Benefits

Improved Coding – Where down-coding and poor charge capture can both be improved through the EMR’s E&M Coding assistant. A study by Medical Economics magazine estimated that a physician who is regularly down-coding may be losing as much as $40,000 to $50,000 annually. A study done by Partners Healthcare System found an increase of 1.5%-5% in overall billing simply through improved charge capture. We will use a conservative improvement rate to factor in a reduction in down-coding, resulting in approx. $24,000 per year.

Transcription – Offices using a transcription service @ the industry standard of $300-$1000 per month, we will use a conservative figure of $600 per month resulting in an annual savings of $7200.00

Chart Management – Chart Management costs can be reduced through lower chart creation costs, lower chart storage costs and fewer chart pulls. The cost to create a new chart is estimated at $7/chart and the cost to pull a chart is $5 according to industry standards.  For this example we will assume that there are 50 chart pulls per day including the 60% average for non-visiting patients.  We will use a conservative estimate for the cost of each chart pull @ $3 and assume that we will only reduce our chart pulls by 40% the first year and not be paperless for 2 years.

Prescription Refills – According to a study done by Journal of Healthcare Information Management, the time spent doing an Rx refill can be reduced from 15 minutes to 3 minutes.  At 20 refills per day, that would be savings of 240 minutes.