Did anyone happen to read ROI in a Hybrid Environment in For The Record magazine’s April 23rd issue? It a nutshell, the article discussed the pains involved with switching over a facility’s paper medical record system to an electronic medical record system. The article referred to the transition phase as an ROI (Release-of-Information) Process.
Although the article was an interesting read, the outsourced medical transcription factoring specialists at PRN Funding wanted our MTSO audience and any other business owner of an outsourced healthcare company to be aware of the side bar article that accompanied the article, Outsourcing Can Help. It caught our attention, and for the convenience of our business owner readers, we’ve summarized the small article below:
A lot of hospitals think that transitioning to EHRs will reduce staffing needs around ROI–This assumption couldn’t be further from the truth. As a matter of fact, the staffing needs tend to increase in order to avoid falling behind while personnel adjust to new policies and procedures. Furthermore, there’s an underlying need to have specially-trained individuals to help train staff and assist with ROI implementation.
Steve Hynes, president of MRO Corp was quoted in the article: “Switching to EHRs “can be very resource intensive for the hospital and specifically for the HIM department to manage the changes while keeping up with day-to-day operations…Over a long period [resource needs] might fluctuate, but there will be a temporary bubble to get everyone up to speed during the conversion.” And that’s exactly where MRO Corp because outsourcing ROI is a way to lessen the labor-intensive burden.
We may be jumping the gun, but it sounds like outsourced ROI companies could be another good candidate for invoice factoring, as hospitals routinely take their time paying vendors.