You will be doomed if all of a sudden, your EHR vendor announces that they are going out of business due to losses and you can no longer avail their services. You are left in a conundrum. What should be the way out? After spending so much on the first EHR implementation, you will have no option but to go through the process again and make yet another investment in the system.
So how could you watch the financial health of your EHR software vendor in the first place? Let’s give you a few tips which will caution you before any such event takes place.
- Stay alert: Set up Google Alerts about your EHR vendor and it will send you various alerts related to news, discussions, industry changes, developments, mergers or sells. This will be a great way to keep your EHR vendor in check.
- Ask the right questions: Find out how many installations and deinstallations your EHR vendor has had in the past one year. If you see there are many clients who are shifting to other EHR vendors, there might be something fishy going on.
- Check for developments: The EHR industry has fast development cycles and if your EHR vendor is keeping up pace with it, then you are in safe hands.
- Follow the money: You must check how the company is funded, what its annual statements are reflective of and how long it has been in the business. A small company with a better business model maybe more stable than an old company struggling with technology.
- Watch the market: Keep a close watch on the market trends and what new technologies are on the offer. Wait to see effects of any new development before deciding to shift.
These are a few ways through which you can keep a close check on the financial standing of your EHR vendor.