How Much Will It Cost to implement a Top EMR in 2020?

1. How Much Will It Cost to implement a Top EMR in 2020?

2. Introduction In this slide, we will explore whether the investment is worth the cost involved in implementing EHR software in 2020. We’ll cover: • Justifying the cost of implementing a Top EMR • How much will a top EMR Software cost? • What main factors affect EMR cost? • Is it Worth the Investment? www.softwarefinder.com 02

3. Justifying the cost of implementing a Top EMR A significant obstacle faced by healthcare organizations during EHR selection is whether the investment is justifiable, especially if it’s a new practice with low patient volume or one that has already spent a significant amount of time and money with the wrong EHR company. Here are some key benefits: • Easier access to patient information • Fewer documentation errors through charting and recording www.softwarefinder.com 03

4. How Much Will EMR by top EHR Companies Cost? • If you so choose, you have the option of using a low cost or even free EMR. Most low-cost EMRs cost between $80 to $100 per provider per month. These EMR software companies, however, do not provide any customization or training to their users. • If, however, you decide to pay and opt for a traditional on-premise EMR solution, you should expect to spend between $1,500 and $5,000 on Software licensing. www.softwarefinder.com 04

5. What Main Factors affect EMR Cost? Pricing Models As you may already know, different vendors use different pricing models to price their EMR software. You must choose emr software companies whose pricing model fits your practice financial situation. Here is what to expect from different vendors. www.softwarefinder.com 05

6. Subscription Pricing • Medical practices have to pay a one-time upfront cost that usually ranges between $1500 to $5000 for a small practice, followed by a monthly fee that can be anywhere between $200- $700 per month per provider. • Though these vendors do not charge separately for users such as the front desk or your billing staff, they will consider staff that bills under their NPI as a provider, thus liable to pay the monthly fee. • The cost of part-time providers is also different and usually lower than that of a full-time provider. www.softwarefinder.com 06

7. Pay Per Visit Based Pricing • It is a relatively less popular pricing model offered by either small players in the EMR market or by bigger EMR players specifically to practices with low patient volume. • You only have to pay based on the number of patient encounters or, in short, the usage of the system rather than a fixed monthly cost. • The cost per visit can range from anywhere between $.50 to $1.5 per visit. It will cover the maintenance, support, and usage cost. www.softwarefinder.com 07

8. EMR Deployment Types On-Premise • Purchasing EHR software on-premise allows you to host it on your servers. • You’ll need a perpetual software license, which is usually accompanied by a high upfront fee ranging from between $1,200 and $500,000 or more. • The provision also needs to be made for initial purchasing of hardware such as servers and ongoing premium support, for example, expanded telephone support hours. www.softwarefinder.com 08

9. Cloud-Based • It is usually the cheaper option. Buying EHR software via a cloud-based deployment means your data will be stored remotely on your vendor’s servers, allowing you access through the internet. • It requires an annual or monthly subscription license. A monthly subscription fee is generally charged per provider or user. It can be from as little as $200 to as much as $35,000. • The latter is what more major healthcare organizations can expect to pay, in addition to premium support such as extended phone support hours. www.softwarefinder.com 09

10. Installation Cost • Remember, whether you opt for on-premise or cloud-based deployment, you’ll still need to invest in your local network hardware. • Consider desktop computers, iPads or tablets, printers, scanners, and other devices you might require. • You’ll be using the expertise of qualified technicians to install such systems, and this does directly influence the software’s cost. www.softwarefinder.com 10

11. Staff Training Cost • The majority of medical practices can spend at least $20,000 on EMR software staff training costs. Your staff needs to know how the systems work, regardless of whether you’re using entirely new software or merely migrating from one system to another. • Training offered by an expert has guaranteed that their employees understand the new EMR software well enough to use it successfully and has significantly reduced time spent on training, so productivity isn’t primarily affected. www.softwarefinder.com 11

12. Customization Cost • As mentioned above, customization of software involves, for example, creating patient note templates with customized fields as well as being able to report or analyze patient data. • Even purchasing a standard EMR system involves a few amendments and adjustments to meet your practice’s needs better. • Customization cost depends on your selected software features and how many users will be accessing it. • It’s important again to remember how on-premise or cloud-based hosting influence your costs. www.softwarefinder.com 12

13. Conclusion • According to a study conducted by Health Affairs, an average practice of multiple physicians can expect to spend approximately $162,000 on EHR implementation. • Furthermore, medical practices should cover their initial installation costs within roughly two and a half years. • After that, they can expect to receive an estimated average of $23,000 in net benefits for each full-time staff member annually. www.softwarefinder.com 13

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