Return on Investment
Instant Medical History has a powerful impact on the economics of a practice. Seeing more patients, reducing expenses, and coding appropriately all contribute dramatically to the profitability of physicians.
LET'S DO THE MATH...
When patients use IMH to enter their own medical history, the documentation is completed for the subjective note before the exam begins.
4 minutes saved in documentation time per patient X 25 patients per day results in 100 minutes saved. At 15 minutes per appointment, this would increase productivity by 6 visits per day.
At 4 days worked per week per physician this would be 24 visits per week, or about 100 extra visits per month.
Using IMH, the physician can spend more time seeing patients. At $50 per visit, the net increase would be $5000 per month per physician.
Documentation Savings
When patients use IMH to enter their own medical history, the documentation is completed for the subjective note before the exam begins. Since two thirds or more of a medical record is the history, having it completed saves time. 4 minutes saved in documentation time per patient X 25 patients per day results in 100 minutes saved. At 15 minutes per appointment, this would increase productivity by 6 visits per day. At 4 days worked per week per physician this would be 24 visits per week, or about 100 extra visits per month.
Using IMH, the physician can spend more time seeing patients. At $50 per visit, the net increase would be $5000 per month per physician.
Reimbursement of Psychological Screenings
Instant Medical History™ employs standardized psychological scales from the medical literature as part of the interview when medically necessary. This patient provided data can be billed under CPT codes for psychological testing by a computer, including time for the interpretation and reporting when the results are discussed with the patient and the scoring recorded in the medical record.
The additional revenue varies in different practice situations, but Medicare reimbursement for this service approximates $140.00 per hour.
You should consult with your own resources before submitting this code to verify your individual situation.
Getting Paid for Work Performed
Under-coding visits costs about $10 per visit.
Recovering this lost revenue would result in $250 per physician per day, or $1000 per 4 day week, or $4000 per physician per month.
Our assumptions are:
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Physicians are seeing 25 patient visits per day
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Physicians are under-coding half their visits by one level due to lack of documentation
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Physicians are currently spending uncompensated time entering data into the EHR