medical financial managementAre you ready to power up your cash flow? Good practice software can do just that. From streamlining your patient workflow and office tasks, to helping you process your claims to get you paid faster.

What is Practice Management Software?

As your practice grows, it naturally becomes more and more challenging to manage all of your patient data along with each patient’s financial history and any open balances they may have. Practice Management software is a specialized patient accounting system that acts as a central repository of all patient data, but that also helps to streamline the many different aspects of patient workflow including document handling, patient scheduling, eligibility verification, printing of receipts, insurance billing, and the detailed tracking and managing of claim rejections, denials, and appeals.

What Can Good Practice Software Do For You?

Advanced practice systems must address a host of complexities that revolve around a patient’s visit to the medical office. From appointment scheduling, the checking of insurance benefits, waiting listing patients, and sending appointment reminders, to billing insurances and collecting payments from patients––a comprehensive system covers the entire gambit of office tasks related to treating the patient. Medical practices need software to manage a myriad of office activities and processes: Here is a brief summary of the breadth of activities that a medical office management system must account for:
– Address complex scheduling needs
– Provide easy searching of patient data and appointments
– Streamline patient check-in and check-out
– Provide multiple ways to identify patients and patient records
– Manage an assortment of patient documents
– Manage the physician visit with Electronic Health Records
– Manage prescriptions, Rx ordering, and faxing
– Manage insurance claims processing
– Automate all other billing processes
– Improve patient-payment collections
– Measure revenue performance against benchmarks
– Give doctors instant secure mobile access to patient information
– Enable online patient communication with the practice
– Monitor patient customer satisfaction
Medical office software must also be compatible and interoperable with other software the practice uses. In short, medical office management software is needed to automate workflow, manage medical documents, record payments, monitor cash, organize processes, and generate critical reports for management.
It must do all of this while maintaining strict compliance with a dozen government initiatives that mandate the protection of personal health information and required Medicare & Medicaid reporting (HIPAA, HITECH, OMNIBUS, PCI, 5010, ICD-10, e-Prescribing, Meaningful Use Stage II,  and PQRS Reporting).

Supervising and Maintaining Your Practice Management Team

Good software requires good personnel to exercise quality control and make sure claim denials are followed up and if needed, appealed. You also need to have a backup plan in case a staff member gets sick or moves on. Your well-trained staff are a huge asset to your company, so you’ll need to protect this asset by investing in training for multiple staff. If you have a solid and consistent staff team, the right medical office management solution can help you manage billing and denials much more efficiently, thus improving your cashflow. The right system is an investment that will pay big dividends for any medical practice.
Overview of PracticeSuite Medical Billing Software

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Last Updated on April 30, 2021