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Can EHR Save the Private Practice?

Can Private practices are struggling to maintain their EHR independence. Changing reimbursements, regulatory requirements, and increasing costs are often cited as the big challenges. However, electronic health records (EHR) can help improve profitability, increase physician and patient Save the Private Practice? satisfaction, and have a positive impact on patient care as well. Independent Practices and EHRS Of private practices with five or fewer physicians, an average of just over 50% report having an EHR today: Key: Practices Utilizing EHR 42% 60% 53% Solo practices Partnerships of 2 physician practices 3-5 physician practices Lack of EHR Adoption Although many practices utilize EHRS to their benefit, a slight majority still doubt their effectiveness: 3 More than 45% of physicians in Only 40% of physicians have an Ease of use remains one of the practices of <5 don't have an EHR EHR that meets meaningful use top concerns about EHR (MU) criteria Advantages of EHR Those using EHR in their practice have seen the tangible benefits to their utilization: 56.9% EHR makes them more efficient 57.2% Have seen a satisfying ROI on EHR 59% EHR provides cost savings by no longer storing paper records 67% EHR provides time savings through ePrescribing Rx 74% DILLING STATEMENT Faster and more accurate billing results from using EHR Additionally, nurses using EHR have seen reductions in documentation time of over 45% Increased ROI The ROI of EHR in action: BILLING STATEMENT 9.7% Medicare MU: $39,000 Medicaid MU: $63,500 PQRS incentives average increase +.5% of Medicare Claims in collections Increase in revenue of Average family Price Sheet practice can increase EHR can increase OO$33,000 coding level by charges by 3.5% 5% per FTE provider in solo or private practice Increase operating Current margin by Reduce cost of transcription which is of $6 10% Save 11% collections per patient chart per year within 5 years 5 years ago Power to the People Beyond the ROI of using EHR in practice, the majority of physicians using EHR believe that it improves patient care in many areas by: Over 50% of physicians 73% of all physicians Physicians using EHRS score significantly 60% of doctors believe 82% of physicians with that patient care believe that health fully functioning EHRS believe that HIT will benefits outweigh EHR higher on care quality information technology report a positive improve long term impact on clinical decision quality. adoption costs. measures for diabetes, (HIT) adoption is quality of care. breast cancer, increasing progress in chlamydia and patient safety and colorectal cancer. improving quality of care. Most importantly, it's what patients want from their physician: 2 out of 3 people would consider switching to of Americans who a physician who offers have access to their of patients are happy access to medical 80% 92% that their doctor uses health information in records through a an EHR use it ePrescribing secure internet connection Implementing EHR does require investment and commitment, despite the many obvious long-term rewards. Taking this step now can help your private practice stay independent and thrive in the future. learn more at http://kareo.com/ehr SOURCES: COLUMN kareo COPractice CDC.gov; Physician Office Usage of Electronic Health Records Software, SK&A, January FIVE 2013; Physicians Practice 2013 Technology Survey: Quest Diagnostics; Athenahealth/Sermo, 2012 Physician Sentiment Index; Electronic Health Records and Ambulatory Quality of Care, Journal of General Internal Medicine, April 2013; Wolters Kluwer Health 2013 Physician Outlook Survey, www.wolterskluwerhealth.com; Healthpoint; Physician Adoption of Health Information Technology: Implications for Medical Practice Leaders and Business Partner, Deloitte, 2013; 2011 Survey of Health Care Consumers in the United States, Key Findings, Strategic Implications, Deloitte Center for Health Solutions, 2011; National Partrership for Women and Families, Making IT meaningful: How Consumers Value and Trust Health IT, 2012; MGMA; Return on Investment in EHRS, UBM White Paper, July 2011

Can EHR Save the Private Practice?

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Private practices are struggling to maintain their independence. Changing reimbursements, regulatory requirements, and increasing costs are often cited as the big challenges. However, electronic healt...

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