3 tips for comparing the prices of EHR systems

The Internet is abundant with tools to help consumers compare products, and EHR systems are no exception. Numerous resources are available to compare EHR software, providing insights into both functionality and price. While comparing EHR systems based on functionality is straightforward—it’s either present or not—EHR price comparisons are more nuanced. The listed price often doesn't reflect the actual cost of ownership, which includes implementation and long-term expenses.

Here are three tips to keep in mind when it comes to comparing EHR prices:

1. Consider long-term costs of ownership

When selecting an EHR system, it's essential to consider the long-term costs. Why is this crucial? Switching EHR systems can be expensive and disruptive.

Therefore, it’s prudent to select an EHR that aligns with your practice's long-term goals rather than viewing it as a short-term solution.

Typically, EHR cost comparisons should include a five, seven, or even ten-year forecast to accurately capture the total investment. The key takeaway: always think about the long-term cost of ownership when assessing EHR pricing.

Recommended Reading: EHR Pricing Guide - Compare EHR prices side by side in our guide

2. Does the contract reflect all costs?

Implementing an EHR system can be a substantial investment, with a typical multi-physician practice spending approximately $162,000 on average. Many consumers, however, often overlook the fine print or fail to ask critical questions about hidden fees, which can lead to unexpected expenses.

Often, EHR contracts do not provide a single, comprehensive price. Instead, they list multiple fees contingent on specific products and services.

Some contracts are vague about what is included, which can result in unexpected additional costs later. To avoid surprises, insist that the vendor provides a transparent contract detailing all fees for the intended use of the EHR platform.

3. Total out-of-pocket costs

Understanding the Total Cost of Ownership (TCO) is critical when making an EHR software comparison. The U.S. Department of Health and Human Services defines TCO as including both the initial purchase price and the long-term costs associated with the EHR system.

This includes direct costs like the purchase price, additional software, hardware, and setup fees. It also considers indirect costs during and after implementation. If a vendor cannot or will not provide TCO figures, it’s advisable to select one that can offer more transparent pricing.

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