Improving on the success of your healthcare practice is often tied to increasing revenue and this is where the adoption of EMR/EHR can be a major game changer. Another factor driving its adoption is that healthcare providers are coming to the conclusion that as revenues shrink, competitors are employing EMR/EHR software to save several million dollars. Below we outline how the software can be used to ensure that a practice or a hospital runs smoothly, provide the most returns on investment while decreasing operating costs, overheads and improving patient care.
Automates and Improves Capturing of charges
During the medical billing process, errors committed by staff often cause a lower billing and ultimately result in lost revenue for a clinic or healthcare service provider. Electronic Medical Records (EMR) however, is designed for easy capture of all the charges connected to services and on average healthcare providers earn more even when patient numbers remain the same.
Fewer Claim Denials
Denied claims in practices often amount to 14% of the total submitted, and accurate coding using EMR helps overcome this particular problem. With the use of EMR/EHR, 90% of claim denials are preventable and when it is employed in tandem with account receivable management it allows for revenue recovery to be optimized to the maximum.
Frees up Storage Space
Decreased need for storage space resulting from the use of EMR/EHR allows clinics and healthcare providers to use the rooms freed up for consultation and other purposes. This radically increases revenue generation from infrastructure that is already available without adding anything to fixed costs.
Maximizes Billing and Reduces Down coding
Reluctant to face an audit, healthcare providers regularly employ billing codes that are lower than what is normal for a service. This practice by physicians to avoid audits by authorities often results in revenue of up to $40,000 being lost annually. Down coding can be easily avoided by using E&M billing codes that are recommend for services by the EMR software, which also results in reducing chances of audits.
Enhances Communication and Improves Physician Productivity
Using EMR/EHR within a clinic allows for smooth communication between physicians and staff and decreases time spent on creating physical documentation for each patient. With EMR/EHR software progress notes can be automatically crafted, and they can be reviewed from home or within the office allowing physicians to see more patients during the day.
Decreases Need for Increasing Staff
TProductivity of staff increases with the use EMR/EHR software as they perform their jobs faster without having to hunt for physical records and file paperwork. Also the software can help handle increased patient loads without a practice having to hire extra staff.
Reduces Insurance Premiums Covering Malpractices Allegations
Improving documentation with the aid of EMR/EHR, results in good audit trails and high accuracy which results in malpractice suits reducing and the premiums paid by healthcare providers, clinics coming down.
Figuring out how to increase the revenue from your practice is not rocket science and EMR/EHR software has proven to be the answer time and again. As an experienced medical billing outsourcing company with years of experience in handling EMR/EHR, we can ensure your clinic or hospital is using the software within the shortest possible time and you can start reaping the benefits of increased cash inflow.
