According to the Practice Profitability Index, a joint study by QuantiaMD and CareCloud, almost half of the physician practices are looking to improve their operational performance in the coming year. In fact, 41% of the 5,012 physicians surveyed already have specific plans in place that will refine the way they practice medicine.
The main reasons? Implementing a new EHR (41%), replacing an outdated EHR (25%), and replacing their existing practice management system (16%). So today we’ll take a look at the reasoning behind these operational improvements and why we expect them to catch on more rapidly through the 2nd half of this year.
EHRs: A Safer, More Profitable Charting Solution
It seems the move to electronic health records is in full swing for providers who haven’t switched over yet. This is not a bad idea, considering that EHRs are a more secure alternative to paper-based records.
If properly encrypted, the data in an EHR cannot be accessed by any unauthorized personnel. Unlike paper records, which can be read by practically anyone, encrypted data files require a specific code key to read them, rendering the data useless to most thieves and keeping your patient’s health information out of harm’s way.
EHRs also strengthen the physician/patient relationship. By speeding up clinical encounters, enabling online messaging, and allowing patients to take control of their own health, EHRs help patients feel more satisfied.
And of course, EHRs have the potential to generate profits. Putting aside government incentives for Meaningful Use adoption, EHRs also boost revenue by allowing doctors to get better reimbursements from their claims.
Out With Old, In With The New EHR
According to a Black Book Rankings report, 17% of physician practices are considering switching EHR vendors by the end of this year. This means that out of 17,000 active EHR users surveyed, one in six wants to exchange their first-choice EHR. These findings parallel those discovered in the PPI.
The majority of EHR skeptics say current systems don’t meet their needs because vendors don’t admit whether their software is prepared to handle specific specialties. Each specialty brings a distinctive set of challenges to the table, and as a result, they demand different software functionality.
Now, many CIOs are calling for EHRs that are powerful, easy to use, customizable, and aesthetically pleasing. The key, they say, is finding software that accelerates encounters, so doctors spend less time-fighting technology and more time treating patients.
Is Your Practice Management Software In The Cloud?
Cloud computing has become a ubiquitous part of our lives – email services, music sharing, and banking technology included. So it’s about time the cloud emerges as a reliable source of infrastructure in the health care industry.
Providers that have replaced client-server solutions with cloud-based options have shown significant savings in administrative costs. Since cloud-based solutions don’t require hardware or in-house IT to maintain, practices have been able to allocate funds to more profitable investments like stronger marketing initiatives or hiring new kinds of providers.
A PM solution that automatically updates itself, a feature almost all cloud-based software offers, will be important during the upcoming ICD-10 transition. These systems stay as current as possible with the changing reimbursement requirements related to government mandates. This ensures you’ll send out the best quality claims, even after the transition to ICD-10.
There’s no denying a shift towards more information technology at the practice level. The PPI reflects that 20% of US physician practices will implement a new EHR in the next year, leaving the US inches away from total adoption.
It’s apparent that 2013 is the year for operational-level tech improvements at the practice level. Don’t waste the 2nd half!
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