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Electronic Medical Record

Return on Investment Calculation

EMR and ROI Electronic Medical Record: Return on Investment


Electronic Medical Record

Return on Investment Calculation

„Medicine and especially ophthalmology, like any business, is becoming more competitive and eye care professionals are being asked to increase efficiency and productivity. With current technology, computer can´t replace doctors, but they can replace the clerical help we rely on to move and maintain our medical records.“ James Bolling, M.D. Jacksonville, Florida, USA, retina specialist at Mayo Clinic Jacksonville, user of the ifa EMR since 1994. Article published by OPHTHALMOLOGY MANAGEMENT.


Electronic Medical Record

Return on Investment Calculation ROI calculation • The following ROI calculation is based on “real world“ data and documents the EMR benefits in the area of – Reduced Costs – Increased Efficiency

• Bottom line: A professional EMR project can pay off investment after 6-8 months


Electronic Medical Record

Return on Investment Calculation Cost Saving: Administratively Chart Handling Data Patients per day

1 MD

5 MDs

10 MDs

50

250

500

Time for chart handling (5 min.)

250 min

1,250 min.

2,500 min.

Time per week (5 days)

21 hours

105 hours

210 hours

Weekly savings ($ 17.50 / hours)

367.50 $

1,837.50 $

3,675.00 $


Electronic Medical Record

Return on Investment Calculation Cost saving: Dictation and Correction Data

1 MD

5 MDs

10 MDs

15

75

150

Time per letter minimum 3 min.

45 min.

225 min.

450 min.

Time per week (4 days)

3 hours

15 hours

30 hours

Weekly savings ($ 93.00 / hours)

279.00 $

1,395.00 $

2,790.00 $

Letters dictated per day


Electronic Medical Record

Return on Investment Calculation Cost saving: Transcription Data Letters transcribed per week

Weekly savings ($ 4.00 per letter)

1 MD

5 MDs

10 MDs

40

200

400

160.00 $

800.00 $

1,600.00 $


Electronic Medical Record

Return on Investment Calculation Cost saving: Total Data

1 MD

5 MDs

10 MDs

Administrativly Chart Handling

$ 367.50

$ 1,837.50

$ 3,675.00

Dictation and Correction

$ 279.00

$ 1,395.00

$ 2,790.00

Transcription

$ 160.00

$ 800.00

$ 1,600.00

Total weekly savings

$ 806.50

$ 4,032.50

$ 8,065.00


Electronic Medical Record

Return on Investment Calculation Increasing Efficiency: Automated Instruments (Connectivity) Data Patients per day Pre-Screening time (7-8 min. / patient) Saved with computers (1 – 1.4 min / patient) Total time saved in pre-screening area per week (5 days)

1 MD

5 MDs

10 MDs

50

250

500

350-450 min.

1,750 -2,250

3,500 – 4,500

50-70 min.

250 – 350

500 - 700

350 min.

1,750 min.

3,500 min.


Electronic Medical Record

Return on Investment Calculation Increasing Efficiency: Documentation and Data Entry Data Patients per day Record documentation time (2-3 min./ patient) Saved with computers (0.8-1.2 min./ patients) Total time saved in exam lane per week (5 days)

1 MD

5 MDs

10 MDs

50

250

500

100-150 min.

500-700 min.

1.000 – 1.500 min.

40-60 min.

200-300 min.

400-600 min.

300 min.

1,500 min.

3,000 min.


Electronic Medical Record

Return on Investment Calculation Additional income weekly Data

1 MD

5 MDs

10 MDs

Saved in pre-screening area

350 min.

1,750 min.

3,500 min.

Saved in exam lane

300 min.

1,500 min.

3,000 min.

Saved total per week

650 min.

3,250 min.

6,500 min.

New patients that can be seen (15 min / exam)

40

Additional weekly revenue ($ 30.00 per exam minimum

$ 1,200.00

200 $ 6,000.00

400 $ 12,000.00


Electronic Medical Record

Return on Investment Calculation How EMR pays for itself: Data Total savings per week

1 MD

5 MDs

10 MDs

$ 806.50

$ 4,032.50

$ 8,065.00

Total additional revenue

$ 1,200.00

$ 6,000.00

$ 12,000.00

Total benefits

$ 2,006.50

$ 10,032.50

$ 20,065.00

$ 212.50

$ 1,062.50

$ 2,125.00

$ 60.00

$ 300.00

$ 600.00

Ongoing support

$ 187.50

$ 937.50

$ 1,875.00

Total costs per week

$ 460.00

$ 2,300.00

$ 4,600.00

Benefit per week

$ 1,546.50

$ 7,732.50

$ 15,465.00

Benefit per month (4 weeks)

$ 6,186.00

$ 30,930.00

$ 61,860.00

$ 74,232.00

$ 371,160.00

$ 742,320.00

EMR investment per week Initial services (training etc.)

Benefit per year (48 weeks)


Electronic Medical Record

Return on Investment Calculation EMR-Return on Investment per Patient Case International Eye Institutes Investment/ Expenses

Europe EUR

USA USD

Your Calculation Best

EMR (1)

0.63 €

$0.85

Services initial (2)

0.18 €

$0.24

Ongoing Support (3)

0.55 €

$0.75

Total Costs

1.36 €

$1.84

Cost Saving Charts

2.39 €

$3.22

Increase Efficiency

3.55 €

$4.80

Total Benefit per Pat.

4.58 €

$6.18

worst


Electronic Medical Record

Return on Investment Calculation

„The translation from paper to computerized patient records can be painful at times, but switching to an electronic medical record system may mean staying competitive in the future. It´s a choice only you can make.“ James Bolling, M.D. Jacksonville, Florida, USA, retina specialist at Mayo Clinic Jacksonville user of the ifa EMR since 1994. Article published by OPHTHALMOLOGY MANAGEMENT.


Electronic Medical Record

Return on Investment Calculation

For the complete article “EMR Return on investment“ and further information please visit: www.ifasystems.com

ifa EMR ROI Cost Saving  

ifa EMR ROI Cost Saving