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How quickly can you earn a Return on
Investment on DoctorsPartner EMR/PM?
There are several components to calculating the return on
investment (ROI) on the software.? There is both a revenue side, allowing you to
capture charges accurately, code correctly and reducing rejections, as well as
the expense side with numerous cost cutting opportunities.? In addition to firm
numbers there are many intangibles that result in net savings also.?
Based on a very modest 2%-5% reduction in direct costs and improvement
in efficiency, DoctorsPartner has an annual
ROI of less than 3 months!
Please review the table below for detailed projections.
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| |
| Sample Case |
Prior to Implementation |
After
Implementation |
Savings/Net Increase |
| Internal Medicine Practice
1 Doctor, 3 staff members, 20 patient visits per day. |
|
|
|
| Revenues |
|
|
|
| --Annual Billing |
$250,000 |
$255,000* |
|
| --Annual Collections(77% of billing) |
$192,500 |
$201,450* |
$8,950 |
| Expenses |
|
|
|
| --Physician Salary |
$120,000 |
$120,000 |
|
| --Physician Benefits |
$12,000 |
$12,000 |
|
| --Employee Compensation |
$72,800 |
$69,160* |
$3,640 |
| --Employee Benefits |
$7,280 |
$6,916 |
$364 |
| Transcription Expenses |
$4,800 |
$2,400 |
$2,400 |
| Appointment
Confirmation (time saving using Call&Confirm Software) |
$4,000 |
$0 |
$4,000 |
| Office Supplies
(Folders,Paper etc) |
$2,100 |
$1,000 |
$1,100 |
| Savings/Additional Income |
|
|
$20,454 |
| Based on
these very conservative estimates, it is obvious that the annual cost of
DoctorsPartner can be recovered in less than 3 months! Of
course, greater savings or revenue enhancements will actually shorten the
ROI cycle allowing you to recoup your investment even faster! |
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* Assuming a very modest 2% increase in efficiency
Employees -
--Front Desk @ 9.00 per hour
--LPN @ 11.00 per hour
--Billing @ 15.00 per hour
Total Compensation
$72,800
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+Time savings in chart pulling, reduced rejection rates, prescription
confirmation etc. estimated at 5% - reducing Overtime and excess hours worked. |
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