According to the American College of Physicians, about 20 percent of new physicians create their own practice. Fresh out of medical school, every good doctor wants to live up to their Hippocratic Oath and provide the best care possible. But even the best prepared new doctors may not be quite as well prepared for the business side of running their new practice.
One of the more important elements of running a thriving medical office is the practice management software that a doctor chooses. To show you how invaluable it can be, let’s take a look at some of the benefits:
Office Operations Will Be Smoother
Having an organized schedule is part of any professional’s productive day. Running a medical practice is no different. Practice management software gives doctors and their staff an overview of daily tasks, including everything from appointments to staff reports. Small practices face workload challenges larger entities do not, so the software’s ability to keep everyone on task and avoiding any of those tasks falling by the wayside is critical.
Access Medical Records Easier
While physical documents filed away in cabinets still have their place, having the ability to access them electronically in a safe and secure manner makes information retrieval faster, and if staff members are less rushed, mistakes can be minimized. Quicker access also improves patient relations, since interaction becomes more efficient.
Your practice management software can also be linked to electronic medical records, which helps not only with quicker access, but more accurate diagnoses. And cloud-based systems allow for easy and secure remote access, allowing doctors and their patients to access information anywhere.
Billing is Simplified
Billing patients and processing claims are much easier with the right practice management software. You can easily complete financial transactions and review historical transaction information, as well.
The system can also provide benefits directly to patients, such as the ability to securely access their medical bills and get automated appointment reminders.
A nice byproduct of simplified billing and a practice running smoothly is increased profitability. Employees are more productive and reimbursement rates can be increased, because:
- – Claims can be electronically submitted
- – HIPAA-compliant software can speed up claim reimbursements when they are pre-approved by the insurance company
- – Claims can be easily edited to make sure they meet insurance claim standards
- – Outstanding claims can be easily identified and monitored for follow-up
Simply put, you may be a small practice now, but if you want to grow, your practice management software can provide the same benefits as you add employees and patients.
When a medical practice opts for software-based practice management solutions, efficiency accuracy, and ease of access all make it a worthwhile investment.