Business Model Innovation in the EHR Industry: Vendors Offer Loans & Guarantees
Sarai Tsai | January 22, 2010 - 1 Comment
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Sometimes you need to borrow money to make money. Now physicians facing high costs to implement electronic health records (EHR) can borrow funds directly from the vendors. Allscripts, Ingenix, IBM, Cardinal Health, Practice Fusion, and other EHR vendors have announced loan programs for EHR clients. [Update: Practice Fusion's business model is based on a free EHR product, and they offer a HHS certification guarantee.] While borrowing money from a vendor may not appear immediately attractive, Allscripts and Ingenix, along with a few others, also offer a guarantee policy that their EHR product will enable physicians to qualify for Medicare reimbursements under the American Recovery and Reinvestment Act (ARRA) by meeting the “meaningful use” criteria.
This is even better than buying a car. Not only do you get a loan, you’re guaranteed to benefit from it. If not, while you can’t return it, like Hyundai’s Assurance program, you might get to use it for free. It’s worth shopping around for the best deal for you – Allscripts offers various financing plans from its preferred banking partners, while Ingenix has interest-free loans to qualifying primary care physician offices with 10 or fewer doctors. Derisked, with less upfront costs! We wonder if this business model innovation is going to be what finally tips many physicians over to joining the EHR community.
Source: Healthcare IT News
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