Modern, mainstream medical practices have a trifecta of software. A mainstream small business accounting program provides for general accounting needs just like any other business. But such programs break down with the arcana of insurance provider billing so a second program exists just to do billing. For those thinking ahead, a third program is added to the mix, an electronic medical records program. This one tracks patient records including observations, diagnoses, and treatments.
There is an efficiency problem here. You can buy three separate programs that don't work with each other and get triple data entry with higher than normal chances of data entry error. Or you can integrate the three together and have data pass down the workflow chain. This not only lowers error but also reduces record keeping overhead, a serious cost in itself.
The name of the game is 55%. That's the traditional overhead figure for a medical practice in the Chicago area. If you can drop the overhead figure below 55% by investing in tools and training, you're going to do pretty well for yourself as a doctor.
Posted by TMLutas at August 12, 2004 10:50 AM