Independent physician practices are increasingly turning to electronic health records with integrated revenue cycle management capabilities to reduce costs and help maintain autonomy, according to a survey by BlackBook.
A full 96 percent of practices that have achieved meaningful use stage 1 or that are very satisfied with their current electronic health record believe practice management and RCM integrated with EHR systems is the key to avoiding integration with a hospital or a larger physician practice.
The vast majority (88 percent) of business managers of organizations with older revenue cycle systems, especially those not integrated with EHRs, believe the outdated technology will force the physicians to sell the practice to a larger group or hospital within a year. Additionally, 97 percent of these business managers say an integrated RCM/EHR/practice management system would ensure long-term practice independence and greatly improve productivity and profitability.
"Profit challenges have forced the number of practices actively seeking acquisition to more than triple until recently, as cloud EHRs with RCM innovations have given independents new hope," said Doug Brown, managing partner of Black Book Market Research, in the release.
The survey, conducted between April and August 2013, included responses from 8,000 CIOs, CFOs, administrators and support staff.
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