The COVID-19 pandemic impacted the operations and finances of nearly 97% of medical practices in the U.S. It revealed a stark contrast between the resilience of healthcare providers focused on value-based care versus those who focused on the traditional fee-for-service (FFS) model.
Physician practices still using FFS suffered heavy financial losses when in-person patient volume dropped by 60% on average at the start of the pandemic. The providers that experienced minimal disruption to their operations were the early adopters of the principles and latest technology of value-based care in their long-term business strategy.
Successful implementation of value-based care requires a robust electronic health record (EHR) that supports data collection, clinical decision-making tools, and multidisciplinary care management. Even though the use of EHRs is widespread in the U.S., most EHRs in their current form don’t support value-based care.
EHR optimization is an ongoing process of improvement that affects all aspects of a healthcare organization practicing value-based care. Medical practices that lean into EHR optimization can see more effective patient care plans, decreased physician burnout, and increased ROI. The most common optimizations include:
- Workflow and business process improvement for more efficiency
- Clinical decision support to achieve better clinical outcomes and improve quality of care
- Identification of areas where cost savings are possible
Major stakeholders agree on the role and value of EHRs in transforming the U.S. health system to value-based care. Physicians and patients now feel increased comfort with telehealth and like the safety of virtual engagement during the pandemic. Payers are looking for physician partners who can conduct value-based care with measurable outcomes. EHR optimization is a big step towards realizing industry-wide change.
This update is provided by CareOptimize, a healthcare management consulting firm. We offer managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.
This update is provided by CareOptimize. We provide healthcare management consulting services and products, managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.