Running a medical practice is difficult and complex work, and implementing changes can be extraordinarily difficult. Like any business, there will be a degree of inertia keeping you from making large and meaningful changes. However, by not switching to a good Practice Management Software or implementing one in the first place is doing you are doing your practice a great disservice, and falling behind competitors who are already reaping the benefits of their systems.
Assume your competitors are using top of the line practice management software. Compare your own efficiency without such a system to theirs and you will find that you are falling far behind. Failing to use these basic industry-standard software can seriously harm your performance in the long run.
Generic management software or paper-based systems simply do not cut it anymore. It is time to invest in a modern practice management system, and here are 5 benefits of doing so.
By now, most medical practices have progressed beyond relying on old-fashioned paper-based systems. For those that are still stuck with dead trees for their filing system or who are only getting by with generic management software to manage their medical practice, here are five ways that practice management software will help you.
It Works for You, Not Against You
The first thing a practice management software will bring your practice is increased efficiency. The system will allow your staff to perform data entry quicker and with fewer keystrokes clicks. With patients being processed faster waiting room times will also drop, leading to happier and more satisfied patients.
A clean and well-designed user interface will reduce mistakes and further speed up the process. This is crucial for patient health and maintaining the best possible patient outcomes. You don’t want patients being treated for the wrong things or being given incorrect prescriptions due to a mistake in data entry. Workplace injuries and health problems are also caused by lack of access to ergonomic tools, as reported by Ergotron. A well designed practice management system will also help combat these problems.
Reducing paperwork is a major goal for every practice. By doing so, you can save greatly on space as you will no longer need to physically store patient records. Space currently being used for this purpose could then be turned into an exam room, offices for newly hired practitioners or even a break room for staff recreation.
Having all patient information stored digitally also makes for easier access when the information is needed. Referrals are also simpler as the necessary patient information can simply be sent as a digital file.
Using the latest practice management software will also get you access to a fully updated database of ICD-11 codes, to ensure all of your billing is compliant with the latest standards. These codes are necessary for properly communicating with insurance companies and Medicare.
Practices often tend to be extremely reluctant to update standards such as the ICD codes, which are administered by the World Health Organization. A regularly update practice management system will take care of this problem for you, as it will be updated with the latest codes.
COVID wreaked havoc to most practices’ finances. As we look to pick up the pieces and move forward, it is critical that practices have the systems in place to allow them to process bill quicker. The best practice management systems include an automated billing feature, a great help in this regard. This streamlines the process of billing and generating revenue. With bills going out faster, and with fewer errors, your practice will get back to making money in no time.
The software should also include the latest billing codes and sub-codes, helping billers process the bills with greater efficiency. With just a little training, your billing staff will see a massive boost in productivity.
With practices looking to get more patients through the doors in the wake of the COVID-19 pandemic. Practice management systems with fast scheduling features will prove extremely useful.
As staff members create and update appointments, they will be instantly visible to all other members in the practice. With the day and date of already booked appointments easily viewable, booking new appointments will be easier and the risk of double booking will be eliminated. Utilizing the booking feature within the practice management system is also more efficient than investing in a separate system.