The new stimulus package is offering up to $11 million per hospital for transitioning their paper files into electronic documents. Not only does this offer money for hospitals, allowing the budget to enlarge for additional medical tools, doctors, and other necessities. However, many physicians are still unsure about the financial repercussions of such actions. Currently, the largest expense of a physician office is the staff. However, there will be less staff needed when OCR technology is installed. Since many of the staff was held up looking for information, hospitals and offices had no other choice but to hire more employees. Since this is no longer the case with OCR technology, many doctors and hospitals are slowly optioning for the software, which also saves money for other resources.
When patients are moved from one hospital to another, their records must be transported as well. According to ophthalmologyweb.com, it can cost anywhere form $3 to $5 for a hospital to pull up a chart, but then there are the additional expenses from transporting the files that must be considered as well. With OCR technology, having electronic files are much cheaper in the long run for incoming patients from other hospitals. This also makes locating their files much easier as well. One source revealed that a majority of their expenses were saved because they no longer needed storage space. OCR technology is on its way to becoming one of the top medical aids.