Cost of Electronic Medical Records: $120,000 per physician.
January 7th, 2011A new study out by CDW outlines the estimated costs a physician medical practice will incur to fully adopt EMR (Electronic Medical Records) into their practice. Some of these costs include EMR hardware, EMR software and electronic medical records training for staff. The summary of the study does a good job of breaking out the costs, benefits and obstacles of electronic medical record adoption. As with any technology initiative the faster you can implement the EMR system the sooner you can start earning a return on your investment.
Factoring medical claims can help a physician medical practice implement electronic medical records in several ways. The cash it frees up can be used to quickly cover the costs to purchase, implement and train employees on the EMR system. Our medical claims factoring system and be married to the EMR system from the beginning so the increase in physician billing can be directly translated into cash advances on the increase claims the practice is now able to generate. A third benefit of factoring medical claims to further electronic medical record implementation is that it can free up the practice management to focus most of their time on the project while we do the medical billing, claims scrubbing, claims submission and follow up on any rejected claims. When used properly medical claims factoring can greatly ease the transition or upgrade to EMRs.