Deciding if your ASC should upgrade to electronic medical records (EMR) or stick with paper is like choosing between keeping an old, reliable car or investing in a new one with the latest technology. Sure, the old car gets you from point A to point B. But the new car promises better mileage, safety features, and a smoother ride overall.
It can feel overwhelming to think about going digital with what the initial investment will be. However, choosing an ASC EMR can help ensure your ASC operates as efficiently as a new car with the latest technology and be a more profitable decision for your center. An EMR system can enable you to give better care to your patients and make work easier for your staff. Let’s explore a few ways of how making this investment now might be crucial to driving your center’s profitability in the long run.
Attracting Top Talent Equals Financial Stability
Most new clinicians are trained on EMR systems. Making it more than just a preference. It’s an expectation. If your ASC is clinging to paper, it will seem out-of-date. Potentially turning away top clinicians. This talent drain can directly lead to profitability issues, causing staffing shortages, and lowering operational efficiency and the quality of patient care. When operations slow down, your center sees fewer patients. When care quality drops, patient satisfaction and loyalty can plummet. Both scenarios directly affect revenue. You can enhance operational workflows by combining skilled staff with ASC EMR technology. This will help give your ASC secure a competitive edge in a market challenged by staffing shortages. Effectively boosting your center’s financial performance and increasing patient and staff satisfaction.
Reducing Fines
Adopting an EMR system significantly enhances the safety and accuracy of patient data. Unlike paper records, which are more susceptible to breaches of confidentiality and unauthorized access, EMRs provide an encrypted, access-controlled environment. This can drastically lower the risk of HIPAA violations. Such violations may cause:
- Financial fines
- Potential legal costs
- Increased insurance premiums
- Damage to the ASC’s reputation, resulting in a loss of patient trust and decreased patient volume.
According to The HIPAA Journal, civil monetary fines for HIPAA violations can range from $137 to $68,928 per violation.
Having a secure system is critical to reducing fines for your ASC. Powerful security measures within EMRs typically include secure access controls, encryption, and audit trails.
Timesaving EMR Features That Drive Financial Success
ASC EMRs can offer many functionalities that paper simply can’t. Features like concurrent charting, electronic prescription, the automatic identification of incomplete charts to drive 100% chart completion, and direct eSignature. These are just a few critical features only available with digital charting. Making your ASC more agile and profitable. According to the Hobson & Company study, Driving ROI, The Business Case for a Proven Electronic Charting Solution for ASCs, this is what a Director of Nursing had to say about their switch to electronic charting with HST, “We went from needing at least 30 minutes per chart for chart prep down to an average of 5 minutes per chart, an 85% time savings.”
By reducing time spent on more laborious tasks, like those that come with paper charting, your staff can focus more on patient care and increase the number of daily procedures. By allowing for a greater volume of patients to be seen efficiently, EMRs can directly contribute to increasing your center’s earnings. Making the investment in technology essential for growth.
Savings from Paper Storage and Shredding Reduction
Adopting an EMR does more than make your ASC run smoother. It cuts down on costs for paper, storage, and shredding.
The Hobson & Company study, documented a Director of Nursing’s experience with offsite storage cost savings after adopting HST eChart, “We went from needing an average of 35 paper pages per chart down to 10, and also saved at least $15/day that used to be spent to retrieve charts from offsite storage.”
With electronic charting, you no longer have to pay a company to come in and shred all those confidential papers. All this saving adds up. Making your center more valuable.
Building Your Lifetime Patient Value
When a patient observes your staff charting with an EMR, it instills a sense of security and surpasses the outdated perception of paper charting. This modern approach enhances their trust in your care and can significantly increase the lifetime value of each patient for your center. As a result, they will be more likely to return for future procedures and recommend your ASC to others.
Investing in an EMR transcends mere technological advancement. It’s an investment in building patient trust and, as a result, your center’s long-term profitability.
The Investment You Can’t Afford to Skip
So, is the cost of an EMR worth it for your ASC? Absolutely, EMRs don’t just pay for themselves. They set the stage for sustained financial growth. It’s about more than just keeping up with the times. It’s about setting your ASC up for increased profitability today and in the future.
Also, should you ever decide to sell your ASC, a fully modernized center can be much more attractive to prospective buyers. This will allow you to sell for a higher price and make a substantial profit. Also, your current bottom line will reflect the immediate benefit of more efficiency and an increase in patient volume. Offering you the means to reinvest in your center or reward your staff.
If you’re interested in learning more about EMRs specifically designed for ASCs by clinicians, check out HST eChart.
HST eChart is the first ASC EMR to allow concurrent charting at all times so centers can improve patient safety, save time, and accelerate speed to revenue. Plus, with HST eChart you can easily integrate with HST’s surgery center management software, HST Practice Management. And it’s HIPAA compliant, so you can rest assured its extremely secure with access restricted by specific permissions and an audit log created for every entry with a user, date, and time stamp.
Start achieving proactive operations with HST eChart.
According to the Hobson & Company study, clients reported that HST eChart successfully met their needs, providing tangible outcomes and a significant ROI.
Customers interviewed reported a:
- 50% reduction in time spent on chart prep
- 30% reduction in time spent on chart close-out
- 60% reduction in clinician time spent on charting
- 50% reduction in time spent recording supplies used / inventory depletion
- 50% reduction in time spent on chart audits
- 80% reduction in time spent on CMS report submissions
- 75% reduction in paper chart supply costs, and in chart storage, shredding, and other costs
“Based on this analysis, a sample ASC with: 100 cases/week; spending 20 minutes per case on chart prep and 10 minutes by clinicians on charting; and monthly costs of $1,600 for paper, folders, labels, and other charting costs, would see positive cash flows from using HST eChart in 3.8 months, and generate an ROI of 301% and a total value of $534K in three years.” (Hobson & Company, Driving ROI. The Business Case for a Proven Electronic Charting Solution for ASCs. 2023).
Surgery Centers Can’t Get Enough of HST eChart
“I really like HST eChart. The decline in the number of charts we have to audit is unimaginable. It’s a never-ending battle with chart audits and we’ve eliminated it 100%. Nobody leaves without a signature.” Michael Tassos, Administrator, Pegasus Surgery Center
“When we were on paper charts, it was a nightmare on so many levels. It took many hours and was very time-consuming. Lots of hands, lots of time, people staying late. Especially with prep of the charts.” Cathy McCue, Administrator, UroPartners
“We like the flexibility point of HST eChart where we can make it look like our chart. It wasn’t that big of a jump for our nursing staff and doctors because it flows the way we want it to, and if it doesn’t, we can change it ourselves. We were the only ones still on paper… so it was an absolute no-brainer to switch to HST eChart.” Jennifer Myers, Business Administrator, Pacific Surgical Center
With HST eChart, the long-term gain for your center and revenue potential is undeniable. Get real-time access to patient data. Spend less time charting. Use your existing staff more effectively with tablet-optimized charting. And take your ASC to the next level of productivity. Click here to learn more about HST eChart.
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