/  Return on Investment

iMedica PRM Effect on Revenue
  • Evidence has shown that a typical physician undercodes in fear of audit. iMedica PRM has demonstrated correct and defensible coding; this factor alone typically raises the revenue 5-9%. For a physician billing $500,000/year, this means a $25,000 lift in revenues.
  • iMedica PRM connects health maintenance reminders to the front-end schedule, increasing revenue per patient by 1–2% (hemoglobin A1C, Pap smears, PSA, etc.). For that physician billing $500,000, add another $5,000 to the appropriate revenue column.
  • iMedica’s built-in PQRI rules make it simple to earn the 1.5% Medicare bonus. Depending on the practice’s percentage of Medicare patients, this capability probably adds a few thousand dollars in revenue.
  • The resulting increase in revenue, for a physician previously billing $500,000/year, would add up to approximately $30,000/year. Even a physician billing $300,000/year would increase revenue by approximately $18,000.

These are hard dollars and provide an ROI of less than one year. It is estimated, each year thereafter, iMedica PRM will continue to provide increased revenue to the practice.

Potential Tax Savings

With Section 179 expense deductions from income tax, the IRS effectively picks up 1/3 of the cost of the hardware and software — $6,000 or more.

iMedica PRM Effect on Expenses

Beyond increased revenue, there are many expenses that iMedica PRM can reduce or eliminate. How much:

  • time looking for lost charts do you spend? Does it equal a full-time worker?
  • time is spent refining wrong information such as drivers license or insurance cards?
  • time and money are you spending on paper, printing, and copying for physical charts, superbills, lab reports, and other documents?
  • time are physicians spending after hours to complete charts
  • is transcription costing?
  • is the real estate costing to store charts?

Ask yourself; what could the practice be doing with the space and time presently used for files, filing and chart pulls? Will you need all the headcount in your practice today if you went electronic?