Romney Institute Of Public Management

The bottom line is as important in healthcare as it is in any other industry. Whether a for-profit provider trying to keep the investors happy or a non-profit provider just trying to stay afloat, keeping costs down is an integral part of staying in business. One way to stay in the black (or make the black numbers bigger) is to make the switch from paper medical records to electronic medical records (EMR). EMR is accomplished through the use of software which is integrated throughout a medical practice and digitally stores all the same data that providers would otherwise put on paper. Although the upfront costs might be significant, the switch will improve resource management, have various tax benefits, and open a variety of reporting capabilities.

Resource Management Implications on Healthcare Finance

Resource management is an important part of maintaining a healthy bottom line in the health care industry. Paper records carry high costs. Paper, folders, and printers must be purchased in high quantities. The records must also be stored, in some states for up to seven years, often requiring older records to be stored off-site for a fee. Lastly, the man-hours required to search for and copy paper records can add up quickly.

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