A 2013 study from the University of Michigan School of Public Health finds that practices that implement an EHR without a laser focus on enhancing revenue and cutting costs are likely to lose more than $43,000 over five years. In other words, 73% of those surveyed failed to see a ROI.
The financial implications of EHRs are about more than Meaningful Use (MU) checks, after all.That said, whether a medical practice wants to purchase an EHR, switch out its current solution – or simply get the most out of existing investments – there are three levers for maximizing the ROI of your EHR solution:
1. Choose a product that can enhance, not erode, profitability
The American Academy of Family Physicians (AAFP) 2012 EHR User Satisfaction survey reflected that only 38% of respondents were highly satisfied with their EHR systems. Productivity declines were a primary source of dissatisfaction – and, in turn, lower ROI. Four attributes in particular help physicians make the most of their investment in an EHR system: high usability; capabilities for both charting and tasking; integration with practice management; and cloud-based delivery.
2. Optimize implementation for faster time to value
For practices considering a new or replacement EHR, the next major element to tackle is optimizing the implementation and training process to accelerate time to value. Implementing a system as complex as an EHR can bring with it unforeseen expenses. And while Meaningful Use incentive programs are meant to help remedy that expenditure, some experts argue the money covers only a fraction of the system’s actual cost.The key is to strategically tackle the EHR implementation process by focusing on two key things: 1) Ensuring strong EHR integration into existing workflows, and 2) Making EHR implementation a team effort.
3. Attack Meaningful Use in a way that maximizes payments
Meaningful Use (MU) attestation is a more nuanced process than industry observers often give it credit for. Not surprisingly, the first hurdle is pursuing Meaningful Use dollars with an incomplete knowledge of its requirements. CareCloud’s Meaningful Use expert, Michael Pepe, explains this succinctly:
“In an obvious sense, ‘misstepping’ any MU measure can cost you the incentive payment, especially at the end of the reporting period of that year. For instance, improperly educating your staff will cost you in lost revenue because their time is being taken by completing tasks that have no meaning.”
There are two areas that doctors and their staffs can strategically target to ensure the best possible chance at attesting for Meaningful Use dollars: 1) Treating Core Measure 15 carefully and 2) Minimizing the potential for negative audits.
Download the CareCloud report to learn why Meaningful Use attestation is only one of the steps involved in seeing a return on your EHR investment.
