ModMed Delivered a Three-Year 206% ROI and Payback in Less than Six Months, According to an Independent Study
August 06 2024 - 8:03AM
Business Wire
The Total Economic Impact™ study found that
ModMed® software solutions drive growth and profitability for
medical specialties
Today, specialty-specific healthcare technology leader ModMed
released a 2024 Total Economic Impact™ (TEI) study conducted by
Forrester Consulting on behalf of ModMed. To conduct the
independent study, Forrester compiled data from a subset of ModMed
customers into a single composite organization, representing a
practice with $15 million in annual revenue and 58,500 annual
patient visits. The study found that the composite organization
experienced benefits totaling $2.50 million over three years, with
a net present value (NPV) of $1.68 million and an ROI of 206%.
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ModMed Delivered a Three-Year 206% ROI
and Payback in Less than Six Months, According to an Independent
Study (Graphic: Business Wire)
Medical practices often struggle with using multiple software
solutions for their front office, clinic and billing departments.
This leads to inefficient workflows, poor revenue cycle management
and negative experiences for both patients and employees. However,
customers using ModMed solutions benefit from integrated technology
that saves time for staff and providers, streamlines clinical
workflows and practice operations, and ultimately leads to improved
patient experiences and reduced financial pressures.
Other key findings from the study include:
- 67% reduction in time spent by front office staff on patient
intake
- 60% of back-office staff reallocated over three years
- 50% increase in personal time for providers per year
- 30% improvement in recovered insurance revenue
- 10% increase in patient volume
Additionally, ModMed software enabled faster provider
onboarding, improved analytics for better decision-making and
enhanced the overall patient and employee experience.
"In a healthcare landscape that's increasingly complex and
demanding, it's our goal at ModMed to not only help simplify the
day-to-day for our customers but also to help enhance their
operational and financial health,” said ModMed Cofounder and
co-CEO, Daniel Cane. “The findings from this latest study are not
just numbers – they represent the real, impactful differences our
solutions are making in practices across the country.”
ModMed customers interviewed by Forrester detailed the many
benefits of ModMed software solutions:
“Documenting is easier for doctors in ModMed because of the
suggested coding. Physicians can set up their own protocols and are
able to really customize what they do. The protocols they set up
have the codes that they use in them, so that allows them to save
time and makes the coding process faster.” – COO, ENT and
allergy
“The doctors’ schedules have opened up to allow them to see more
patients across the board by about 8% to 10%.” – Practice
administrator, orthopedics
“From the scheduling standpoint, I think our phone calls are
probably 30 to 45 seconds shorter on ModMed just because of the
system refresh rate and the number of clicks that it takes to
schedule a patient.” – CEO, ophthalmology
To see the full TEI study, or to learn more about ModMed, please
visit www.modmed.com/roi/.
About ModMed
At ModMed, we empower medical practices to grow and scale by
delivering better patient experiences with cloud, data, and AI
technologies. Leveraging extensive clinical outcomes data, we
design intelligent software solutions that simplify, automate and
streamline clinical workflows and drive practice efficiency. With
our specialty-specific EHRs, practice management, revenue cycle
management and analytics solutions, as well as products for patient
engagement, payment processing, and marketing, we are trusted by
over 35,000 providers to drive clinical and operational success.
Learn more at modmed.com or our blog and connect via Facebook,
LinkedIn, X (Twitter) and Instagram.
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For more information: press@modmed.com
Matter for ModMed Dan Ventresca 617-874-5488
modmed@matternow.com