Boost Profitability Through Meaningful Use
Did you know there's a facet to Meaningful Use software that equates to larger office profits? These funds don't come from the federal government though. It's rewards thanks to the functionality of the product itself.
A study by the Medical Group Management Association (MGMA) found that offices using e-prescribing saw a time saving of approximately 337 hours, which translated into $15,769 per year for each full time equivalent (FTE) physician. That means a practice with three physicians could be saving around $48K simply from e-prescribing.
Not only does e-prescribing offer benefits, like greater patient safety by minimizing errors or drug interactions, it also helps physicians earn more each year. That's money that can be put back into their practice to invest in other patient safety enhancements. Plus, by saving man-hours, doctors have more time to focus on patient care and patient interaction.
Now that's not to say that the federal incentive/mandate program isn't helpful. As of this moment, the current benefit for Medicaid-eligible professionals is just over $21K for the first year of Meaningful Use. For years two through six, the benefit is set to $8,500 per year. However, when all totaled the Meaningful Use benefit could be nearly $64K per doctor. Medicare providers might see $44,000 total in incentive money for that same time period (1-6 years). Keep in mind though; these figures may change depending on Washington budget cuts to be made in Fall 2011.
Regardless, it's important to note that e-prescribing can boost your profitability and patient safety, no matter what happens at the federal level. So, for any doctors who think e-prescribing isn't worth the time, trouble or money, the numbers speak for themselves.