HealthLeaders magazine (December 2013) reports that 56% of Healthcare Executives anticipate their organizations achieving total cost reductions of 6% or more over the next three years. The HealthLeaders magazine survey also pointed to improved labor and supply-chain efficiencies as significant opportunities for cost savings.
Learn more at: Intelligence Report: Cost-Containment Expertise
In a web posting at Hospital EHR & EMR , an unverified tweet within the HIT industry finds that, “Only 40% of hospital CIO’s measure the ROI of their EMR Implementation“. Although there are many ways to calculate an ROI, none are perfect, but still a critical measurement to determine the effectiveness of your HIT investment. By following through on this ROI measurement, you can hold your organization and your IT vendor accountable for financial ROI results.
Read more: Only 40% of Hospital CIO’s Measure ROI on their EMR Implementation
A recent University of Michigan study, as reported by Nicole Casal Moore, found that:
“Use of electronic health records can reduce the costs of outpatient care by roughly 3 percent, compared to relying on traditional paper records”
The study is based on 179,000 patients, comparing the healthcare costs across three Massachusetts communities that widely adopted electronic health records against six communities that did not.
Read more at: Electronic Records slow the rise of healthcare costs
In her January 30, 2013 article “What will drive HIE growth? Business value for provider” in Government Health IT (www.govhealthit.com), Mary Mosquera discusses how HIEs can generate financial benefits for participating organizations.
“Farzad Mostashari, MD, the national health IT coordinator, noted that Camden Coalition’s director, Sandy Selzer, described how the Camden, N.J., health information exchange (HIE) has managed a sustainable return on investment because their costs are low, and they have found a way to add value, through simple ADT (admissions/discharge/transfer) transactions messages, with their existing business relationships within that community.”
Read the entire article: What will drive HIE growth? Business value for providers
Most hospitals are not adequately identifying and tracking the ROI of their EHR , yet it is a critical step in realizing the financial value of this enormous investment.
In this informative article from FierceEMR, Susan D. Hall relays that:
Healthcare executives aren’t happy with their organizations’ efforts to determine return on investment (ROI) of electronic health records systems and say the process should have started earlier, according to a new report from Beacon Partners.
In her insightful article for HealthLeaders Media on October 29, 2012.
Karen Minich-Pourshadi clearly portrays how electronic physician documentation can generate significant financial benefits and help generate a favorable ROI for your EHR.
As a healthcare organization moves from fee-for-service reimbursement to population health–based care, it must accurately define how sick its population is—not only to take good care of these individuals but also to be reimbursed correctly. If clinicians undervalue the population through the clinical documentation, then the government and payers will follow suit, and that can cost a hospital or health system millions.
Borgess Health, a health system based in Kalamazoo, Mich., was able to uncover more than $6 million in reimbursement by getting physicians to improve their documentation. Chances are that for your organization, it’s as simple—and complicated—as that.
Anthony Oliva, DO, CMO at Borgess Health, is no stranger to clinical documentation improvement. In 2004 he was vice president of medical affairs at Bayhealth Medical Center in Dover, Del., where the organization refocused its documentation process by taking a clinical perspective rather than concentrating on primary coding.
Bayhealth added a clinical documentation management program from J.A. Thomas to help get to the heart of assessing and reporting severity of illness (SOI) and expected versus observed mortality rates, to more accurately determine hospital and physician performance. So when Oliva arrived at Borgess Health, it was only natural that he looked at clinical documentation.