Why Implementing a Fully-Integrated System is a Smart Financial Decision for a Practice
Healthcare technology - electronic medical record (EMR) systems specifically - are no longer the new kids on the block with approximately 90 percent of office-based physicians using an EMR in their practice.
The ultimate aim of healthcare technology is to make practices more efficient and empower their providers to deliver the best care to their patients. In addition to EMRs, technologies like practice management (PM) software and revenue cycle management (RCM) solutions are also designed to accomplish similar goals. Therefore, many practices set out to implement all three for their business.
Unfortunately, the result is typically three separate systems all trying to work together. Three different systems with three different vendors doesn't sound easy - and it isn't. On the surface, it seems as if the practice would be more efficient in this situation, but what often occurs is the practice experiencing major slow downs since the systems are inherently designed to work with one another.
As such, a fully-integrated system (all three functions in a single software) is the clear solution to this common issue. In addition to a variety of benefits, implementing a fully-integrated system also is a financially sound decision for any medical practice for two reasons:
Save money for practices
According to a recent study conducted by the West Health Institute, greater medical interoperability through increased usage of fully-integrated systems and device interoperability will result in approximately $30 billion in savings for health care costs.
Everyone has heard the saying "time is money." When evaluating medical software, it's typically not a short process, depending on the number of options being evaluated. If a practice is purchasing three separate systems, that means three separate evaluation processes and triple the amount of time before the practice is able to have all of its pertinent workflows automated or electronic.
When evaluating a fully-integrated system, however, those important workflows (clinical, administrative and billing) are all handled simultaneously and the practice is able to experience the benefits of the system in the entire practice much quicker.
Implementing fully-integrated technology means less ramp-up time and a quicker road to optimizing and streamlining all of practice's important workflows.
Increase money brought into the practice
Not only does healthcare technology adoption help practices obtain financial incentives from the government, but it also helps maximize reimbursements and bring more money into the practice overall.
The reimbursement process, in particular, is simplified through a fully-integrated system because practices are able to:
Significantly reduce time spent on billing
Submit accurate claims
Generate charges at the time of the charting
As a result, submitting claims and posting payments are performed at the click of a button. Because claims are accurate and submitted quickly, practices are better positioned to receive their reimbursements in a timely fashion and significantly reduce the amount of missed reimbursements due to errors, all of which help to increase practice revenue.
Curious about implementing a fully-integrated system into your practice? Schedule a demo with InSync by clicking here.