e-prescribing and practice management features for your convenience.
EHR software assembles, stores, and manages patient health data such as patient demographics, medical history, diagnoses, medications, prescriptions, and test results. An EHR’s purpose is to arrange patient data so that healthcare employees can review a patient’s record before or during their consultation. EHRs can potentially reduce the time health care providers spend on paperwork. EHRs can improve performance by streamlining regular processes, decreasing errors, and speeding up data access, resulting in significant cost savings. EHR implementation keeps you thousands of dollars that will spend on employee maintenance costs. EHR contract indicates your healthcare practice toward digitization, which has the potential to improve and would develop your practice.