Drive Growth and Profitability With Our Solutions
What’s your potential return on investment with ModMed?
Insights from the Total Economic Impact™ of ModMed®, a Forrester Consulting Study, March 2024
This study was commissioned by ModMed to determine the potential return on investment (ROI) of our solutions. Forrester collected data from a subset of our customers and combined the results to form a single composite organization, representing a 15-provider practice with $15 million in annual revenue and 58,500 annual patient visits.
Key findings from this study are summarized below.
In just one year, faster charting with ModMed led to a $66k increase in incremental profit.
ModMed
After ModMed
Suggested coding and customizable protocols helped providers get through their days faster. This allowed providers to see 10% more patients.
If I document faster and see more patients, how much could my profits increase?
Providers who charted after hours now have significantly more hours…of personal time.
Before ModMed
After ModMed
Less burnout and more work-life balance — that’s what happens when providers complete their documentation during business hours. And when providers chart faster, practices get paid faster, too.
Providers reduced denial rates, improving reimbursements.
Before ModMed
After ModMed
ModMed simplifies the billing process with suggested coding based on provider documentation. As a result, providers improved their coding accuracy, which led to an increase in overall reimbursements and reduced insurance denial rates.
How much revenue could I recover from improved denial rates?
Front-office patient interactions became 67% more efficient.
Before ModMed
After ModMed
Before ModMed
After ModMed
ModMed
After ModMed
Average time front-office staff spent with a NEW patient
ModMed
After ModMed
Average time front-office staff spent with an EXISTING patient
Average time front-office staff spent with a NEW patient
Average time front-office staff spent with an EXISTING patient
Automation, online scheduling and paperless check-in reduced the time the front-office staff spent with patients. This improved operational efficiency, patient flow, work-life balance and scalability for practices in the study.
If my front office did more with less, how much could I reduce costs?
Fewer no-shows led to more revenue.
Before ModMed
After ModMed
Each no-show resulted in $100 of lost revenue for the 15-provider organization in our study. If it saw 58,500 patients annually, it would earn $263,000 in recovered revenue per year with ModMed.
How much revenue could I recover from fewer no-shows and improved collections?
ModMed helped back-office staff do more with less.
Staff
Before ModMed
Future medical assistants
Staff
Future front-office staff
After ModMed
The 15-provider organization in the study gained efficiencies in claim submissions and analyzing insurance rejections and denials, which resulted in six reallocated back-office staff.
The Total Economic Impact™ of ModMed
The all-in-one solution that paid for itself in less than 6 months? That’s ModMed.
Our systems didn’t just drive bottom-line results, they created better experiences for patients, doctors and staff alike.
Customers achieved significant results,
according to Forrester’s TEI study and 3-year analysis.
Take a closer look at the study and what you can do with ModMed.
SOURCE: A COMPOSITE ORGANIZATION BASED ON 10 INTERVIEWEES AND 10 ADDITIONAL CUSTOMER POLL RESPONSES FROM THE TOTAL ECONOMIC IMPACT™ OF MODMED, A FORRESTER CONSULTING TOTAL ECONOMIC IMPACT™ STUDY, COMMISSIONED BY MODMED, MARCH 2024.
*THE UNDERLYING FINANCIAL MODEL FOR THE ONLINE CALCULATORS HAS BEEN COMMISSIONED BY MODMED AND DELIVERED BY FORRESTER CONSULTING BASED ON ITS TOTAL ECONOMIC IMPACT™ METHODOLOGY. MODMED CREATED THE CALCULATORS AVAILABLE ON THIS PAGE BASED ON THE FINANCIAL MODEL REFLECTED IN THE STUDY AND FORRESTER HAS NOT VERIFIED THE CALCULATORS FOR ACCURACY OR CERTIFIED THEIR RESULTS. THE PROJECTIONS AND POTENTIAL BENEFITS BASED ON THE CALCULATORS ARE BASED SOLELY ON THE DATA YOU PROVIDED AND ARE FOR ILLUSTRATIVE PURPOSES ONLY. THE RESULTS MAY NOT BE REPRESENTATIVE OF A TYPICAL CUSTOMER EXPERIENCE AND ACTUAL RESULTS AND EXPERIENCES USING MODMED PRODUCTS MAY VARY BASED ON A NUMBER OF FACTORS. MODMED AND FORRESTER MAKE NO WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE WITH RESPECT TO THE INPUTS, PROJECTIONS, OR OTHER INFORMATION SET FORTH HEREIN.
