Despite the fact that physician practices supply indispensable services and benefits to our communities, they are not immune from the fundamental economic pressures that affect other members of the service industry. Like any such business, practices must offset the ever-rising costs of doing business. However, unlike other industry members such as shipping companies or consulting firms, small and medium size physician practices are barred from passing their rising costs (e.g., malpractice premiums) on to the consumer. In the absence of higher fees, these practices must maximize their efficiency to maintain profitability. Failure to do so can make the costs of providing these crucial services prohibitive; when a practice is no longer economically viable, society as a whole pays the price.
The most obvious economic benefit of an EHR is the potential for increased efficiency. Physicians are increasingly called upon to engage in activities that, while time-consuming, are nevertheless non-reimbursable. These activities include telephone consultations, medication renewals, and notification of lab results. An EHR that addresses these tasks by automation or by providing electronic information/ consultation greatly improves the economic viability of the practice.
These efficiencies affect not merely a practice's expenditures, but its potential revenues as well. Automated documentation not only eases the burdens on the physician at the point of service, but also facilitates higher reimbursement by third-party payors. With an EHR, claims once rejected for insufficient documentation can be easily bolstered by appropriate and complete records. Even tasks as mundane as appointment scheduling can have an enormous impact on the efficiency and income of a practice.
DrKnow™ increases savings and generates greater revenue via both clinical and administrative features. Follow the links below to learn more:
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