Valadoc

Your ROI on an MC
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One-Time Investment
Valadoc training feeStandard charge for the complete training program, including Certification testing. $1,800.00
Optional Implementation ServicesAlthough it's possible to launch an MC without outside assistance, contracting with a consultant for project management ensures a smooth and optimal implementation. You can leave this at our estimated $3,200, delete it to zero, or put in any other amount. $
iPadProvides the real-time EHR display for the physician. Also serves as the audio communications system with the MC. Alternatively, the exam room could have one or more large monitors. Leave it at $600 if you go with an iPad. Estimate it at $1,000 if you want a couple of large monitors and a microphone/speaker. $
MC workstationThis includes the PC, monitor(s), and earphones. Leave it at $1,200 unless you want to do something special. $
MC hours in trainingDepending upon the qualifications of the MC candidate, this can be anywhere from 20 to 60 hours.
Total $7,621.43
 
Ongoing Expenses
MC Monthly SalaryThis can be anywhere from $2,000 per month to $4,000 per month. Unless you have a targeted candidate who will cost you much less or much more, leave it at $3,000. $
MC Monthly BenefitsEstimated at 15% of salary. But you can change this amount, if you want. $
Total $3,450.00
 
Productivity Impact
Patients per hour before MCNumber of patients you currently schedule each hour.
Documentation minutes per patientThe average number of minutes you spend doing documentation for each patient, whether by dictation or codified data entry or some combination thereof.
Number of minutes saved each hourCALCULATED - Number of patients x the average minutes for each documentation. 12
Number of additional patients seen each hourCALCULATED - Results from converting documentation time to patient-care time. 1.0
Patients per hour with MCCALCULATED - The total number of patients that you will be able to see each hour when your data-entry time is converted to patient care. 5.0
 
Net Monthly Increase in Revenue
Average revenue per encounterEnter the average number of dollars you receive for each patient encounter. $
Additional revenue per 8-hour day due to MCCALCULATED - Simply the additional number of patients per day multiplied by the average revenue per encounter. $640.00
Additional revenue each month (22 work days)CALCULATED - The additional monthly money you will receive by implementing an MC. $14,080.00
Net addition in monthly revenue after subtracting MC costCALCULATED - After reducing your additional revenue by the cost of your MC, this is how much your total monthly income will be increased. $10,630.00
 
Time to Break Even
Number of months to paying back initial investmentCALCULATED - This is how long it will take to pay back whatever you invested in training the MC and in setting up the requisite technology. If less than 1, it means that you will be beyond break-even in under one month. 0.60
 
Additional Income After Break Even
Additional Income Each YearCALCULATED - Your net annual financial benefit from implementing an MC. Add in the additional, less-tangible benefits. And then ask yourself, “Why wouldn’t I want to get going on this tomorrow?” $127,560.00
 

Additional Benefits

  • Focus on the patient; not on entering data into a computer.
  • Process clinical data more effectively.
  • Improved documentation, performed by an expert in EHR documentation.
  • More accurate coding.
  • Overall coordination of encounter activities, increasing practice efficiency.
  • Happier patients, since they have eye contact with the physician.
  • Greater enjoyment from practicing medicine; data-entry time replaced with patient care time.
  • No need to even dictate reports.
  • Less time in the office, and no work to take home.
Please send your results to Valadoc for research purposes. Your data will not be published nor will you be contacted without permission. Would you like to be contacted? Yes No

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