How Much Does Electronic Medical Records Software Cost in 2022?
What is Electronic Medical Records Software and How Much Does it Cost?
In 2022, depending on how robust a system you need, EMS software can cost $980 – $1,400 to levels in the neighborhood of $10,000. Electronic medical software prices are affected by the solution needed, the number of physician users, and the number of locations where the software will be used. Find of your cost here:
Electronic medical records (EMR) software provides healthcare providers with electronic databases and interfaces for health-related information. Medical providers and staff involved in the patients’ healthcare can gather, manage, communicate, and consult this relevant information using electronic medical records software. The software prices will be affected by the solution needed, the number of physician users, and the number of locations where the software will be used.
If you work in the medical profession, you’ve heard about electronic medical records in the last several years. You may even have considered implementing electronic medical records software at your office. But how much does something like that cost?
Value Proposition of Medical Records Software
Before we start diving into all the costs of EMR software, let’s take a look at why you need this software in the first place. No matter which way you slice it, this software is expensive, and your practice needs to be able to justify that investment. The good news is this investment will pay for itself in most cases in less than three years.
When you have electronic medical records (EMR), your office can run more efficiently and you can take better care of your patients. You reduce your carbon footprint since you aren’t going through as many paper forms, and you’re less likely to commit medical errors. Better organization will also help you catch issues that may be costing your practice money, increasing your bottom line.
What Affects the Price of Medical Records Software
There are a few factors that may impact how much your EMR software costs. For one thing, the cost of your package will depend on which specific features your practice needs. If you need more or specialized features, you may need a more expensive package.
Adding on things like a patient portal or practice management capabilities will cost you extra. Your price may change depending on whether you’re running a cloud or on-premises system. And, of course, the larger your installation, the more money you need to plan on spending on it.
On-Premises vs. Cloud-Based
You have two basic options when it comes to where your EMR is stored: on the premises or in the cloud. In terms of cost, a cloud-based system will generally be cheaper to install up-front than an on-premises system. But over the course of five years, the on-premises system will save you more money.
Security is also a major issue for cloud-based EMR systems, so you’ll need to get a system you’re sure can handle the security level you need. Security and encryption technology has gotten good enough that cloud-based systems can provide the level of security you need for your medical records. But if you want to be absolutely certain that your records are safe, keeping them on-premises can help you sleep easier at night.
A major part of the investment you’ll need to make to install an EMR system is the up-front costs. This may include purchasing new computers that can run the software you’ll be working with and tablet computers to allow your doctors and staff to work with the system directly when they’re in the room with a patient. You may also need to upgrade your network connection, you may need to pay a one-time licensing fee, and you’ll need to train your staff to use the system.
Many estimates place the up-front costs of installing a medical records system around $25,000 to $35,000. Of course, this is for basic practice of five or so physicians. A hospital or larger medical system can expect to pay somewhere in the millions of dollars.
Once you’ve got your EMR system set up, you’re going to be looking at some recurring monthly costs to keep it running. To get an accurate estimate of these costs, you need to look at every cost associated with maintaining this software. This should include the monthly subscription costs, network costs, hardware maintenance costs, and any other related expenses.
In general, you can expect to pay somewhere between $4,000 and $8,000 a month to keep your EMR system running. If this seems high, think about how much money you’re saving a month in ink and paper costs alone. And that’s to say nothing of the money you’re saving in increased efficiency and the new patients you’re bringing in thanks to your improved standards of care.
There are some hidden costs you need to be aware of when implementing an EMR system. In general, these expenses are indirect costs that come with the territory of switching systems, not malicious costs that companies are trying to hide from you. But being aware of these costs will help you prepare for them and come out as financially stable as possible.
When you first implement a new system, you’re going to lose some productivity while your staff adjusts. You may see a slight dip in patient visits while everyone adjusts to keeping things running smoothly at the office. And that, combined with the new monthly costs, may cause a temporary decrease in revenue.
Establishing Your Budget
If you’re planning on implementing an EMR system, you need to establish a solid budget for the project. This will help you choose a system that will work with all your needs and your budget and plan for how you’re going to cover the temporary drop in revenue. It will also help you figure out how long it will take you to recoup the initial costs of the system once your revenue starts growing.
When you’re establishing your budget, make sure you account for every cost of implementing the new system. This should include:
- Hardware costs – servers, computers, tablets, printers, scanners, and other peripherals
- Software costs – initial software purchase, monthly costs, additions, upgrades, and network costs
- Support costs – IT contractors, legal support, system maintenance and installation, data conversion, and workflow redesign support
- Training – initial and ongoing training for your staff
- Miscellaneous – potential profits and losses, both initially and over time, related to productivity, revenue, and patient loss and gains
Having a complete budget will help you make sure you get the most benefit possible from your new system.
Get Your Electronic Medical Records Software
Electronic medical records software is a great tool to help your patients get the best treatment and your staff work as efficiently as possible. Being aware of all the costs can be crucial to make sure you recoup your investment quickly.
If you’d like to find the right electronic medical records software for you, check out the rest of our site at Price It Here. We are the buyer’s guide for business. Check out our medical records software price comparison to find the right package for you today.
Compare Advantages of EMR Health Records Software
Some medical billing service providers also provide electronic medical records software as part of their service; prices for standalone software can range from under $1,000 to tens of thousands of dollars. Very large healthcare providers can spend hundreds of thousands on their chosen EMR Health Record software.
Get The Best EMR Software For Your Money:
Your electronic medical records software should meet current-year interoperability certification standards as dictated by the Certification Commission for Health Information Technology (CCHIT). As EMR software continues to develop, interoperability—the ability to exchange information with other providers—is increasingly crucial to health care. Also make sure the EMR software is a good fit for your practice and its specialty, and of course, take time to ensure the interface provides easy usability at the point of care.
Finally, decide whether you want a web-based system or a client-server system. A web-based EMR system will be cheaper up-front and require less hardware installation. It does, however, rely on a functioning Internet connection, which could lead to interruptions. More expensive on-site client-server systems can be accessed without the Internet, but cost more for implementation and service.
Tips: We recommend looking at software features like ePrescriptions, patient reminders tools, and document management solutions. Be certain you can transcribe directly onto a patient’s file during an appointment. Not all EMR software products include patient education so if this is important make sure to inquire when you ask for pricing information. Be certain you have a patient log-in that grants access to online payments and prescriptions. Lastly, ask for a product that can offer a direct connection to labs and offer specialized templates for specialized medical offices.