How to Increase Revenue of Podiatry Practice after Implementing EMR?

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EMR implementation can be challenging, but if done correctly it can yield an 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 revenue podiatry practice 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 to 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 own code. Some software programs recommend coding based on the service documented in the EMR. Medical Economics magazine has estimated that doctors who frequently down code 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 comes 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.