Save paper document management and storage costs
The estimated cost of creating, tracking and maintaining paper charts is $8 per record compared to $1 per year per electronic record. The paperless office practice saves staff time by gaining immediate EMR access to any chart with less wasted time spent filing, searching for, pulling charts and shuffling paper notes. Nursing home software documentation with electronic medical records eliminates staff time deciphering illegible notes. Transforming how records are created (transcription), stored and retrieved with EMR software requires fewer staff to perform these tasks.
Reduce malpractice insurance
Liability insurers increasingly recognize EMR as one important method of reducing liability and exposure. Electronic drug regimen review improves safety by reducing medication errors. Some offer significant discounts to those physicians using an EMR. Improved documentation increases accuracy, reduces medical errors and record auditing with improved legibility, quality of patient care and safety.
Participate in pay-for-performance programs
The old adage if you can not monitor it you can not manage it applies here. Pay-for-Performance (P4P) programs offer bonuses for demonstrating better patient health outcomes and cost efficient care. EMR software technology is perfectly suited to assure adherence to strict quality control data EMR reporting guidelines with substantial rewards for quality improvement.
Automated charge capture with medical billing and medical coding accurately documents the true work of each encounter and avoids unintentional downcoding or upcoding. Combined with easy ICD-9 code searches and suggested E&M codes, the EMR returns the proper reimbursement for each visit or procedure. Accurate coding speeds up the claims process with fewer rejections and lower DAR.
Economic electronic medical record stimulus incentives
EMR software cost has long been cited as a major reason for slow physician adoption. With the signing of the EMR software HITECH Act the Obama administration has committed $20B to healthcare IT. Physicians showing meaningful use of a certified EMR may receive up to $64,000 in payments. Conversely, physicians still not using an electronic medical record after 2015 will see their Medicare payments reduced by 1 percent with deeper cuts in subsequent years. Subsidies may also be available through hospitals or regional healthcare systems for EMR software vendor purchases meeting the following criteria:
the EMR can exchange data with other EMR software
the EMR features e-prescribing functionality
the hospital does not restrict the EMR software interoperability