Why Integrated EHR and Practice Management Systems Provide Higher ROI than Manual Systems in Healthcare?
- March 16, 2023
- Posted by: Steve Smith
- Categories: Electronic Health Records, Practice Management System
Electronic health records and practice management systems provide significant value and ROI when used together. Despite the proven benefits of integrated systems, some practices continue to use standalone tools, ignoring the financial benefits of an integrated EHR and PM system.
In small practices, where every penny counts, integrated systems offer profitable solutions to financial challenges. Compared to manual systems, integrated EHR and PM systems can provide a higher ROI due to several reasons:
- Reduced manual data entry and fewer errors that occur when transferring data from paper to electronic form result in time savings, reduced errors, and improved data accuracy, leading to better patient care quality.
- EHR and PM integration streamlines workflow and communication between departments, such as billing, clinical staff, and the front desk, resulting in increased efficiency, real-time access to relevant patient information, reduced wait times, and higher patient satisfaction.
- Integrated systems provide advanced reporting capabilities, allowing healthcare organizations to track patient trends, monitor performance, and identify areas for improvement.
An integrated system offers several other benefits that make it a smart investment for healthcare organizations. Let’s explore some of them:
EHR practices can save thousands of dollars through increased productivity and revenue, primarily through more accurate coding. Providers can also see more patients owing to freed-up time using an integrated system.
EHR cataloging can decrease or eliminate transcription costs, speed up notes, superbills, and improve coding, resulting in increased efficiency.
Scheduling and Follow-up
Manual scheduling and follow-up can put practices at a logistical disadvantage. Integrated practices are better equipped to set up automated workflows through an integrated system, resulting in improved efficiency.
Electronic Health Records Software authorize more extensive patient visit activity reports and assist in reliable coding. Electronic super bills can be submitted instantly and rapidly processed through an integrated PMS system, resulting in efficient billing.
Billing and A/R management are time-consuming and challenging. Automating billing and collection systems with a good integrated system can start reducing claim denials and speed up claim payment, improving profitability.
Labs and e-Prescriptions
Manual prescriptions and labs have been troublesome, resulting in high volumes of phone conversations from pharmacies. Integrating EHR and practice management software systems can solve these issues and improve efficiency.
In summary, integrated electronic health records and practice management systems offer several benefits over manual systems, including improved data accuracy, enhanced workflow, advanced reporting capabilities, and patient engagement. These benefits result in a higher ROI for healthcare organizations, making it a smart investment for those looking to improve their operational and financial performance.
What techniques and resources do you use in your practice to track ROI? Drop a comment below.