Posted in Epic
Last Updated | January 24, 2024
Overview of How Much Does Epic Cost?
How much does Epic costis a major concern for medical organizations. Implementing a new EMR system can be challenging, and the cost is one of the most significant factors an organization has to consider. Epic’s EMR system costs anything from $1200 to $500,000 to implement the software. However, various factors impact its costs, and we have the details on how much does Epic costs!
How Epic Is A Complex Software And Can Be Expensive To Implement & How Much Does Epic Cost?
Healthcare providers have an array of software solutions available to enhance the patient experience since EMR software development is on the rise. However, Epic EMR is the most renowned and top healthcare software solution that’s used and preferred by more than 250 organizations. In fact, around 45% of America’s population have their medical records stored in this EMR system.
Learn more about what is Epic in healthcare to get detailed information regarding Epic software.
Epic EMR allows users to store patient information and share this data between different organizations and doctors. In addition, governments are stressing implementing IoT healthcare solutions as well as medical imaging software. However, the expense is one of the biggest factors, and it’s challenging for small hospitals and clinics to implement this EMR system.
Learn the state-wise breakdown of hospitals using EPIC software in the USA
Epic EMR allows users to access the patient record with minimum effort, so you don’t need to go through checks and balances, resulting in convenient and efficient communication. In addition, it makes it easier for the patients to obtain their medical history whenever they have to consult with a medical specialist or change their doctor.
That’s because this EMR has a centralized location where the information is stored and ensures accurate information entry. For this reason, doctors don’t need to worry about over-prescription. Similarly, the need for costly tests reduces, resulting in consistent and comprehensive care. On top of everything, it limits the misuse of medical treatments and medicines.
Why There Are Various Pricing Models For Epic, Depending On The Size Of Your Organization And The Features You Need?
Epic is a cloud-based health records system designed for medical organizations, and the system charting includes patient history, referrals, and medical records to deliver satisfactory patient care. In addition, the database system has analytics and reporting features as well. Generally, small clinics don’t need all these advanced features, which is why Epic has created multiple pricing models to ensure that medical organizations pay for what they use.
It’s common for organizations to consider how much does Epic costs to implement, and the truth is, the pricing entirely depends on the features you select and the number of patients. The prices for a self-hosted Epic EMR system start from as low as $1200 (suitable for small clinics) and go over $500,000 (for larger hospitals and clinics). It’s better to hire medical app developers to customize the features according to the scale of your medical facility.
Is The Cost Of Epic Implementation Can Be Offset By Government Incentives And Private Health Care Funding?
Telemedicine software development and implementation can be extremely expensive, which is why medical organizations opt for healthcare funding and government incentives to implement EMR systems and medical diagnostic software. As far as reducing costs is concerned, federal support for the adoption of EHR is available in the form of various incentive programs and grants. For instance, there are Medicare & Medicaid Promoting Interoperability Programs, SAMHSA CCBHC, and MACRA expansion grants.
These programs require the medical service provider to demonstrate meaningful use or “promoting interoperability” to apply for the incentives. Some of the grants include;
- Medicare & Medicaid Promoting Interoperability Programs – these programs provide payment to eligible hospitals and professionals, but the providers must implement the ONC-certified HER technology, maintain at least a 90-day reporting period, and demonstrate the electronic clinical quality measures.
- CMS’s Quality Payment Program – commonly known as MACRA, it has two tracks known as a merit-based incentive payment system and an advanced alternative payment model. The merit-based program allows the eligible medical service providers to access payment adjustment if they submit the documents by the deadline, while the second program allows the medical service providers to receive 5% of the incentive payment.
- CCBHC Expansion Grants – these expansion grants are offered by SAMHSA, which are offered to community-based healthcare providers to implement new EHR and EMR solutions. To access the grants, the HIT (health information technology) must provide information about how the CCBHC will support the electronic health information exchange that improves care transitions.
In addition to these grants and incentive programs, it’s recommended that you visit the small business development center of your state to gain information about other options. In addition, there are regional extension centers in the majority of states that can help with the implementation of a new EHR system, such as reduced price or free implementation support, attestation advice for payments, and financial consultations.
Is It Important to Have a Clear Understanding ofYour Budget and What You’re Getting In Return For Your Investment in Epic?
How much does Epic cost for a small clinic is one question that every medical service provider asks. However, it’s equally important to gain a clear understanding of the budget and the ROI of its implementation. Many healthcare organizations struggle with uncertainty, about whether the investment will be justifiable, especially when the organization is operating on thin profit margins.
To begin with, the investment must fit into the short-term budget of the organization, but it’s important to add that capital investment isn’t everything; staff training is also an essential factor. When properly leveraged and implemented, these software solutions offer cost-reduction benefits by enhancing service delivery and increasing revenues.
It’s recommended to conduct a cost-benefit analysis that focuses on the core elements of the practice, including customer service and quality of care. In addition, an ROI forecast with long-term as well as short-term projections can help determine the probable ROI. Lastly, the analysis of the total cost of ownership is a helpful tool in determining the short-term and long-term goals so that the organization can be apprised of the costs.
Moreover, it’s essential to consider the stakeholders in the project, including board members, clinicians, billing personnel, administrative staff, and the marketing department, to make sure all the costs are covered. In simpler words, it’s essential to have a full understanding of the budget and ROI. Some other factors to consider include;
- The features required by the medical organization
- Add-ons including patient portal and practice management
- On-premise or cloud deployment
- Hardware updates to support the new system
- The installation scale
How Much Does Epic Cost – Bottom Line
Epic EMR is essential software that contains everything a healthcare provider needs to organize patient data and offer smooth services. However, it’s not a purchase that can be taken lightly as small factors can add up the costs, including the features, the facility’s size, the number of employees who will have access to the system, and the number of records.
FAQs
How much does Epic Unlimited cost?
The answer to how much does Epic cost is that the price of an Epic EMR system starts from $1200 and goes over $500,000, depending on the features you choose. However, the self-hosted solutions have a one-time fee with higher initial costs but are cost-efficient in the longer run, so it’s recommended to weigh the options. Here you can also get knowledge about how much does epic unlimited costs.
How much does Epic cost per provider?
The actual prices haven’t been disclosed by the company, which is why it’s hard to tell the per-provider costs. It’s recommended that you reach out to Epic at (608) 271-9000 for an accurate cost breakdown.
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