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presentation

Benefits of Practice Management Software for Physician Practices

March 03, 2015



Denied claims

Purchasing appropriate practice management software can be a challenging task for many physician practices. They need to upgrade or replace the software according to the developments in the healthcare industry such as HIPAA-5010, ICD-10 or the Medicare and Medicaid EHR incentive program. Since the software deals with day-to-day operations of a medical practice such as appointment scheduling, patient registration, claim submissions and getting paid, it becomes important to select and purchase an appropriate system.

Medical Billing Feature in Practice Management Software

  • Medical billing feature included in a reliable practice management system makes it easy for practices to file accurate claims and see quicker reimbursements
  • Billers can file claims directly with commercial and government payers and there are no requirements of additional software
  • It becomes easy to verify insurance benefits instantly, make required adjustments to billing and follow-up on rejected, accepted or overdue medical claims
  • The software also includes medical scheduling feature, helping manage schedules across multiple physicians and offices
  • This feature also helps in tracking patients from the time they arrive till the time they leave the medical facility
  • It can also help reduce no-shows with appointment reminder calls

Providers need to invest in a practice management software that is easy to understand and simple to use. However, it should also be powerful enough for meeting all the requirements. A reliable practice management system should also include features related to patient registration, reimbursement management, patient statement and collections, reports and analysis.

Optimized Business Functions

This software is a powerful tool for optimizing administrative and financial tasks. It can have direct effect on revenue and the time spent on running a medical practice. Not only physicians but billers and coders too can benefit from this software. It allows them to view Remittance Advice Reports and Claim Payment Reports. The system also enables them to interpret Electronic Remittance Advice from insurance companies and the government. This advice is useful in making quick payments by accelerating the medical billing process.

Quick Payments and Low Costs

By enhancing the flow of information and eliminating the requirement of paper-based records, practices can ensure faster payments. The software also makes it easy for coders and billers to perform various tasks such as account billing by day or month or offering various reports to the physicians.

Physicians Outsourcing Practice Management to a Third Party

Considering the lack of time, increase in workload and monetary constraints, many physicians prefer outsourcing practice management tasks to a third party. Practice management software used by reputed billing companies like MedicalBillersandCoders.com helps practices streamline operations, receive quick payments and produce error-free claims. Extensive features and design of the software helps physicians take control of their practice. It eliminates the need to invest in expensive servers or hardware. They can attend more patients and reduce their workload to a great extent.

MBC’s practice management software includes effective medical billing features, making it easy to scrub claims automatically and get timely payments for the clients. This feature helps in increasing reimbursements for the providers by filing the claims with accuracy in the first attempt.

 

Category : Practice Administration