A 2010 report by the Medical Group Management Association found that using an EHR system has financial benefits that outweigh those of paper-based records, especially in the long term. In 2009, hospital-owned multi-specialty practices using an EHR had a median operating margin that was $42,042 higher than practices using paper-based systems in the same year. As observed in this study, there are a number of different ways that an EHR like ours can help hospitals or Accountable Care Organizations (ACOs) lower costs and increase physician efficiency after employees are trained on the new system.
Among the top concerns of healthcare providers and administrators considering electronic health record (EHR) adoption is how transitioning from paper to digital records will affect their bottom line. Physicians worry about the initial cost of implementation, system maintenance over time and how it will impact their workflow. Hospital administrators worry about the cost of connecting ambulatory physicians to their network, supporting individual practice needs and the pace of adoption, or how long will it take for the majority of the network to fully utilize an EHR.
Quanum EHR provides a number of financial and operational benefits for hospitals and Integrated Delivery Networks (IDNs).
How an EHR with Data Exchange affect a hospital’s bottom line?
- Two-way communication – By offering secure, flexible exchange of relevant clinical data between providers, Quanum EHR eliminates the need for time-consuming record retrieval and faxing and the associated paper supply expenses.
- Reduced Redundancy – Redundant delivery of services such as diagnostic testing for labs and imaging may be reduced.
- Interoperability – Unlike other health records systems, Quanum EHR offers true interoperability. Users are able to exchange clinical data with popular EHR/EMRs that include Epic®, Cerner®, Eclipsys/AllScripts™, Meditech® and many others.
- Increased Referrals – Quanum EHR connects you to your community’s provider network, helping your facility foster relationships with other healthcare professionals. This can improve your revenues from physicians referring patients to your hospital for lab work, radiology services or inpatient care.
How does Quanum EHR help lower costs and increase efficiency?
- Implementation – Quest Diagnostics allows for incremental adoption of an EHR. Practices can implement different features of the solution at a pace that suits their needs, without disrupting workflow. In addition, Quanum EHR can be fully implemented in less than 30 days, so ambulatory practices can quickly be working at full speed.
- Incentives – Our solution makes it easy to report data and clinical quality measurements required to satisfy Meaningful Use of a certified EHR. Quanum EHR has built-in tools that help keep track of these measurements, facilitating practices’ ability to receive available reimbursements.
- Low Cost of Ownership – Quanum EHR is hosted entirely online, so your facility doesn’t need to invest in costly hardware, software licenses or monthly maintenance.
Visit Quanum.com for more information about how Quanum EHR can improve your bottom line and increase efficiency.