Practice management software in the healthcare industry deals with the daily operations of any medical practice. Capturing patient demographics, scheduling appointments performing billing tasks, generating reports and maintaining a list of insurance payers are some the tasks that Practice Management software performs. Healthcare vendors have designed practice management software for all practice sizes which can be deployed on both client server and SaaS models.
Integration is one of the key factors of practice management software. It’s ability to integrate with EMRs and patient portals is a feature that would interest any medical expert. Practice management addresses all financial and administrative concerns of a practice, with the aim to optimize and make the practice more efficient. One of the most common features of practice management is to schedule and track patients. It eliminates the need for redundant data entry, saving valuable time and making the front office more efficient with daily tasks.
For new and existing patients the practice management software verifies patient eligibility using EDI (electronic data interchange). The appointment scheduling feature of the practice management makes life easier by scheduling and tracking patients and color coding them to immediately verify the status of the patient. The practice management can also be used to enter charges for a patient. The charge consists of information pertaining to the type of diagnosis or service that was performed for the patient. These charges are entered in the form of codes or more commonly known as CPT’s. The diagnosis for these codes are indicated by ICD’s and is normally associated with a fee. Most software vendors prefer to avail the services provided by clearing houses. Clearing houses are associated with payers and smoothen the transition.
One of the great features of a good practice management software is its ability to generate reports. This tool gives the practice an insight on the finances of both patient and the practice itself. The ad-hoc reporting feature allows users to generate custom reports based on their requirement.
In order to provide quality care and have an efficient practice, the need for a effective practice management software is essential. Integrated practice management software’s would be a more viable choice as they easily interface with the EMR and patient portal. With advancements coming through in healthcare and the need for more integrated products, the practice management is gearing up to be a vital tool for any practice setting.