Running a successful, hectic medical practice is a daunting task that can create a certain level of stress behind the scenes. There are so many moving parts to track, which is compounded by the fact that the health and well-being of your patients depends on you to keep everything humming along smoothly.
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The systems you have now to organize and run the practice may have been appropriate when you were first starting out and did not have the same patient load or staff size as you do today.
But now, as you grow in size and add more specialists to the staff, perhaps expanding the types of patients you treat, it is becoming clear that your practice needs the competencies that Can provide specialized software. This is where practice management software comes in.
You use practice management software to streamline key functions in your organization. For example, it saves time when checking insurance eligibility and scheduling appointments of patients. This minimizes the effort involved in managing rejected claims and preparing reports for staff meetings. Once installed, you’ll wonder how you ever got on without it, managing your practice.
Before implementing PM software, many practices first computerize their workflow, starting with electronic health records software. If you’re still relying on the old-fashioned, paper-based system, you might want to consider the benefits of setting up an EHR right away. EHR lets you quickly set new patient records and add information during each office visit. Doctors and nurses can also enter information by speaking into the microphone using EHR’s speech recognition feature.
Practice management software easily integrates with an EHR system and is often the first thing owners and managers of practices deploy during the development period.
Great practice management software will include five core features. Do not accept an application that cannot provide you with these capabilities. claim denial management, financial reporting, scheduling, ICD-10 code conversion, and insurance eligibility verification.
Claim Rejection Manager and Electronic Claim Submission
The key to speeding up the revenue cycle in your medical practice is the ability to submit claims electronically to multiple insurance providers. However, you will still have to deal with the mistakes that your employees will sometimes make when processing these claims. This is why the Claims Denial Manager is an important element to practicing management software.
When the system detects an error in your claim, it displays what the problem is so you can fix it on the spot and then resubmit it immediately. Office managers should be aware that electronic claims lead to faster processing, faster turnaround times and faster payment of claims.
Management and Financial Reporting
Your employees should regularly produce documents to monitor the practice and its activity. Without this data, you can’t really have a clear idea of where you stand financially, and it’s a hindrance to planning and forecasting growth.
With practice management software installed, you can generate reports customized to the needs of your various stakeholders, and you will spend far less time creating reports in time for regular meetings.
In addition, you can apply analysis to the data in your practice management software to get a more comprehensive look at key indicators.
For example, you can see which patients consistently fail to come in for appointments or pay their bills on time, or you can see how often you can see patients coming in for shots. As a reminder, your vaccination rates fluctuate accordingly. A report focusing on the number of weekly claims or the number of denials is easy to create on demand.
Scheduler
Medical practices sometimes try to achieve this by using generic scheduling software, only to find themselves constrained by its crude interface or lack of features that modern medical practices require.
PM software is specifically designed for use in a medical setting. It lets your employees customize the screen based on their needs. You can sort the schedule by any field or column. Sorting changes you make do not affect the work anyone else on the team is doing.
Since your reception desk will be able to schedule patient appointments in a much easier way, the lines in the waiting room will be reduced. Your staff will be able to devote more time to patient care, and the mood in the waiting room will improve.
ICD-10 Coding Converter
As your staff is becoming more experienced in using the International Classification of Diseases code base, ICD-10, errors can occur when entering these codes when you submit claims to insurance entities. This is why your PM software should include a built-in tool that allows you to search ICD-10 codes by their diagnosis keywords (as well as older ICD-9 codes that your staff may be more familiar with).
The converter will display the correct ICD-10 code equivalent, either by showing it with reference to the corresponding ICD-9 code or with a textual description of the code.
Accuracy in coding ensures timely payment of claims and also helps scientists conduct research based on data from ICD-10 code examples as they work on public health initiatives.
Insurance Eligibility Verification
How much time does your employee waste hanging on the telephone with the insurance organization while trying to determine insurance benefits on patients? Practice Management Software allows you to quickly check the insurance status of multiple patients. You get real-time feedback when you need it. For short time instant enquiries you can check benefits in bulk using Appointment Scheduling System.
Patients want to spend as little time as possible at the reception desk after their office visit as they set up their follow-up appointments. Using PM software means lines will be shorter and move more quickly during appointment setting.
It is clear that to remain competitive and be able to treat patients as efficiently as possible, medical practices must deploy practice management software in conjunction with electronic health records software. Your practice by being able to quickly schedule patients, verify the status of their insurance coverage, locate the correct ICD-10 code for claims, correct rejected claims for resubmission, and generate customized reports There will be a revolutionary change.
Important achievements
Paper-based systems are ineffective and medical practices must switch to practice management software.
You can integrate an electronic health records application with PM software to speed up the exchange of information as you process and submit claims.
Great PM software will include an ICD-10 code component to help you describe diagnosis and treatment more efficiently.
Your PM software will let you easily schedule patients, reducing wait times at the reception.
Use the PM software to find out why a claim was denied, then fix it and return the updated information to the insurance provider.
Moving from a paper-based system or from generic software that is not intended for use in your practice to a new practice management software solution may raise more questions in your mind about how PM applications work. For more information about exercise management software and to see how it behaves, we invite you to view our free demo today.
