As we’ve been telling you part of the Obama stimulus plan involves a massive overhaul of the healthcare system. And among the many projects, nothing is more ambitious than his plan to digitize medical records.
In fact, President Obama has said he would like all hospital records to be transferred to digital format within five years. It’s a daunting task that would impact both hospitals and doctors in private practice.
"It is very expensive, very time-consuming to make these systems fit your office (and) it is also time-consuming just to learn the whole process,” says Dr. Jeff Heaton of EDS Pediatrics in Hyde Park, Illinois.
Essentially each patient’s chart must be scanned into a computer system. Our sister network, MSNBC learned that Dr. Heaton’s practice spent $50,000 to digitize their records.
One company positioned to profit from this sea change is Athenahealth.
As Fast Money first told you on January 13th this firm which makes internet-based software to organize billing and diagnosis records, could be just what the doctor ordered.
According to it's website athenahealth offers the industry’s leading billing and practice management solution. It’s a unique combination of web-based practice management and EMR software, real-time payer knowledge, and comprehensive business services – from eligibility verification to claims submission to insurance collection.
Essentially AthenaHealth helps doctors get paid more money, faster with less hassle, according to AthenaHealth CEO Jonathan Bush.
There's no flat fee or upfront costs like you'd have with buying billing software. "And when doctors realize it, Athenahealth is going to kill it!” Bush exclaims.
Bush is a colorful character. (He’s also related to George W. and Billy Bush on Access Hollywood.) Check out the video!
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Trader disclosure: On Jan. 22nd, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (EEM), (F), (FXI); Macke Owns (MCD), (BAC), (C), (TM), (SDS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (MSFT), (UNH), (AET); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (ANF)
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