Releasing medical records costs time and energy, and it’s a notoriously complicated process for healthcare providers. It requires them to have a firm understanding of various privacy regulations while expertly handling the cost of medical records.
On top of that, not all Release of Information (ROI) requests are paid by the requestor. If you have a high number of non-billable requests, this can drain your resources.
This is where ChartRequest comes in – our platform offers an efficient and secure solution for requesting, retrieving, and managing medical records. Release of Information plans leverage billable requests to help you offset the cost of medical records release for non-billables.
In this article, we’ll explore how ChartRequest’s ROI solution can benefit healthcare providers in terms of cost reduction.
7 Factors Influencing the Cost of Medical Records
Before we delve into how ChartRequest’s ROI solution significantly reduces medical records release costs, it’s important to understand the various factors that influence these costs.
- Labor: The cost of the staff involved in the release of medical records, including their salaries, benefits, and training, constitutes a significant portion of the overall expense. This typically involves data entry, quality checking, and record delivery tasks.
- Supplies: These costs cover the physical materials required in the record release process, such as paper, printer ink, CDs, envelopes, and postage. These costs can quickly add up, especially for larger or more complex record requests.
- Technology: Investments in technology, such as electronic health record (EHR) systems and secure transfer mechanisms, can incur substantial costs. However, they are essential for maintaining efficiency and compliance in the records release process.
- Postage: Mailing medical records to patients or other healthcare providers can be costly, particularly for larger sets of records. Moreover, secure delivery modes that ensure patient privacy often cost more.
- Volume of Information: The size and complexity of the medical records requested can significantly impact the cost. Larger sets of records involving more pages or different types of information may require more time and resources to process. You also have to consider whether the request is a billable or non-billable one.
- Overhead: These costs encompass all the other expenses associated with maintaining your business operations, such as rent, utilities, and equipment. Overhead costs indirectly contribute to the cost of medical records by supporting the environment in which they are processed and released.
- Potential Fines for Non-Compliance: Non-compliance with health information regulations such as HIPAA can result in hefty fines and legal penalties. Ensuring compliance adds to the cost but is crucial to protect patient privacy and avoid these potential fines.
Why ROI Requests Shouldn’t Be Delayed or Ignored
ROI in healthcare involves disclosing patient health information to third parties. This can be other medical institutions, insurance companies, or patients. It plays a vital role in the healthcare system by facilitating the smooth and timely communication of patient health data. This, in turn, contributes significantly to effective treatment planning and implementation.
As you already know, the process of releasing medical records is neither simple nor inexpensive. It involves various costs, including labor, postage, and supplies. The custodian must pay for the technology and infrastructure for electronic ROI.
But simply ignoring non-billable requests in favor of billable ones can lead to more problems such as:
- Administrative burdens
- HIPAA Right of Access violation
- Negatively impacting patient trust and reputation
- Affecting funding, especially for public sectors
In 2006, a doctor was fined $500 for failing to fulfill a medical record request from one of his clients.
These costs can quickly add up, especially when dealing with large volumes of non-billable requests.
How Does ChartRequest Reduce the Cost of Medical Records Release?
Let’s delve into the powerful features of ChartRequest that transform the ROI process. These key elements help streamline the management of medical records release requests and significantly reduce associated costs, making ChartRequest an indispensable tool for healthcare providers.
1. Automated Request Processing
With ChartRequest, healthcare providers no longer have to manually process and fulfill ROI requests. Our platform offers automated request processing that can efficiently handle both billable and non-billable requests, saving the provider time and cost.
2. Comprehensive Billing System
ChartRequest has a robust billing system that allows you to track all billable requests, making it easier to offset the cost of non-billable requests. This can help generate additional revenue for your organization.
3. Customizable Pricing
Our platform offers customizable pricing options, allowing you to set different prices for billable and non-billable requests. This ensures that you are fairly compensated for the cost of medical records release while also encouraging requestors to prioritize billable requests.
4. Simple and Transparent Pricing
ChartRequest has a simple, transparent pricing system that takes into account the latest federal and state pricing limitations. This allows healthcare providers to accurately budget for the cost of medical records release, with no surprises.
How ChartRequest Processes Billable Requests
ChartRequest understands the challenges and the associated cost of medical records release.
That’s why our platform offers a unique approach to billable and non-billable requests. Our partnership options — Full-Service and Self-Service — are structured to significantly reduce medical record release costs and ensure a smooth, efficient ROI process.
Reduce the Cost of Medical Records Exchange With Full-Service
ChartRequest Full-Service ROI is a comprehensive solution that streamlines the secure and efficient release of medical records. With this service, healthcare providers can ensure full compliance with privacy regulations while minimizing administrative burdens. Experience the convenience and peace of mind that comes with our all-in-one solution for medical record release.
Large healthcare facilities each year process thousands of billable and non-billable requests.
ChartRequest’s Full-service ROI plan is designed to tackle this head-on, offering a unique, cost-effective solution.
For each billable request we process on your behalf, we also handle one non-billable request at no extra cost. This essentially means your organization isn’t stuck footing the bill for every non-billable request. ChartRequest Full-service is designed to manage all the steps necessary for fast and safe ROI, including invoicing and collections.
Maximizing Revenue with Self-Service Partnerships
The Self-service ROI solution offered by ChartRequest helps healthcare providers take charge of their ROI process.
Its user-friendly platform allows organizations to process their own billable and non-billable requests.
Healthcare providers can also set up automated invoicing to help streamline the billing process and eliminate the need for manual tracking and billing.
Our exceptional features, combined with our outstanding track record of achieving a collection rate of 99% or higher, guarantee a significant reduction in the cost of medical records. In addition to a provider-leaning revenue share system, each billable request covers one non-billable request at no cost.
Moreover, this ensures that the process of releasing medical records becomes more streamlined and profitable for healthcare providers. This creates a smoother and more efficient experience overall.
Full-Service vs Self-Service: A Comparative Analysis
Choosing between Full-Service and Self-Service ROI depends on healthcare providers’ specific needs and capabilities.
Full-Service ROI: The Optimal Choice for Larger Healthcare Providers
Larger healthcare providers often juggle a high volume of ROI requests. This scenario calls for a solution that alleviates the administrative burden and handles the complexity of the process.
Full-service ROI is an ideal choice in this case. It offers a comprehensive, hands-off approach, taking care of both billable and non-billable requests.
Self-Service ROI: Tailored for Smaller Clinics or Private Practices
Self-service ROI is particularly beneficial for smaller organizations like clinics or private practices.
These providers generally have a lower volume of requests and may prefer to stay in control of their ROI process.
The Self-Service plan offers the flexibility to manage their own requests while enjoying the benefits of automated ROI workflows. This reduces the scope for error and saves time on manual tracking and billing.
In this way, smaller healthcare providers can streamline their ROI process and maintain control, ensuring that medical records are kept cost-effective and efficient.
ChartRequest Subscription: Leverage ChartRequest for High Non-Billable Requests
ChartRequest partnership is great for dealing with a high count of non-billable ROI requests, and it makes getting, finding, and sharing medical records easier without worrying about individual costs.
Partnership also lets you request and get records electronically, updates you automatically, keeps good records for audits, stores data safely, makes billing smooth, and is easy to use. It also works well with systems you already have, lets you set things up the way you want, and gives detailed reports. This makes things run better and follows HIPAA rules, saving a lot of money.
It’s useful for places that get more billable than non-billable requests. It helps balance out the costs of doing the non-billable ones, making it a smart choice for managing records.
Examples of How ChartRequest Reduces the Cost of Medical Records Release
Mid Atlantic Retina
Mid Atlantic Retina, an eyecare leader, had trouble with releasing medical records. This was slow and took a lot of work, causing them to lose money. In 2020, they teamed up with ChartRequest. This partnership changed things by organizing requests better, cutting down the time needed, speeding up responses, and making things clearer.
With ChartRequest, Mid Atlantic Retina saved time and reduced costs in releasing information. They also started earning money right away from requests that needed payment. This change improved how much money they collected and made following rules easier, reducing the risk of fines. Now, Mid Atlantic Retina can handle requests faster, work more efficiently, and stay in line with regulations.
NY Orthopedics is a top sports medicine center. They teamed up with ChartRequest to improve their ROI process and resolve issues like occupied space and poor service from their old ROI provider. Additionally, their previous release of information vendor was frustrating patients with delays and incomplete records.
ChartRequest’s complete service made releasing information efficient and rule-compliant. NY Orthopedics could then focus on their main duties and give patients faster, free records. This 7-year partnership helped them keep a smaller ROI team, saving on hiring and training costs.
ChartRequest’s quick support also stood out from other providers with a consistent Google reviews rating of 4.8 stars with over 700 reviews. It’s a testament to our dedication to releasing medical records quickly and safely.
Your Path to Reducing the Cost of Medical Record Exchange
ChartRequest has become a key tool in handling the cost of medical records requests for several major healthcare providers. Our approach continues to reshape how healthcare providers handle ROI. We’ve tackled issues like efficiency, following rules, and the workload of managing medical records.
With ChartRequest, centralizing and automating requests cuts down on time and costs. It turns billable requests into extra money for these groups, showing a smart way to handle medical records costs.
For healthcare providers facing high costs and complex processes in releasing medical records, ChartRequest is a dependable, efficient choice. It works well for all sizes of healthcare groups and sticks to rules. Use ChartRequest to make your ROI process smoother, keep patients happy, and boost your profits.
Explore our solutions and find out more about our benefits! You can also book a demo today to see the power of ChartRequest firsthand!