As a growing number of care facilities are implementing electronic medical record systems, many are finding that the devices are doing more than allowing providers easy access to patient records: the technology has led to many facilities experiencing lower operating costs.
As patient history, test orders and other medical documentation is transferred to the digital realm, the increased efficiency is allowing hospitals to see more patients per hour, increasing revenue and improving patient satisfaction through lower wait times.
According to a U.S. News & World Report, four out of every 10 hospitals in the country are now equipped with electronic medical records. While these systems generally require a considerable initial investment, over time, the increased efficiency and lower overhead costs that result from no longer storing, filing and pulling paper records make the technology a worthwhile investment.
While electronic medical records are an important addition, there are many other hospital processes that can result in cost savings when transferred to a digital solution. Hospital's tax preparation documents, accounting documents, and any regulatory compliance paperwork can not be submitted digitally.
Because data theft and software breaches are popular headline fodder, many in the industry are skeptical to make the switch to digital solutions. However, paper records carry their own risk: fire and water damage, loss of documents or even theft are serious concerns.
If your facility is currently experiencing issues with cash flow management, switching to a digital solution could be beneficial. However, the decision to pursue accounts receivable outsourcing can provide much more immediate relief. Outsourcing medical receivables can result in a a sharp reduction in losses due to missed filing and appeal deadlines, as well as fewer dollars released to bad debt.