Practice Management Software abbreviated as PMS in simple terms is a category of medical practice software that captures billing data such as patient demographics, insurance payers and performs billing tasks, appointment scheduling and report generation. The practice management software is akin to a central nervous system for the business processes of any medical practice.
In a healthcare system, practice management involves the decisions, actions and resources of ensuring the day-to-day operations of medical practice. Therefore, finding ideal practice management software that suits your practice is like understanding its features and it includes, the way it matches up with your existing workflow and compatibility with your electronic health record or EHR system.
Ideal Practice Management Software – Features
For many healthcare service providers or clinicians purchasing appropriate practice management software is a daunting task and yet it becomes a necessity in response to healthcare industry developments. Some of these healthcare issues may include the challenges of converting to ICD-10 norms, the need to document clinical quality to achieve revenue benefits and an increased need for data sharing for better-coordinated care.
Effective practice management software should have the following four main features such as-
- Patient scheduling
- Insurance eligibility
- Management of claim submissions and denials
- Financial reporting
The patient scheduling feature in practice management software facilitates an efficient and less stressful appointment booking process for both the staff and the patient.
The insurance eligibility feature enables a healthcare organization to review the insurance status of multiple patients such as whether or not they will receive coverage at the specific medical establishment. The third feature that is the management of claims submissions and denials helps protect a medical practice from any mistakes made by the staff while filing claims. The electronic claims promote faster processing rates, accelerated turnaround time or TAT and quicker payment of claims.
The fourth but not the least, which is the financial reporting feature, allows medical practices or clinicians to generate reports that are customized to each stakeholder’s requirements. A robust, reliable, and stable cash flow management forms the backbone of the financial reporting feature of practice management software.
The other components that can be considered while choosing the ideal practice management software can be-
- The software includes numerous billing code sets such as Healthcare Common Procedure System or HCPCS, Current Procedure Terminology (CPT) and recent ICD.
- Card Scanner Interface
- Automated Electronic reminders
- Access control allowing administrators in customizing the different levels of access to each specific user
- Patient demographics confirmed by all registered insurance providers
Practice management software that comes integrated with the EHR system like EHNOTE can bring healthcare performance analysis and track at your fingertips.
With EHNOTE, you can have flawless medical practice management software with all important features and functions under a single dashboard that is easy to view as well as operate.
Start your practice management software search today with a free trial of EHNOTE or email us at firstname.lastname@example.org or call to +91 9640500060 speak with one of our specialists. Keep up-to-date with the latest happenings in healthcare IT news! Follow us LinkedIn, Twitter and Facebook, subscribe to our blog, and check out our resource center.