Clinics for Medical Practices
Medical practices' needs differ from those of large hospitals, and as such, these small practices might not always find what they're looking for in a practice management system from the largest vendors on the market. But that doesn't mean there aren't plenty of reliable companies that cater to small, local practices.
Choosing the right practice management system can help you streamline day-to-day operations and increase your cash flow. Let’s examine what practice management systems do and help walk you through the decision making process. What features should you consider? What questions should you ask when shopping around?
First, you should know why you need a practice management system. Here are a few benefits of having one:
Streamlining: It makes your company more productive in terms of scheduling, billing, and financial analysis.
Automation: A practice management system that includes a patient portal can also take some of the burden off of your front desk, allowing patients to request appointments and fill out forms online. Selecting the system that best matches your specialty and workflow will play a big role in your clinical and financial success.
Billing: If you decide to keep your medical billing in-house instead of outsourcing it to a medical billing service, your practice management system will help ensure claims are submitted to payers in a timely and proper manner. Along with a diligent staff, practice management systems can help increase the amount of claims that are accepted by payers on the first pass. Staff members can also use the software to respond to denials and rejections as well as generate financial reports and pull data to analyze your practice's fiscal health. It's important to note that you'll also need a certified medical coder on staff if you intend to bill through your practice management system, especially with the recent change to ICD-10.
Patient Communication: A practice management system can be used to generate and send patients their balance statements as well as predetermine whether patients will owe anything out-of-pocket before their appointment. This will make it easier to collect payment.