what is practice management software

What is Practice Management Software – Expediting the Workflow and Processes for Healthcare

Are you looking to improve the efficiency of your medical practice and design a smooth billing workflow with a streamlined management process?

If yes, you may need a medical practice management software.

According to the American Medical Association, medical practice management software is meant to improve the healthcare services to patients and improve the efficiency of clinics and hospitals. Various hospitals, clinics, and other healthcare institutions implement healthcare crm to automate their routine tasks like patients’ registrations, tracking, reporting, accounting, and other tasks through a well-integrated workflow process. This helps in increasing the overall quality and efficiency of healthcare services, enabling healthcare institutions to also increase profitability.

What is Practice Management Software/System Definition

The practice management system is a specialized digital health solution that is designed to assist healthcare services of all sizes to operate smoothly. Healthcare institutions of all sizes implement practice management software to improve their financial, operational, administrative, billing, and other functions, whereas, many healthcare institutions also integrate it with the electronic medical records (EMR).

Some of the common functionalities that come with practice management software include:

  • Patients’ records storing
  • Tracking patients’ medical history
  • Scheduling appointments
  • Streamlining billing procedure
  • Managing insurance claims
  • Payment processes from patients, and insurance providers
  • Reporting

The best part of the practice management system is that there is no specific hardware involved in the system. All it needs is a functional internet connection with a computer. The system can be deployed easily as either:

  • Desktop-only software

This approach is taken to just install the system on just one personal computer with few people to share with

  • Client-server software

Under this setting, the system can be shared and accessed by multiple-users via an onsite server, which has to be purchased or leased by the hospital/clinic or any other healthcare institution

  • Internet-based software

Under this setting, the system can be accessed by multiple users over the internet. This means that there is no need to purchase or lease an on-site service. However, a disadvantage of this approach is the fact that here the private and confidential data remains outside the practice office.

With the internet-based software, the PM systems won’t just be able to maintain patients’ records but also other data including insurance companies’ records, ICD codes, procedures, and much more.

What is Practice Management Systems Features

Some of the features that make PM systems as an essential medical tool includes:

  • Appointment Scheduling

The medical management software enables healthcare practitioners, paramedic staff and other administrative and support staff to easily manage appointments and schedules for patients across multiple providers. In fact, some medical management software also enables patients to book an appointment for themselves.

Scheduling is one of the most pressing challenges faced by the hospital and clinic staff, especially when they have to consider availability days and times of multiple practitioners and allot the slots appropriately to patients. The medical management system enables administrative staff and paramedics to get real-time insights into the availability of each doctor in the hospital, thus minimizing the chances of giving conflicting appointments and avoiding double-bookings.

To further enhance the patient’s experience with the healthcare services, the medical management system also has the reminder function, which automatically sends appointment reminders to patients to minimize no-shows.

  • Organizing Patient Data

A medical practice management software enables doctors and other administrative staff to conveniently store all relevant patients’ information, as well as, access the information easily whenever required. Some of the basic fields that can be stored with a practice management system include patients’ names, addresses, contact information, insurance provider, employer, medical history, and various other detailed information like medication, past tests, lab results, and much more.

The system is also able to automatically verify the insurance coverage of patients’ to make for streamline and fast billing processes.

  • Billing and Claims Processing

Apart from verifying the insurance coverage of the patients, the medical PM system also enables smooth billing and claims processes by generating electronic billing statements, as well as, electronic claims for any dispute. The system comes with scanning ability, where bills and claims can be easily scanned to analyze all the diagnosis codes and compliance with the regulations.

The automated billing and claim processing system is also able to identify any conflict or errors in bills and claims, which may delay the payment process. In any case, where conflict is identified, the system sends an automated notification to the staff, so it can be resolved in time. The system will also send the notification for overdue payments from patients.

In case a cloud-based system is implemented, the hospital or medical facility would be able to remotely update any billing or procedural codes and rules, ensuring that there is never any outdated codes.

  • Reporting

To ensure smooth and efficient hospital operations, doctors and administrative staff needs to have detailed and real-time access to all the information they may need on practice performance.

The medical practice management system ensures access to comprehensive data to all relevant persons. The data accessed can be highly filtered and may include:

  • Patient’s no-show frequency against their appointment
  • Time spend on specific tasks by staff members
  • Time is taken to reimburse claims
  • Clinic performance
  • The time taken for claims to pass through the accounts receivable

By accessing such customized and filtered data, doctors and medical facilities have a great chance to assess their performance level and find out opportunities to boost productivity and cut out of inefficiencies.

What are the Advantages and Benefits of Practice Management Software

  Integrated workflows and processes

The biggest strength for PM systems is its strength to create robust and highly-integrated workflows and processes to boost the efficiency and productivity of medical institutions. This is a crucial success secret for all medical institutions in today’s world where consumers are increasingly looking for personalized, fast, and high-value healthcare services.

The PM system is able to optimize performance levels by automating various routine and administrative tasks through a dynamic and standardized system that keeps redundancies and errors minimum. To further improve the efficiency and productivity of institutions, the medical practice management system offers reporting and monitoring capabilities that are able to identify potential threats early before it can disrupt the system and bring down the efficiency of the institution.

–     Improve Patient Care

Automating the workflows and processes through the medical practice management system not only helps institutions to maximize their efficiency and productivity, but it also helps them to offer personalized and better healthcare services to patients. The medical management system comes with various advance features and functionalities like appointment scheduler, billing, and claim process, notification alerts, and reminders, the system takes off much burden from doctors, paramedics and other administrative staff; subsequently enabling them to offer better quality healthcare services to patients.

–     Increased Profitability

With streamlined workflow and processes and automated management of administrative, data keeping, accounting, and billing tasks, the medical practice management system create a dynamic and integrated system that helps hospitals and medical institutions to maximize the efficiency for increased profitability.

–    Automated billing process

Billing and claim processing has remained a pinning challenge for all healthcare institutions. Implementing a practice management system enables hospitals to automate this challenge and improve the operations and processes of billing and claim processing. The system’s in-built features can detect insurance coverage of patients at early stages, as well as, it also analyzes claims for any discrepancies, thereby, minimizing the chances of errors, while also ensuring a smooth and streamlined billing process.

What are the Advantages and Benefits of Practice Management Software for Practitioners

  • With a robust medical practice management system implemented, the administrative staff at hospitals and other healthcare institutions will have greatly reduced the responsibility of making copies for patients’ insurance cards. Instead, all they would have to do is to scan the card and the system will automatically update the information against the patients’ details
  • The medical practice management system also automates the tasks of claim processing, which is otherwise a tedious process for the billing department. The system is able to automatically analyze the claims against the relevant information, thereby not just reducing the time required to resolve the claims but also enhancing the cash flow
  • Apart from reducing the burden from administrative and billing departments, the system also greatly assist doctors and physicians in validating the treatment and cure procedure for the diagnosed disease with the insurance company
  • The system streamlines the workflow and processes of healthcare services by giving access to doctors and physicians for the detailed medical records of the patients and maintaining the data in relevant categories

What are the Benefits of Practice Management Software for Patients

PM software doesn’t just help hospitals and medical practitioners in their practice, rather it also greatly improve the healthcare services for patients. The system is able to inform patients about their insurance coverage and benefits offered in the insurance plan, so they are better informed with their eligibility against a treatment, as well as, any overdue balance.

Apart from insurance coverage and services’ eligibility, the PM software also store detailed medical history of the patients’ thus helping them or caregivers for timely medicine intake. The system also sends automated reminders and alerts for appointments, minimizing the chances of missing an appointment.

What are the USP and Components of PM Software

Patient scheduling

The medical management software comes with advanced tools and functionalities to track patients’ visits. These software systems offer a color-coded appointment schedule for easier management of appointments and visits.

–         Claims process

With a practice management system, it is easier than ever to manage claims via an electronic claim management system. The staff just has to scan the copy of the claim and store it into the system, which then analyzes it against the insurance eligibility, diagnosis, and treatment availed by the patient for smooth and faster claim management.

–         Reporting capabilities

The PM system comes with comprehensive reporting functionalities that come with customization parameters. The reporting capabilities offered by the system including reporting for financial performance (billing, claims, insurance eligibility, etc.), ICD codes, appointments, and others. The users of the system also have the option to design their reports as per their needs and requirements.

What Is the Difference between Practice Management Software, Electronic Medical Records, And telemedicine solution?

The electronic medical record (EMR) is a dedicated software that is used to record the medical history of patients. The system is mostly used for individual practice. The EMR technology first gained traction back in 2009, when the government encourages the healthcare industry to adopt digital technologies and offered incentives for the same.

This resulted in the take up of information technology in the healthcare industry, as well as, the rise of the HITECH ACT, which promoted the use of EMR technology in the healthcare industry. Apart from facilitating the healthcare practitioners to enhance their services, the system also shares some data with the public health officials.

While the practice management system may store some of the records that are stored in an EMR, the system is essentially used for different purposes – mainly for financial and administrative practices. The practice management system may be integrated with the EMR systems, however, the integration of the two systems could be difficult in case two systems are from different vendors. This is why some companies specifically work on the integration of these two systems.

Moving on to the telemedicine solution industry, it is a more generic term that represents the use of telemedicine software to deliver healthcare services to patients. While the term was first used to treat patients in rural or remote areas with no access to quality medical services and shortage of doctors, today the term is widely encompassing and used to refer to the convenience of healthcare services through technology integration.

Clinically – Best PM Software

Clinically is a smart and robust practice management system that is designed to offer clients with loads of functionalities and automation features to enhance the workflow and processes. Some of the features of Clinically practice management software includes:

  • Lead Management
  • Central repository for clients’ records
  • Sales tracking

Folio3 Will Help you in a custom practice management solution

At Folio3, we offer our clients robust and comprehensive custom practice management solutions equipped with superior automated functionalities and healthcare intelligence including e-billing, software as a medical device, scheduling, claim to process, and much more that help medical facilities to optimize their workflow and processes for improved efficiency and higher profitability.

What is Medigap number of practice management software?

A Medigap is an exclusive insurance policy offered by private insurance companies. The coverage offered by the Medigap insurance is aimed to cover certain gaps of the patients that are otherwise not covered by the original health insurance policies. The practice management software is able to analyze the eligibility of patients through its Medigap number to notify the treatment and procedures included in the policy.

What is the fastest way to search for an account in a practice management software program?

There is various practice management software program which can easily be purchased online for fast integration into existing systems and processes of hospitals and other medical institutions.