Factors to consider when selecting a Medical Billing Software
What is a Practice Management Software?
Practice Management Software is used by Medical Billing Companies to process Insurance Claims. It helps Medical Practices and Healthcare Systems optimize the Medical Billing Processes, fact tracking them therefore saving time as well as administrative and operational costs.
A good Practice Management Software can do the following:
Benefits of having a Practice Management Software:
Selecting a Practice Management Software is one of the toughest decision Medical Billers and Medical Billing Companies have to take. The purpose of this blog is to simplify this for you as much as possible.
It is important to first understand the benefits of having a good Medical Billing Software.
How to Select a Practice Management Software?
With the help of Practice Management Software, Medical Billers are able to optimize the claim life cycle adding value in every subsequent steps. Although Physicians and Practice Owners are not compelled to use such software themselves but the performance of their respective business does depend on the efficiency of a Practice Management Software making them stern in the decision-making process. This sometimes compels the billers to use the same PMS their clients choose. Medical Billers and Medical Billing Companies may be in a difficult position here but then they need to choose the clients rather than a Practice Management Software – It is important that the Medical Billing Software they use should be a best fit to their business, enhancing their profits and augmenting billing performance.
If this Medical Billing Software is not as per required than not only cost of acquiring it but the time/resources spent using it are also wasted. When selecting Medical Practice Management Software, several important factors are to be kept in mind.
Factors to Consider before choosing a Medical Billing Software
The cost of a Medical Billing Software depends on the features it offers along with the size of business it caters. You need to be careful in your research as many of such Practice Management Software offer a simple upfront price model with hidden costs for optional features that does increase the base price quickly.
You need to be clear about what you need. It is better to have a list of features and a budgeted cost written on paper, that you could discuss with the vendor and agree upon. Without clear, written confirmation, it can be tough to know what’s included in the regular price and what costs extra, and you might end up paying an additional fee for a feature you could live without.
Easy to use
Learning something new especially a software is difficult enough as it is, so be proactive about it. If you have a few people on your team than its better to inform them before and arrange trainings for them to make it easier. A good software company will provide you with training and support services.
Medical software can vary in structure depending on the vendor, so it’s imperative to know what you are looking for. For example, some systems use a central dashboard to organize the software’s different features, while others employ a lot of dropdown menus and multiple popup windows. Knowing what is most effective for your workflow is key to a successful transition. Any new system will naturally slow productivity a bit at first, but it shouldn’t derail your entire business.
Widely Used within Industry
You’ll also want to ensure that the medical software you choose is widely used within the specialty of your client base. There are nuances to different specialties that a general medical system won’t reflect, so you’ll need to know whether the vendor took your client’s specialty into consideration when designing the system. Otherwise, you might end up with a barebones system that is not optimal for the functions you require.
To find out just how well each company performs in that regard, it might be worth reaching out to clients, physicians you know in the market to ask how they like their practice management software.
Another huge consideration for your practice management software should be how well it will interface with the EMR system your client practices use, as well as the medical software used by other Billers. Interfacing is the capability of the two systems to communicate with one another and share relevant data.
Two systems that interface well reduce the time it takes you and your team to enter and transfer data. If your client practice is scheduling patients and recording demographic information, that data should automatically be entered into the EHR system when their patient comes in for a visit. Likewise, after a patient has been taken care of, the EHR system should automatically send the practice management system the relevant billing information based on the services provided. This should also apply to your communications with other practices, specialists and hospitals.
Reporting and data analysis
You’ll want a medical software system that can create robust reports and analyze data, showing you exactly where your client practices stand financially. Simply managing your revenue cycle is not enough for your business to remain viable; detailed reports and analyses can go a long way in helping you project and even improve your cash flow. For example, you’ll be able to identify which practices are the most productive for your business
By identifying what works and what doesn’t, you can keep your business on a sure-footed path to success and profitability. If your medical software allows you to share those reports with other members of your business electronically, that’s even better.
Even if the system is incredibly easy to use, there will always be a learning curve. Also, consider the varying degrees of technical aptitude among your team members. When your team is adapting to a new piece of software, no matter how intuitive it is, they’re going to need some guidance now and again. A truly committed vendor will offer comprehensive training, either onsite at your facility or one-on-one online.
It’s important to receive a written breakdown of the training process the company offers and any additional costs for team training during the implementation period. With good training, your team will become accustomed to and comfortable with the practice management system quickly, and it will minimize the amount of productivity lost in the transition from your previous system.
Your vendor partner should be there for you when something goes wrong with the software. It’s inevitable, as with all complex systems, that you will eventually encounter a problem, and the company should be available to help you recover from any issues. Further, if an issue arises on the vendor’s end, you need to know that it’ll be responsive and accountable for the error.
In some cases, a company might assign you a direct liaison. This is a useful resource, as this individual will be familiar with your system and the way it works. Other companies simply have a tech support call center; it might be more difficult to solve a problem if the person who takes the call is unfamiliar with your medical software platform’s setup. Moreover, it’s important to know whether support services operate 24/7 or if you can only contact tech assistance during normal business hours.
We at AltuMED (with a 12+ years of experience in Healthcare IT industry) understand the hiccups a Medical Billing Company or a Biller faces when trying to enhance Medical Billing productivity. We can confidently vouch on the following Out of the box approach to choosing a Practice Management Software, focusing on features that a Medical Billing Software should have that not just fulfills the purpose of having a software but help translates efforts into productive results.
AltuMED PracticeFit is a Medical Billing Software, built specially for Medical Billers and Billing Companies who want to work with the optimized best. Sign up today to claim your free subscription.
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