Last Updated | September 25, 2024
How Much Does Epic Cost – An Overview
The cost of integrating the Epic EMR system is a significant concern for healthcare organizations, and they often wonder, “How much does Epic cost?” before implementation. Well, this process comes with a set of challenges that determine the price tag. In a nutshell, Epic’s EMR system costs from $1200 to $500,000 to implement the software. The amount may fall anywhere between the range, with various factors driving the actual cost.
How Much Does Implementing The Epic Software Cost?
Since EMR software development is on the rise, healthcare providers have a wide range of solutions to enhance patient experience. Amongst all of these, Epic EMR is the most renowned and top healthcare software solution. It is preferred by more than 250 organizations with 45% of the American population having 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 with different organizations and doctors. The government is stressing the need to implement IoT healthcare solutions and medical imaging software. However, their expense is one of the most significant factors, and it’s challenging for small hospitals and clinics to implement this EMR system. Check out the state-wise breakdown of hospitals using EPIC software in the USA.
Epic EMR allows users to access patient records 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 system has a centralized location where the information is stored, ensuring accurate entry and usage eliminating doctors’ worries about over-prescription. With comprehensive information on one platform, Epic EMR reduces costs by delivering records on request. There is no need to get re-tests done, resulting in cost-effective, consistent care.
Pricing Models Of Epic EMR System
Epic is a cloud-based health records system designed for medical organizations. The system charting includes patient history, referrals, and medical records to deliver satisfactory patient care. In addition to this, the database system also has analytics and reporting features.
Epic EMR is designed to accommodate healthcare setups of all sizes, so it has created multiple pricing models to ensure that medical organizations pay for what they use.
To successfully implement this EMR system, healthcare organizations need to know “how much does Epic cost” before they start. The pricing entirely depends on the features you select and the number of patients you cater to. 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). Hiring medical app developers to customize the features according to the scale of your medical facility can help you.
Can Government Incentives and Private Healthcare Funding Offset Epic Implementation Cost?
Telemedicine software development and implementation can be extremely expensive. For this reason, medical organizations opt for healthcare funding and government incentives to implement EMR systems and medical diagnostic software.
Federal support is available in the form of various incentive programs or grants to reduce the costs of adopting EHR systems. For instance, Medicare & Medicaid Promoting Interoperability Programs, SAMHSA CCBHC, and MACRA expansion grants exist.
These programs require the medical service provider to demonstrate meaningful implementation of an EHR system to apply for the incentives. Some of them include:
- Medicare & Medicaid Promoting Interoperability Programs: These programs pay eligible hospitals and professionals, but the providers must implement ONC-certified EHR technology, maintain at least a 90-day reporting period, and demonstrate electronic clinical quality measures.
- CMS’s Quality Payment Program: Commonly referred to as MACRA, has two tracks: a merit-based incentive payment system and an advanced alternative payment model. The merit-based program allows eligible medical service providers to access payment adjustments if they submit the documents by the deadline. On the other hand, 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. The HIT (health information technology) must provide information about how the CCBHC will support the electronic health information exchange that improves care transitions to access the grants.
In addition to these programs, you should visit your state’s small business development center to learn about other options. Regional extension centers in most states can help with the implementation of a new EHR system, offering reduced-price or free implementation support, attestation advice for payments, and financial consultations.
Adoption Rates of EPIC EMR in the Market 2023 – 2024
Budget and ROI Considerations Before Investment in Epic
Small clinics critically think about “How much does epic cost?” before starting their implementation plan. It is essential to gain a clear understanding of the budget and the ROI to make the investment justifiable, mainly when the organization is operating on thin profit margins.
The investment must fit into the organization’s short-term budget; however, 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 revenue.
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 and short-term projections can help determine the probable return on investments. Lastly, the analysis of the total cost of ownership is a helpful tool in determining their 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. 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
Epic Integration is Now Easy With Folio3 Digital Health
If your healthcare organization is in search of Epic integration to streamline its administrative processes, Folio3 Digital Health can help you. We offer various services like custom training modules to enhance user experience and seamless integration of Epic into existing workflow. Our team of software developers, designers, and marketers adhere to HIPAA compliance rules and use the latest HL7 and FHIR interoperability standards to ensure patient data security.
How Much Does Epic Cost – Bottom Line
Epic EMR is essential software that contains everything a healthcare provider needs to organize patient data and provide 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. Take into account all these parameters driving the cost of the Epic system for positive results.
Frequently Asked Questions
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 learn how much epic unlimited costs are.
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.
What is The Cost Of Epic Certification?
The cost of Epic certification ranges from $500 to $10,000, with an average expense of approximately $5,000. Those pursuing this certification have their costs covered by a sponsoring employer, usually a healthcare organization that uses Epic software.
About the Author
Ahmed Sufyan Samee
Ahmed Sufyan Samee is a seasoned digital marketer with 3+ years of experience. Specializing in SEO, he excels in optimizing online content and managing display campaigns. His expertise extends to YouTube SEO, enhancing brand visibility and engagement. Ahmed is known for his strategic approach, leveraging PPC and SEO to drive measurable results. Committed to staying ahead in the dynamic digital landscape.
