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Ophthalmology ODOS - EMR

Ophthalmology ODOS - EMR

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Published by Linda O'Hara
The Ophthalmology specific Electronic Medical Record includes many easy-to-use built-in templates for history of present illness, complaints, review of systems, medication prescribing, immunization tracking and CPT coding. We recognize that no system has it all, which is why we will work with you after the purchase to customize the software and train practitioners. ODOS-EMR was developed by a practicing Ophthalmologist for Ophthalmologists.
The Ophthalmology specific Electronic Medical Record includes many easy-to-use built-in templates for history of present illness, complaints, review of systems, medication prescribing, immunization tracking and CPT coding. We recognize that no system has it all, which is why we will work with you after the purchase to customize the software and train practitioners. ODOS-EMR was developed by a practicing Ophthalmologist for Ophthalmologists.

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Published by: Linda O'Hara on Nov 19, 2009
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04/24/2013

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ELECTRONIC MEDICAL RECORDS FOR EYE CARE
INVESTMENT OPPORTUNITIES
Executive Summary
The next two years will see explosive growth in implementations of electronic medicalrecords (EMR) technology, thanks to federal incentives made possible by the AmericanRecovery and Reinvestment Act (ARRA) of 2009. Investors looking for opportunities tocapitalize on this funding are advised that $19 billion is currently allocated to providingincentives for medical practitioners to adopt EMR solutions for managing patient records.Currently, the majority of EMR solutions do not address the needs of specialized fields of medicine such as the eye care industry. The ODOS-EMR is a proven, off-the-shelf productdesigned by a practicing ophthalmologist to make medical records management faster,easier, and more efficient. It has been field-tested within a multiple-provider practice and isready for sale. For the over 50,000 practicing ophthalmologists and optometrists in theUnited States, it offers an attractive alternative to the generic EMRs that currently dominatethe market, as it is a cost-effective solution tailored to the specialized needs of the eye carefield. With over $2 billion of funding available to these practitioners alone, the ODOS-EMRsolution offers a solid opportunity for investors. Because of the sliding scale nature of theincentive payment structure, practitioners who adopt early will benefit most, as willinvestors who seek early returns. The ODOS-EMR solution is ahead of the curve both inaddressing the needs of eye care providers and in its potential to become the market leaderfor eye care-specific EMRs. It is poised to become the first choice of providers looking tomaximize their government incentive payments. Early adopters must have a system inplace in 2010 in order to receive full benefits, so the investment window is short for thishigh potential opportunity.
Overview
The American Recovery and Reinvestment Act of 2009 has moved the subject of electronicmedical records (EMRs) from the “nice to have . . . someday” category to the forefront of medical practices’ capital purchase plans. The bill includes $147.7 billion allotted to thehealth care industry, with $19 billion of that intended for direct payments to health careprofessionals who adopt EMR systems. Incentives of up to $44,000 each for health careproviders ($48,400 for rural providers) who implement EMRs will be distributed on a slidingscale starting in 2011 and ending in 2015. Early adopters will benefit most. Practitionerswho do not implement EMRs will experience up to 5% cuts in Medicare and Medicaidreimbursements.Many current EMR solutions are rather “one size fits all” in that, while designed to manageand handle medical records, they are not tailored to the needs of individual health carespecialties. This approach does not serve specialists well, since the information needed todocument patient visits in specialty fields may be radically different from that required byprimary care doctors. In the eye care field, much of the information that is relevant topatient care is unique to this specialty. A solution that more specifically addresses the needsof the eye care industry offers attractive advantages both to the ophthalmologists and
 
EMR For the Eye Care Profession | 2 
optometrists who will use it and to investors looking to capitalize on the opportunities madepossible by the ARRA legislation.Eye care is a multi-billion dollar industry that serves the needs of millions of patients in theUnited States. It is a highly specialized sector, with continuous development of advancedtechnologies to serve the needs of patients and practitioners alike. Billions of dollars arespent every year on products to support eye care, in areas that include optics,pharmaceuticals, diagnostic equipment, and surgical products. Now, with the signing of theARRA by President Obama, information technology will move near the forefront of spendingby the industry.EMR systems exist that are tailored to the eye care industry, but these tend to be complexand cumbersome. Most will create and store records with the information appropriate to thefield. However, the efficiency with which a practitioner can see patients is decreased whenswitching from paper charts to most of these systems. Practitioners must spend significantamounts of time entering data at a terminal, or pay a scribe to accompany them and enterthe data as they see patients. For a practitioner seeing forty to sixty patients a day, anyadditional time required by documentation becomes a significant burden and cost.The ODOS-EMR product is an electronic medical records database that was designed by apracticing ophthalmologist to minimize the time taken by data entry, and maximize speedand efficiency in creating, storing, and managing medical records by eye care practitioners.Because of its ability to decrease time spent entering and managing records, the systemfrees doctors to see more patients, shortening the period needed to achieve return oninvestment and increasing overall revenues.The ODOS-EMR system is available now for deployment and has been proven in actualimplementation within a clinic of eight eye doctors. By bringing the product to market now,investors can expect exponential growth in sales in conjunction with eye care providersmoving to take advantage of the ARRA incentives. Currently there are over 18,000ophthalmologists
1
and 33,000 optometrists
2
The American Recovery and Reinvestment Act of 2009 will create a short-term spike indemand that will precipitate a mass-conversion to EMR systems in the next few years andcause enormous growth in the EMR industry. Whereas a small percentage of practices hadEMR systems prior to the ARRA, in five years the majority of them will.in the United States alone. At the maximumrate of $44,000 per provider, the money available from the government for EMR purchasewithin this specialized field totals $2,276,252,000. Because EMR systems will presumablycontinue to be used beyond the initial adoption period, systems that compete successfully inthe initial phase can expect to realize even greater long-term profits in the future. ODOS-EMR is a proven, developed product, and is therefore well positioned to compete for a largeshare of the initial EMR purchases in the coming few years as well as the long-term profitsfrom continuing licensing and service in this market.
Regulatory Environment
1
18,733, per the AMA Physician Masterfile, 2005 (AMA #312.464.5000)
2
US Bureau of Labor Statistics, 2006
 
EMR For the Eye Care Profession | 3 
Under ARRA, providers who implement a qualified EMR system can receive up to $44,000each in incentives if they are early adopters. By implementing a qualifying EMR solution in2010, providers can become eligible for payments starting in 2011, with benefits paid overfive years. Providers can receive up to $18,000 in incentive payments in the first year alone.The following chart illustrates the incentive payment schedule:
Year of adoption
 
Payment2011
 
Payment2012
 
Payment2013
 
Payment2014
 
Payment2015
 
Totalpaid
 
2011
$18,000 $12,000 $8,000 $4,000 $2,000 $44,000
2012
0 $18,000 $12,000 $8,000 $4,000 $42,000
2013
0 0 $15,000 $12,000 $8,000 $35,000
2014
0 0 0 $15,000 $12,000 $27,000
2015
0 0 0 0 0 0Because the greatest incentive payments will go to practitioners who adopt EMR systemsearly, the majority of purchases of these products will occur in the next few years. Becauseof this, there are significant advantages for vendors who already possess an EMR platformover those who are coming to the market late. Companies with the ability to penetrate themarket early will possess a huge advantage, as late-comers will miss the initial wave of EMRadoption.Early market leaders will benefit the most from the conversion to EMR. Once a practice hasadopted an EMR system, it will likely stay with the same vendor, as these solutions areexpensive and difficult to implement. Conversions from one EMR system to another will beinfrequent. Vendors who capture clients early will enjoy a continuing revenue stream fromlicensing and support that will be difficult for competitors to disrupt. Moving quickly in thismarket is therefore essential. Because ODOS Industries already has a proven product, it willbe able to compete early for the initial wave of EMR adoption in the eye care industry, andout-maneuver many of its competitors.
Certification
 The American Recovery and Reinvestment Act requires that practitioners demonstrate “meaningful use” of a “certified” system to qualify for the incentive bonus. The ARRAspecifies that the Secretary of Health and Human Services will determine what qualifies as “meaningful use,” and “certified.” As of this writing, the new Secretary, Kathleen Sebelius,has not yet defined these terms, but it is likely that the Certification Commission forHealthcare Information Technology (CCHIT), an independent, private agency partiallyfunded by the U.S. government, will be the certifying body.CCHIT currently has criteria for certification of primary care, cardiology, and emergencymedicine EMRs, but no criteria for eye care EMRs. Because CCHIT does not plan to establish

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