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Health IT offers many opportunities for return on investment

EHR Connection, September 15, 2008

Experts say healthcare providers and health information exchanges can demonstrate a return on investment for health information technology (IT) in many ways, Government Health IT reported August 27. Strategies include the following: 
  • Seek discounts on medical malpractice insurance. Some insurers offer lower premiums to users of systems approved by the Certification Commission for Healthcare IT.
  • Take advantage of savings in storage space for paper records can be substantial over time.
  • Research plans that offer physicians incentives to use and share electronic medical records.
  • Consider hiring a specialist to research sources of possible funding, such as government grants.
  • Inquire about health IT projects that major insurers in your state are funding or planning to fund.
  • Take advantage of the federal law exemption that allows hospitals to provide physicians EMR systems.
  • Invite major employers in your area to support the exchange of medical information.
  • Expect fewer telephone calls requesting routine information, fewer lost records, and less time spent entering and coding encounter notes once users have customized the system to fit their needs and gain proficiency.
  • Expect increased income for physicians as the result of better documentation of services they provide; cash flow will improve because bills will go out sooner.
  • Begin with a manageable and affordable project, such as e-prescribing and add other functions later as time, budget, and participants’ interest permit.
  • Consider a for-profit model; in some communities, it’s the most feasible approach.
  • Be cognizant of changes in the legal and regulatory environment that can enhance your chance of success. 
Click here to read the Government Health IT article.

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