Podiatric physicians are embracing electronic medical records (EMR) due to its rapid growth in usage and the technological advances that the growing practice calls for. With EMR software that are tailor-made for managing podiatry billing, physicians are looking at cost-effective and revenue-maximizing solutions for their practice. To efficiently operate their practice and provide exceptional patient care, podiatrists need reliable, easy-to-use EMR software.
EMR implementation can be challenging, but if done correctly it can yield increase in revenue. The initial investment then becomes affordable and the long-term results become quite compelling.
Post EMR implementation, an evaluation should be carried out to guarantee that the practice is functioning effectively to ensure staff and patient satisfaction. Some of the benefits of implementing EMR and how it can be leveraged to further increase the practice revenue are discussed here.
1. Facilitates Growth in Govt. Claims Reimbursements
Government payers require meticulous documentation of all the routine checks of a patient, which is time consuming. However, since Medicare requires documentation for everything billed, practitioners only bill for those items that have documented records. Due to this, doctors are deprived of about 15% of their reimbursements annually.
2. Reduces Malpractice insurance premiums
Improved documentation, audit trails, and accuracy helps reduce medical billing errors, and may also increase the chances of physicians receiving discounts from insurers. An EMR system reduces costs related with poor documentation which could have resulted in higher malpractice premiums.
3. EMR can Maximize Revenue
Physicians can increase their revenue if they code appropriately and do not downcode. Some software programs recommend coding based on the service documented in the EMR. Medical Economics magazine has estimated that doctors who frequently downcode to avoid audits, lose an average of $40,000 per year.
4. Health Maintenance Reminders
EMR systems set reminders for overdue appointments. This enables physicians to remind their valued patients of timely check-ups and extend quality patient care. It also boosts their service volume and revenue in turn.
5. EMR Decreases Admin Costs
Switching to EMR minimizes storage space, allowing a possibility for another consultation room. Office supply expenses such as purchasing, copying, storing or destroying paper charts are also eliminated. EMR software come with prebuilt templates that let you document patient complaints quickly.
EMR eliminates transcription costs, thereby eliminating hiring or paying transcribers and medical records clerks. Instead of cutting labor costs, a better alternative would be to hire an assistant who will help you cater to more patients and increase your practice’s efficiency.
6. Saves Time & Boosts Efficiency
Due to EMR the staff and doctors spend less time locating files or charts. It also allows simultaneous access to more than one person which saves time. If the EMRs are integrated with the billing system, it significantly helps to reduce data entry work and also maintain accuracy. Prescriptions can be directly sent to the pharmacy before you’ve even left the patient.
MedicalBillersandCoders.com consistently delivers cost minimizing and revenue maximizing solutions to varied podiatric services. MBC professionals carefully upgrade the competencies that ensure efficiently executed podiatric medical billing solutions. Their billers are equipped with the demands of ICD-10 coding and HIPAA 5010 medical reporting compliance. MBC constantly provides a proactive outlook for opportunities and challenges in podiatry billing management.