The Total Economic Impact™ study found that ModMed® software solutions drive growth and profitability for medical specialties
BOCA RATON, Fla.–(BUSINESS WIRE)–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%.
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.
Contacts
For more information:
[email protected]
Matter for ModMed
Dan Ventresca
617-874-5488
[email protected]
