While many hospitals have gone digitised, moving to digital medical records can have far bigger financial and operational advantages. Investing in a digital system can facilitate regulatory compliance, optimise workflows and enhance profitability, with one study showing that integrated EMRs created $181.9 million in financial and economic benefits across five Queensland hospitals. Here are some ways they could benefit yours.
Eliminating Redundant Administrative Costs
Inefficient administrative processes are significant cost drivers in healthcare. Hospitals that rely on a mix of paper-based and digitised records often experience unnecessary redundancies and avoidable expenses. Fully digital medical records help eliminate these inefficiencies by:
- Reducing manual data entry – automated data capture and integration help ensure information only needs to be entered once, then flows smoothly across systems. This minimises risk of human error and improves data accuracy.
- Eliminating paper handling – scanning, filing, and physically storing records incur materials and labour costs. Digital records remove the need for these processes and cut the cost of floor space for storage.
- Enhancing billing and claims processing – errors in medical records can lead to claim denials and revenue leakage. A digital system promotes accurate documentation, streamlining reimbursement workflows and compliance reporting.
By cutting administrative costs, hospitals can redirect resources toward higher value activities like business development and innovation.
Interoperability and Elimination of Duplicate Workflows
Many hospitals operate siloed systems that do not communicate effectively, leading to duplicated tests, inefficient coordination, and fragmented patient care.
A fully digital medical record system addresses these challenges by:
- Integrating with internal and external systems – digital records ensure smooth, secure data exchange between hospital departments, specialists, external providers, and government health databases.
- Reducing duplicate tests and procedures – lack of access to test results can lead to duplicate testing, unnecessary treatments, and poorer health outcomes, the Australian Digital Health Agency notes. With real-time access to patient history and test results in digital medical records, clinicians can avoid unnecessary repeat diagnostics, improving both cost efficiency and patient outcomes.
- Improving care coordination – when different departments and providers work from the same up-to-date records, they can provide more streamlined, collaborative, and effective patient care. Digital medical records can enhance continuity of care and reduce the risk of adverse events such as medication-related harms, a 2024 Productivity Commission report points out.
Long-Term Cost Savings and Revenue Growth
While an initial outlay is necessary, the long-term savings and efficiency gains often outweigh these costs. An investment in digital medical records can help reduce day-to-day operational costs, contributing to long-term financial sustainability and revenue generation. Key financial benefits include:
- Lower IT maintenance costs – managing multiple legacy systems requires dedicated IT teams, costly hardware updates, and frequent troubleshooting. A single, scalable SaaS solution reduces these expenses while ensuring continuous system updates and improvements. Global Health’s suite of solutions come with a fixed license cost, eliminating the guesswork when it comes to budgeting.
- Improved compliance and funding eligibility – regulatory compliance is essential for securing government funding and avoiding potentially costly penalties. Digital medical records provide structured, secure, and audit-ready documentation, helping hospitals meet requirements more easily. Fully digital systems support compliance with My Health Record conditions, making this transition beneficial.
- Optimised resource allocation – with real-time access to data, hospital administrators can make informed decisions about staffing, resource distribution, and financial planning, ultimately improving operational efficiency. As healthcare organisations increasingly use artificial intelligence (AI) to support administration and care, fully digital medical records capture data that can inform these algorithms, creating an evidence base for decisions.
Hospitals choosing fully digital medical records gain a competitive advantage through cost savings, streamlined workflows, and improved patient care. The transition can prove to be a tactical investment in long-term financial and operational success.
Book a demo or contact our team today if you’d like to explore a secure, scalable, and cost-effective alternative to outdated record-keeping systems.
