Specialty-specific health information technology company Modernizing Medicine, Inc.announced major technological advancements to its intuitive suite of products and services at the company’s third annual user conference, MOMENTUM. An enhancement to the company’s specialty-specific electronic health record (EHR) system, EMA™, and Practice Management system, Analytics is designed to give physicians near real-time population health data to help support the transition to value-based healthcare.
This functionality is timely considering that the Centers for Medicare & Medicaid Services (CMS) recently released the final rule outlining how the Medicare Access and Chip Reauthorization Act (MACRA) plans to replace the current Medicare payment system with the Merit-Based Incentive Payment System (MIPS) and Alternative Payment Models (APMs).
“Since CMS aims to reimburse for value, not volume, we need to provide real-time quality outcomes with appropriate benchmarking so that providers can thrive”, said Michael Sherling, MD, MBA, chief medical officer and co-founder of Modernizing Medicine. “Analytics is intended to empower our physicians with specialty-specific, granular, actionable data to conduct population health, streamline operational efficiencies and improve the financial health of their practice.”
From patient check-in to discharge, Analytics is designed to allow specialists to identify and track key clinical, financial and operational metrics to uncover insights to help optimize their practice, plus measure and enhance performance by making high-quality medical decisions and helping to keep costs down. Without leaving EMA, in Analytics physicians can have the ability to:
Unlock in-depth clinical data, billing and financial reports to augment the built-in reporting tools in EMA and Practice Management
View real-time, national benchmarking
Spot and respond to trends in payment patterns
Compare outcomes and performance with other providers
View charges, payments and adjustments by payer groups
Identify trends in reimbursement patterns before they affect cash flow
At the users conference, some clients saw real-time client data for the first time, whereas others touted the benefits of already using Analytics. “Running a medical practice, you are only as good as the clinical, operational or financial data you can review to benchmark your performance,” shares Tom McNeil, chief executive officer of Premier Dermatology, a 15 provider group with multiple locations throughout the greater Sarasota, Florida area. “With Analytics, I can show our partners real time benchmarking within our group and compare it with CMS and other data. We utilize the Analytics dashboard frequently, which gives us the ability to focus on the specific data we want to see on a daily, weekly and monthly basis. Having access to these detailed reports can help us to identify areas within the practice that need improvement and highlight the areas where we’re succeeding.”
In addition, with the announcement of the general availability of Modernizing Medicine’s Apple Watch technology, users will be able to view scheduling to provide insight into the day’s agenda, including which patients are coming in, what time the appointments are and which rooms patients are in; Intramail; viewing Notes; and more. Apple Watch application functionality is facilitated through modmed Pocket Practice™, a native iOS smartphone application.
“These significant advancements in healthcare technology can help specialty physicians retain their independence by providing them with tools to support running profitable businesses that deliver optimal patient care,” said Daniel Cane, CEO and co-founder of Modernizing Medicine.
“Having practicing physicians that actually code software work for our company, we understand clients not only need to be able to capture and access insightful data, but also turn that data into actionable information, anywhere, anytime,” adds Dr. Sherling. “Our specialty-specific suite of products and services empowers providers to compare their quality of care and quality of business against their own benchmarks, as well as that of other practices, to support pay for performance and value-based healthcare.”
For more information about Modernizing Medicine and its solutions for specialty medical and surgical practices, please visit www.modmed.com.
About Modernizing Medicine Modernizing Medicine® and its affiliated companies are transforming how healthcare information is created, consumed and utilized in order to increase efficiency and improve outcomes. Our specialty-specific, data-driven and cloud-based electronic health records (EHR) and practice management (PM) systems, plus revenue cycle management (RCM) services, were built by a team including specialty physicians and practice management professionals. Our suite of products and services is designed to transform the clinical, financial and operational aspects of dermatology, gastroenterology, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, rheumatology and urology practices. We also offer products designed specifically for ambulatory surgery centers. For more information, please visit www.modmed.com.
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