Medical practice management software (PMS) is a category of healthcare software that deals with the day-to-day operations of a medical practice. Such software frequently allows users to capture patient demographics, schedule appointments, maintain lists of insurance payors, perform billing tasks, and generate reports.
PMS solutions serve the internal business needs of a medical practice and billing services which contribute to improving the patient experience. Medical practice management software is the basic part of a comprehensive electronic practice management system. PMS provides an efficient system to manage patient accounts including patient information, insurance and billing data. PMS solutions also enable optimal efficiency for appointment scheduling, billing tasks and generating various reports.
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Key features of Medical Practice Management Software
Insurance Card Scanning. This time saving feature allows the front desk staff to capture all the important information from the patient’s insurance card quickly and easily. This saves the time using a copy machine to make a double-sided copy of the card.
Verification of Insurance Eligibility. Given the complexity of many insurance policies, it is sometimes difficult for patients to know whether they have coverage for services.
Tracking Patient Balances. The Explanation of Benefits also often confuses Patients, so they do not know what they owe after the insurance has paid. Practice management software can notify the receptionist if a patient as has open balance on his or her account.
Validation of Procedures for a Diagnosis. Often insurance companies will only pay for some procedures if a patient has a specific diagnosis. Practice management software can let the physician know if a procedure will be covered by insurance before he or she orders it.
Automated Claim Re-Submission. One of the most the most time consuming administrative functions of running a medical practice is resubmitting insurance claims. By automating this process, the practice can make their office run more efficiently, while improving their cash flow.
Benefits of Medical Practice Management Software
Faster reimbursement. Great software is going to allow healthcare billers and coders to look up remittance and claim advice reports, look up insurance information forms, and speed up the overall billing in an office, by eliminating a physical paper trail. By getting rid of the requirement for paper records, billers and coders can do a variety of tasks, account for daily billing, classify accounts receivable, and maintain track of patients’ records. Doing everything electronically means you are paid faster, and you know when bills are late, in collections, and so on.
Cost effective. By eliminating the need to go through paper collections, go through various paper forms and documents,and streamline the entire process online, healthcare offices can cut down time required to do certain tasks; in turn, the price of the practice management software is going to pay for itself in no time. Plus, there are several free online tools that can be used in healthcare practices to make office life easier.
The features. Streamlining is quite possible with a high-quality software; some things it can do include: Allows offices to look up electronic health records and maintain everything online. Process accounts receivables, patient collectibles, insurance claims, capture patient demographics, track process, build progress reports, and so on. By being able to do all these things online, chiropractors, doctors, therapists, and other professionals will cut back on time required to treat patients, which will make their practice much more streamlined.
Updates. Your offices can update the books easily. From updating patient information to billing or insurance, things are extremely easy through use of an integrated system. You are also going to avoid patient errors, since the best software is going to auto update and self correct; so, even if an employee enters something incorrectly, the most advanced programs can ensure the error is spotted and fixed.
Support any practice size. In most instances, a practice management software program simply requires a traditional computer network, and internet connection. Small to midsize offices will find it is very easy to integrate such software into their practice. Even with larger offices or hospitals, there are programs capable of maintaining unlimited records and databases, eliminating the need for large storage rooms (for patient records), and costly equipment to set up the software program.
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