According to a report released this week by the Medical Group Management Association (MGMA), medical practices that use electronic health record (EHR) systems earn substantially more revenue than those practices that use paper-based record systems. The report surveyed 1,324 primary care and specialty practice members of MGMA in 2009. To read the full report titled, “Electronic Health Records Impacts on Revenue, Costs, and Staffing: 2010 Report Based on 2009 Data” please click here.
The Time Is NOW
With HITECH Medicare Stimulus payments scheduled to begin in 2011, there has never been a better time to implement an EHR system. The MGMA report found that independent physician practices with EHR systems had an average of $49,916 more total revenue after operating costs per full-time physician when compared to paper-based physician practices. Since the MGMA report examined 2009 data, the Medicare incentive payments were not taken into consideration. These stimulus payments can total up to $44,000 over the next five years including up to $18,000 in 2011 alone.
Independent physician practices who are EHR users of five years reported a median operating margin that was 10.1% higher than physician practices in their first year of EHR use. While initial start-up costs are highest in the first year of implementation, medical record and transcription costs will decrease over the next few years after an EHR implementation. Remember that the HITECH stimulus payments will be paid out when the initial start-up costs are at their peak.
The GroupOne Advantage
Because GroupOne Health Source is an everyday user of the award-winning eClinicalWorks EHR system, it is the perfect company to help your practice make the transition to an electronic health records system. To schedule a Free Demo, click here or visit www.grouponehealthsource.com for more information on all of our services including billing, transcription, and consulting.