ROSLYN, N.Y.--(BUSINESS WIRE)--Physicians’ Reciprocal Insurers (PRI), the second largest malpractice writer in New York state, today announced the results of a survey of more than 500 physicians regarding the implementation of Electronic Medical Records (EMR) systems. By January 2015, Medicare payment penalties will begin for physicians that are not “meaningful users” of EMR technology.
One significant finding was awareness of financial incentives and penalties for implementing EMR systems. While 85 percent of physicians were aware of the financial incentives for implementing the systems, more than 35 percent did not know that they face government-assessed financial penalties for not complying. The penalties are equal to a one percent reduction of the physician’s annual Medicare payments per year up to five percent. However, those penalties do not seem to be having the intended effect, as more than 65 percent of physicians who were unaware of the financial penalties said this would not cause them to implement EMR.
For physicians that do plan to convert, the survey revealed considerable concerns regarding implementing an EMR system. Leading the list of concerns is Cost, about which nearly 85 percent of physicians polled said they are “very” or “somewhat” concerned. This number stands out when compared to responses regarding how much physicians plan to spend on EMR systems. 70 percent of respondents expect to spend over $15,000 dollars.
Cost was closely followed by Training Staff on EMR systems, which 79 percent of physicians are “very” or “somewhat” concerned about. Lowest on the list of concerns was “Loss of patient information.”
Despite cost and staff training concerns, a narrow majority of the physicians surveyed believe EMR systems will prove to be a valuable resource in medical practices. Over 58 percent of the physicians surveyed responded that EMR systems will have a positive or very positive impact on the quality of patient care.
“The ability to pull patient records and use the data in a collaborative environment will change the way healthcare is administered, and contribute the reduction of risk,” said Gerri Donohue, Associate Director of Risk Management Education at PRI. “It’s encouraging to see that the majority of physicians understand this benefit.”
About Physicians’ Reciprocal Insurers
Physicians’ Reciprocal Insurers (PRI), headquartered in Long Island, New York, is a leading provider of professional liability insurance to physicians and medical facilities. As the second largest medical malpractice insurer in New York State and one of the Top Ten in the country, PRI is recognized as one of the most respected names in medical malpractice insurance. Founded in 1982 by doctors to serve the healthcare industry and its professionals, PRI continues to be a leader providing coverage and innovative products that anticipate the needs and further the financial goals of policyholders, and offers key services to help improve the liability environment for doctors, chiropractors, dentists and healthcare facilities