Medical Billing Software – The Key to a Profitable Practice
The right Medical Billing Software can Maximize Your Practice’s Profitability
Most medical practice today are experiencing more and more of a problem remaining profitable. Strangely you can be very busy, while at the same time slowly be going bankrupt!
Today’s regulatory environment is a true stranglehold for most, with so much to focus on, practice goals is quite often relegated while effort is applied to address daily tasks and concerns. Choosing which medical billing software will best suit your practice can be a daunting task fraught with a high risk of failure.
With so many medical software packages to choose from and feature choices, plus colleagues putting their own spin on references, it’s hard to know where to start.
Here are tips to help you choose the best for your health care practice.
Evaluate current practice procedures and systems.
What exactly is it that makes each task productive or unproductive? What seems to waste an inordinate amount of time? What takes up more time than can be justified? Which tasks are keeping you from reaching your practice goals? Choose a medical billing package that can prove it will address the unproductive tasks in your practice.
List the features really needed by your medical practice billing software.
Disregard practice management software that sports features that are meaningless to your practice. For example, if yours is a walk-in type practice, then ignore the features that offer scheduling or appointments.
You can simplify your search and narrow down your list, by crossing out the system that won’t work for your practice’s needs. With the whittled down list, you can decide on which appears to be the simplest to use and implement … and can be adjusted to flow with your current practice flow. Which is priced most competitively better, and which is laden with unnecessary extra features.
Choose medical billing software that enhances your practice’s efficiency.
Medical billing software should free up your staff’s time and enhance the way your practice is run. Be sure the practice management software will work with your current systems already in place (for example, ensure that your package is one that is taylormade for the South Africa environment and can be understood by your staff; the wrong one can lead to endless problems, frustration and financial loss.
Submit claims electronically via EDI and you will get paid faster.
The medical billing software you choose should be able to submit claims electronically, allow for direct billing of patients when it comes to co-payments and levies not covered by the medical aids. Don’t waste time printing and posting medical aid claims when you can electronically submit your medical aid claims seamlessly and easily. You will receive your payments faster, without all the stress of claiming and resubmitting medical aid claims.
Choose a comprehensive software solution.
This is a tricky one. On the one hand your practice needs a complete solution to the problem of medical billing, while on the other hand you want a medical billing software that does what it is supposed to do best.
The best suggestion is to analyse your practice’s revenue cycle, then choose a software package that comprehensively handles all the facets and ticks all the blocks. If you need EHR, then get a dedicated EHR software package.
Choosing the right medical billing software for your practice is essential to increasing profitability and efficiency. It can simplify unproductive administration tasks and help you re-focus on reaching your practice’s goals. Your practice can get paid faster, enhance your staff’s efficiency, and save massive amounts of both time and money. Remember to take the time to delve into burning questions as they relate to your practice, analyse your needs and you’ll be able to find the right fit for your medical practice.
Medinol Practice Management Software has helped hundreds of health care practitioners throughout South Africa enhance their practice’s efficiency, save time and money.