Leveraging electronic health records to increase revenue
For healthcare practitioners working physical therapist jobs at smaller practices, staying afloat with a smaller operating budget in the face of rising overhead costs can be challenging. With the recent advent of electronic health record (EHR), doctors willing to adopt this relatively new practice can leverage this system carefully and creatively to significantly help out their bottom line.
"[EHR has been] long considered to be that unfortunate cost center that doctors have had to grin and bear, or try to avoid completely," Steven Ferguson, the patient management officer at Hello Health, told Healthcare IT News. "But what if we changed that paradigm? What if we turned a cost center into a revenue center?"
One of the potential sources of revenue from a leveraged EHR system stems from involving the patients in the administrative side of the healthcare cycle. Patients often don't have access to their own medical and billing records. These people would be willing to incur a small charge if they were allowed to access their records, creating a new revenue stream.
Another creative way to leverage EHR in a way that both saves time and creates revenue is to virtually schedule pharmaceutical lunches and meetings virtually. Instead of allowing inefficient, in-person visits, representatives could schedule short video sessions after paying for access to the secure records system.
Finally, according to EHR Insights, simply lowering costs and increasing efficiency could be a major boon to revenue. Overhead and overtime costs will be cut from staff members across the board, allowing physicians to reinvest into their business. By hiring additional doctors, improving facilities and increasing marketing efforts, these small practices could substantially drive up patient volume and revenue.
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