Successfully managing medical practice management is a very challenging and labor-intensive process with several moving parts and intricate workflows. Therefore, anything that helps make the process more efficient is really valuable. The practice must increase productivity and streamline processes if it wants to perform better.
Although office management systems have been around for a while, they are just unable to handle the complexity of managing a medical practice. To suit their needs, providers have been turning more and more to specialized practice management software.
But not all practice management programs are created equal. Some won’t have the qualities and capabilities required for the profession to flourish. Continue reading to learn the top 5 qualities a practice management system should possess.
Verification of Insurance
The practice staff may spend a significant amount of time verifying insurance. It is a waste of time for personnel to make phone calls and wait on hold since it keeps them from actively participating in patient P3Care. Thankfully, practice management systems include the capacity to verify insurance. During the check-in procedure, this enables employees to rapidly look up and confirm each patient’s insurance status. It’s a win-win situation because it also speeds up the appointment process for patients.
Every provider wants fewer rejections and quicker payments. It is safe to say that no doctor who is currently operating their own practice is happy with the way their revenue cycle management is set up.
Investing in a practice management system with automatic billing capabilities is one of the simplest methods to increase the flow of money. The majority of apps will incorporate revenue cycle management capabilities with billing and collection processes. The program has an EDI feature that practice personnel can use to submit claims electronically.
An increasingly crucial component of healthcare is the safety and security of patient information. Providers must retain all this information as securely as they can, since identity theft is a very real crime that can ruin lives. This is why the Health Insurance Portability and Accountability Act (HIPAA) was created.
Health information databases are increasingly at risk from attacks by hackers that target medical providers. In addition to the potential of assaults from other countries like Russia, medicine continues to be one of the top targets for ransomware attacks. It is crucial that providers start investing in digital security, particularly in practice management systems with strong security measures, to prevent falling victim to any such assaults. The most crucial place to start fortifying your defenses may be your practice management system because it houses a significant amount of sensitive patient data.
Arrangement of Appointments
The use of conventional appointment scheduling techniques will prevent these practices from developing to their full potential. Modern, online appointment scheduling tools are included in practice management systems, and the package frequently includes a patient portal.
Additionally, these technologies make it much simpler to set up recurrent patients, such as those who might require monthly check-ups, for example. When patients are unable to keep an appointment, rescheduling is also quicker and simpler. The flexibility of scheduling telehealth consultations for patients who don’t need to be physically present in the clinic is another feature that practice management systems offer.
Management of Patient Information
Additionally, practice management systems make it easier to use patient information management tools to get a comprehensive picture of your whole patient base. You now have access to crucial information, including medical history, diagnosis, and therapy. Older paper records can also have their scanned images added.
You can track key performance indicators to assess how well your practice is performing in relation to achieving the objectives you have set for a number of crucial metrics using a KPI dashboard integrated into your practice management system. Important metrics to track include: Days in Accounts Receivable, Denial Rate, Percentage of New and Returning Patients, etc.
Comprehensive Patient Portal
patient portal and the practice management system ought to be properly connected. With this update, patients can now access their files, lab reports, radiology, and more from a single location. On the provider’s end, it facilitates information exchange and further streamlines processes by removing the need for them to move to a different system in order to interact with patients. Since patients can easily connect to the portal and update their insurance and contact information whenever there are any changes, insurance verification, and eligibility checks are also made simpler.
Providers can connect directly to payers by avoiding third-party clearinghouses by using a practice management system that includes a built-in clearinghouse. It is less expensive because you won’t have to pay for a third party, and it makes submitting claims easier because it is directly integrated with your practice management and EHR system. Additionally, the integration guarantees that all of the tools your practice uses will use the same claim and reporting data.