Electronic Health Records: A practice financing solution
A new study by Weill Cornell Medical College researchers, published in the Journal of General Internal Medicine, provides compelling evidence that electronic health records (EHRs) enhance the quality of patient care in a community-based setting with multiple payers.
However, achieving cost reductions and quality improvements through EHR implementation is easier said than done. The escalating complexity of running the business side of the practice makes it more difficult for physicians to provide top level clinical care to patients. Even with an experienced and well-organized management staff, the burdens on physicians are tremendous. Doctors are simply overwhelmed and making any strategic decisions regarding technology adoption and finding the working capital to pay for the solution can seem impossible.
Even with incentives for EHR adoption from the American Recovery and Reinvestment Act, a significant portion of the cost is not covered. With the recent limitations in access to capital, the barrier to invest is insurmountable for most practices. Because of these financial pressures, physicians are hard pressed to come up with cash to invest in new technology. While enhanced back-office and EHR systems may allow them to reduce costs and improve quality of care, the payback is not immediate and therefore not affordable. We can provide your practice with the financing to cover upfront costs and then you will be able to reap the rewards increased reimbursements.
Not only is it tough to manage a medical practice, but it’s also tough to make money. Reimbursements are declining, but the costs of collection and fixed costs such a staff and infrastructures are increasing. As a result profits are decreasing for practices leading to a cash- flow crunch and an inability to self finance equipment purchases, advertising and marketing to bring in new patients.
At KatalystFP, we have solutions tailored for the health-care professions; whether it be our equipment financing, advertising financing, expansion capital, working capital financing or practice acquisition financing. Your practice can leverage its medical receivables and obtain the financing needed to take advantage of any opportunity that arises. We become a short-term financing partner allowing the focus to be on growing your practice. Let us provide the medical financing need to grown your business. Contact us at 1-855-528-3700 or [email protected] to speak to a financing expert and find out how we can help you today.
