One of the newest challenges facing healthcare providers from hospitals to privately practicing physicians is EHR, or the requirement to implement electronic health records. According to a recent survey by an IT solutions firm, the average doctor who works in a small group practice will need more than $100,000 to implement a system that complies with all applicable regulations. In most cases, of course, the group practice will furnish these funds, but regardless of who is responsible for payment, the financial impact will have serious consequences for the bottom line of healthcare provider organizations and their contracted employees. The total costs of such systems include not just hardware and software, but also infrastructure considerations such as adequate internet access and possible upgrades to existing networks and servers used by the practice.
Losses Turn to Gains with Time
Although an EHR system does carry with it significant initial costs, it will also create a return on investment that industry experts estimate at 15% of the annual revenue of a practice. This means that even when factoring in ongoing costs, the implementation of such a system is a net fiscal benefit in the end.
Maximizing Return on Investment
The surest way for a healthcare provider to maximize return on an EHR investment is to establish the system through an outsourcing strategy such as project work. This strategy means that the provider will be working with an expert in the EHR field who understands the most efficient and cost-effective ways to meet the EHR mandate.