How Electronic Medical Record (EMR) Boost Financial Performance of your Practice

How Electronic Medical Record (EMR) Boost Financial Performance Of Your Practice

Drlogy

Drlogy

Healthcare organization

28, Aug 2020
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Patients Health care information is important to practitioners available in any form either paper or digitally store but it effective, timely, efficient, and patient-centered relies on the right information reaching the right practitioner or practice at the right time.
A digitalized health information timely and reliable sharing of clinical and other health information that helps to improve health outcomes and efficiency.

What is EMR?
EMR stands for Electronic medical records, which include the information regarding the patient's medical records like their treatment as discrete at a clinician’s office.

EMR has broad term When considering individual patients, it includes information like Personal contact detail, past histories like allergies, chronic diseases and other billing information, as well as medical information like vitals like weight, body temperature, etc., Clinical notes, prescriptions, treatment and procedure plans and Discharges summaries, etc.

Major Benefits of EMR for the Medical Practice
EMR benefits for your practice including improved office management coordination, reduction in medication errors through quickly transferrable data inside and outside of your office, improve quality of care, patient outcomes to increase patient engagement and more.

  1. Improving Patient Care:
    EMR applications can boost the quality and safety of patient care. In EMR practitioner can prescribe and order medication for patients. Practitioners can also immediately know each patient’s medical problems and any allergies they may have. With such detailed information available at fingertips, staff can more easily give patients the safe, efficient, and personalized care that they deserve.

    A. For Practitioners/ Providers:
    1. Easy to access individual patient's real-time records for Diagnosis of diseases and Improvement in Treatment.
    2. Minimized medical errors in a patient health record.
    3. Decision-making responses make speedy and improve patient care. 

    B. Allow to the Patients:
    1. Patients can access all medical records in one place.
    2. Easy to track their illness and related medical treatments.
    3. No need to care of hard copies of their medical files.
    4. Quick and smooth decision making for the second opinion.

  2. Financial Benefits:
    When start to implement EMR in your practice, you may show your overall expenditure graph down to compare with earlier.
    Instead of using paper records, EMR can better result in a positive return on your financial investment through, providers saved on drug expenditure, improved efficiency in diagnostics, upgraded the recording and flexible and fast billing services, and minimize billing errors.

    There are major two way to increase profit in your practice.
    1. Reduce Your Expenditure - Cost Reduction
      The newly implemented EMR system created cost reductions that originated from cost savings due to the elimination of the paper-chart system.
      There were 5 types of cost reductions:
      1. Reduction of supplies for paper-charts.
      2. Disposal of storage facilities
      3. Reduction of full-time equivalent employees for paper-chart management
      4. Laying off of clerks from the outpatient clinic setting
      5. Reduction of supplies for medical devices

    2. Get More Patients
      A study conducted by Harvard University researchers showed that the practices which showed a positive Return on Investment (ROI) were able to use their EMR in a way that increased the number of patients they were able to see in a day as well as improving their billing to reduce rejected claims. As compare to still using paper charts.
      Ther were following tenets to increase patient flow.
      1. Improving quality, safety, efficiency, and reducing medical errors.
      2. Engaging patients and families in their health to provide real-time knowledge
      3. Improving care coordination with patients
      4. Increase patient-doctor time
      5. Continuous Motivation to patient
      6. Ensuring adequate privacy and security protection for patient health information.

    Conclusion:
    Most of health care providers have found that EMR help to improve medical practice by increasing practice efficiencies and cost savings.
    A study cunducted on various medical practices that observe and find some important evidence includes, 79% of providers found that their practice functions more efficiently after implementing EMR, 68% of providers see their EMR as an asset with recruiting physicians, 75% receive lab results faster, 82% report that sending prescriptions electronically (e-prescribing) saves time, 70% report enhances in data confidentiality.


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