7 Things To Consider When Choosing A Practice Management System
A practice management system can streamline your medical practice. But finding the one that fulfills all your needs can be challenging. Each system comes with unique strengths and weaknesses. It can be tiresome to analyze, or at least go through the documentation of, each software to select the right one.
That being said, knowing the main features of a practice management system can help. You will be able to make a wise decision if you have criteria in mind.
Therefore, we are going to discuss the main features that you should consider when choosing practice management software.
Main Features to Look for in a Practice Management System
Patient Demographic Data Capturing
The PMS software you choose should be able to capture patient demographic data seamlessly. It should have a dedicated interface to allow your healthcare staff to enter the following patient information:
- The PMS software you choose should be able to capture patient demographic data seamlessly. It should have a dedicated interface to allow your healthcare staff to enter the following patient information:
- Basic details (name, gender, age, address, contact number, ethnicity)
- Social security number
- Medical information, such as allergies, disabilities, current medications, etc.
- Medical insurance details, such as insurer information, primary and secondary payers, and Medicare or Medicaid coverage
Patient Scheduling
Patient scheduling is an option both doctors and patients utilize. It allows the patients to book appointments outside the office hours. Similarly, the scheduling portal for the medical staff makes the management of patient scheduling requests easier.
For maximum efficiency, the patient scheduling feature of a PMS should offer:
- Automatic notifications for follow-up appointments
- Appointment reminders
- Appointment confirmation through automated SMS or emails
Insurance Verification
Manual verification of a patient’s insurance can take anywhere between 10-15 minutes. This means if you perform verification of around 15 patients, it will be a phone job for 3-4 hours. A practice management system performs such a verification in seconds. However, this process involves checking data online, meaning that the system must send and receive insurance information. This is where data security comes into play. Therefore, make sure that the PMS you use complies with the HIPAA regulations for data security.
Patient Financial Responsibility Check
The practice management system you choose should be able to check the financial responsibility of patients. For this, it should first assess the patient's insurance details, such as their plan, coverage limit, copayments, and coinsurance percentages. Then, it should compare this entire data with the treatment cost to determine how much the patient owes.
Medical Billing
If your practice management needs revolve around medical billing, then you would benefit more from a PMS with an automated billing feature. That’s true; some practice management systems facilitate the entire billing operations. You can utilize one of those to streamline your medical practice. However, make sure your prospective system has the following billing features:
- A complete database of insurance providers your practice has contracted with
- Claim scrubbing to check for errors in coding and documentation
- Claim processing, which mainly involves submission, follow-up, and resubmission
- Denial management
Inventory Management
Another feature that you may want in your practice management system is inventory management. This important aspect will help you keep an eye on your supplies, medicines, and other inventory. Ensure this feature also provides accurate measurements of the usage of these material resources. This will allow you to replenish supplies wherever necessary and in a timely manner.
Reporting and Analysis
Perhaps one of the most sought-after features of a PMS is analytics. The purpose of this feature is real-time reporting, which allows you to analyze the progress of your medical practice. The analytics mainly uses crucial industry metrics and KPIs to show reports on patient volume and revenue.
When choosing a PMS, make sure that its analytics are based on the smart system. More specifically, ask the vendor if they have fortified this feature with the AI solution that provides predictive analysis.
Final Thoughts
A practice management system may cost a little more over your administrative expenditures. But it repays you well in the long-term. The features mentioned above help you manage your practice in a more streamlined manner. They reduce your administrative burden so you can pay more attention to patient care.
At AltuMED, we offer a cutting-edge practice management system that streamlines your medical operations from all angles. For more information, contact us today.
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