Allocate Budget for Your Hospital’s Downtime Solution in 2024

28 August 2023

AUTHORED BY: DB Technology

In the healthcare industry, downtime can lead to significant losses in terms of patient care and financial impact. For this reason, an Electronic Health Record (EHR) downtime solution and electronic forms solution are crucial components that healthcare institutions need to consider when allocating their budget next.

The Cost of EHR Downtime 

Physicians, nurses, and other healthcare providers depend heavily on EHRs to access accurate and up-to-date patient information. EHR downtime – when the system or network is not available for use – can occur for various reasons, such as network failure, power outages, and cyber-attacks. Downtime can put the safety of patients and the continuity of care at risk.

The cost of downtime can be overwhelming, including patient safety risks, regulatory fines, and liability claims. In addition, hospitals face a significant financial loss in terms of lost productivity and higher labor costs. For these reasons, it’s essential to carve out a place in your annual budget for the following solutions: 

EHR Downtime Solution

An EHR downtime solution will ensure continuous patient care by providing access to vital information and functionalities, such as the ability to enter patient data electronically and eliminating paper-based systems. When allocating a budget for an EHR Downtime solution, hospitals should account for the size of their organization and the frequency of downtime events. Studies have shown that downtime costs an average of $33,600, so whether your organization is on either side of that figure, it’s essential to consider the factors at play.

Electronic Forms Solution

Electronic Forms solution is the solution to an efficient and hassle-free process for new patient registration, integrations, and health information exchange. eForms can improve the patient experience and reduce administrative costs while promoting data accessibility and accuracy during EHR downtime. So, when incorporating the electronic forms solution into the budget allocation, hospitals need to consider the number of forms used daily, the current procedures for creating and storing data, and the workflow inefficiencies in place.

How Can dbtech Help You Allocate Our Downtime Solution Within Your Budget?

The dbtech team emphasizes the importance of protecting patient data and continuity of care during EHR downtime. Our comprehensive EHR downtime and electronic forms solutions are designed to do just that while working within your budget constraints. 

We can help your team get EHR and electronic forms solutions into the budget through a flexible step-by-step approach. We’ll work with your budget needs to align our pricing proposal and payment plans accordingly. We also offer subscription payments to ease the financial impact of upfront costs and provide an immediate ROI

What Are Some Good Ways to Present Your Budget to Your Team?

In presenting EHR downtime solutions and electronic forms solutions to your team, it’s essential to highlight the value they provide. You need to present EHR downtime and electronic forms solutions, not as an insurance policy but rather as crucial protection solutions.

A helpful approach is to account for the potential downtime events, such as natural disasters, ransomware and cyber-attacks, and how they can be prevented by implementing an EHR downtime and electronic forms solution. By doing this, you’re emphasizing the critical importance of continuity of care and the potential financial losses that hospitals can face due to downtime.

Additionally, addressing the role of EHR downtime in denials is crucial. When systems are down, not every piece of paper makes it back to the EHR. Errors in data entry and delayed claim submissions can lead to denials from insurance providers. Our EHR downtime solution ensures that information remains accessible and accurate, reducing the likelihood of these costly denials. By preventing these disruptions, hospitals can maintain a steady revenue stream and avoid the financial strain associated with claim rejections.

Another way to present EHR downtime and electronic forms solutions as a necessary budget item is to show how they will improve the hospital’s overall operations while keeping costs low. Emphasizing that EHR downtime and electronic forms solutions promote data accuracy, improve patient experience, and streamline the workflow to reduce labor costs will make a strong case for their implementation into the budget. When the registration process is streamlined, patient satisfaction scores see a noticeable improvement. 

Invest In dbtech’s Comprehensive Downtime Solutions Today 

Downtime events are inevitable in healthcare, so it is essential to allocate a budget for an EHR downtime solution and electronic forms solution. By investing in and implementing our solutions, hospitals can protect their patient’s safety, ensure continuity of care, reduce financial losses, and gain access to a team dedicated to their success. Learn how dbtech can help you navigate this process by working with your budget needs and helping you understand the value of these critical solutions.

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