What Physicians and Medical Facilities Need to Know
Studies show, the more a facility decreases their transcription costs with an EMR, the more their revenue is reduced. EMR vendors claim the revenue will come back after 6 or 8 months. In these tough economical times, can your office, clinic, hospital afford to lose thousands in revenue with the "assumption" it will return at some point?
How we know revenue will decrease:
Right now, EMR documentation by a physician takes an average of 4.5 minutes PER patient versus only 1.5 minutes for dictation of the encounter. If a physician sees 20 patients per day, that's at least 60 minutes of lost time (3 x 20) 60 minutes lost time.
If we calculate this out that translates to
- 300 minutes a week
- 1200 minutes per month
- 9600 minutes for 8 months
Now, let's take a different look. Let's figure out how many patients' appointments physicians are giving up to "eliminate transcription" by documenting patient encounters themselves via an EMR (based on a 15-minute visit):
Based on the above calculations, physicians are losing:
- 20 appointments per day
- 80 appointments per month
- 640 appointments for 8 months
What's the solution? So glad you asked.
- Doctors will either see less patients (reduced revenue)
- OR work longer hours (as if they don't work enough hours)
What Just My Type Transcription wants to see happen:
Physicians are more expensive than transcriptionists. So, we say see patients instead, and as technology evolves, transcription costs will reduce. This way, revenue will not drop off while during EMR/EHR implementation.
Just My Type Transcription offers our clients many different ways to cut transcription costs while continuing to dictate as this is the quickest and most accurate means to documenting patient encounters.
Contact us us today for a free, no-obligation demo to see how your facility can save on transcription while implementing an EMR.
