• Feb 04

    Versio Staff

    How can NOT doing something cost us money? The real cost of not migrating your legacy data.

    by  Versio Staff

    Healthcare organizations struggle constantly with budget decisions. How they spend their money can have a critical impact on their operations and on patient care. But what if something they decided not to spend money on could cost them a bundle?
    “How can not doing something cost us money?” you might ask.

    Consider a hospital system moving to a new EHR. This is an expensive undertaking under any circumstances, but not moving the legacy data forward, or not moving it properly, can cost plenty. There are a number of elements that contribute to this, such as increased risk, loss of assets, increased staff turnover and reduced functionality of the EHR. But let’s take a look at one of the most impactful factors: decreased productivity.

    A decrease of 50%:  Planning for an initial reduction in daily patient loads, typically 50%, is par for the course when implementing a new EHR. Let’s assume a normal schedule is 20 patients a day per provider and a typical 15-minute visit is $150 in revenues. A 50% reduction means a loss of $1500 per provider per day. If a system has 300 providers, this equates to over $10 million per month in lost revenues! Clearly, the sooner these numbers can be increased, the less of a reduction in revenues the organization will encounter.

    Quicker return to prior volumes:  With accurate, up-to-date legacy data accurately prepopulated in the new EHR, reconciliation time is shortened and efficiency is increased. If a provider could save (conservatively) at least 5 minutes per patient visit during those first critical months after go-live, in 10 patient visits per day s/he saves 50 minutes, allowing for at least 3 more patients to be seen. In the first month alone, the hospital would recoup $3 million. This return will have more than paid for the cost of the migration effort.

    If data is migrated, but incomplete or inaccurate, it could result in litigation. Now loss figures start going to a place that would make most CFOs cringe. Lawsuits with awards in the millions to even hundreds of millions can sometimes be traced to what might seem like insignificant errors. (In one case a mistake of 80 versus 8 resulted in a $140 million settlement.)

    Thankfully, there is hope.  Versio’s data migration methodology captures virtually 100% of your critical data and moves it to your new EHR with nearly perfect accuracy (>99%). This allows your providers to regain their productivity faster, sharply reducing your costs, while preserving the safety of your patients.

    Don’t leave your results to chance. Versio can help you calculate your specific costs. Contact us at sales@myversio.com or by phone at 252-277-0505 and we will consult with you about your individual situation.

    Thom Steinert is Director of Technology Services at Versio, healthcare technology company specializing in legacy data migration, with a proven track record of 100% data capture and 99.8% quality. We call it “No Data Left Behind.” For more information on Versio’s services or to schedule an introductory conversation, please visit us at www.MyVersio.com or email sales@myversio.com.

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