Practice Growth Cycle and the Choice of Practice Management Software
Technology is changing lives all around. A variety of healthcare software programs have been introduced. Their presence has brought with it improved operations for many medical billing companies. However, considering that the healthcare industry is comprised of different practices, one software program is not fit for all.
Choosing to incorporate different electronic software programs is dependent upon what kind of practice it is. A practice that is just starting out may have different requirements than an established one. Therefore, the software programs must be studied in regard to the options and features they offer.
Small practices cannot easily gain access to all kinds of software due to the limitations they have. They have a restrictive budget as well as limited IT employees. Studies have been carried out in regard to this topic. The result that has been found by experts is that a practice goes through three phases. These three phases based on the practice life cycle have their own wants and need that should be addressed.
1st – Start Up
This phase consists of a business that has recently started up. Such companies need to establish themselves through proper functionality. This can be achieved by focusing on the following:
This is the foremost responsibility for practices that are just starting out. Scheduling appointments for patients can be a tedious task. It can be time-consuming and the resources used in it can be better utilized elsewhere. Therefore, a medical billing company in such a stage requires software that makes this task an easier one. A program that simply notes the data required and set the appointment time to avoid any clashes. Such software is of great demand to solo-physicians. Considering their limited resources, they wish to eliminate problems of this nature.
Electronic Health Records
The presence of EHRs in any practice of the healthcare industry is mandatory. With proper documentation of the patients, the operations of a firm will run more smoothly. Accessibility to records can be improved with the proper introduction of an EHR system. With all the data in one place, the physicians and staff can go through it for coordination. It will also play a part in improving the services and allow the staff to focus on more important factors.
A revenue cycle that has minimal flaws can take place with the help of the right billing software. They can easily highlight their profit and cost. This would help them to understand their financial position in the market. With a proper system, no revenue will be lost due to human error. Moreover, certain companies can even choose to outsource billing. This way they would not require the billing software investment but still get their job done.
2nd – Growth
Once you have established your basic business, you wish to focus on its growth. You want to minimize the flaws in it whilst expanding it in the way you want to. In this phase, the main goal of a practice is to save time and money whilst expanding. Therefore, the three main aspects of this phase are:
Using a Tablet
A tablet can help with accessibility for a physician. It is portable and accessible. Considering a physician is on foot most of the time, a tablet can be of great help. They can simply access the information they want through the tablet. This would help them save time and cater to the needs of more patients. Studies show that a tablet can help a physician save up to six minutes per patient. However, all practices must keep in mind that the gadgets they use should be encrypted.
Patient portals help to improve the patient experience. It helps the business and the patients. With secure messaging and online payments as well as scheduling options, the portal can make the process an easier one. This way the staff will not have to deal with a high amount of calls. Instead, they can make sure their energy is spent on assisting the physician.
A comparatively new service that is growing in importance day by day. Telemedicine allows physicians to reach a higher amount of patients through the help of video consultations. These videos can revolve around non-emergency conditions. This way simple illness can be treated without any long drives to the office or any wait.
3rd – Optimize
The third and final phase of the practice life cycle for medical billing companies. This phase is focused on increasing the optimization of certain operations. Amongst these in the maintenance of patient relationships. Software required for optimization revolved around three things.
A software that offers this service will make information sharing an easier task. It would allow effective communication to take place without waiting. This would lead to improved coordination as well. Such software programs also come with security measures. This means that the practice can improve its cost savings while keeping information safe.
This software is considered to be helpful in the matter of dictation and transcription expenses. Speech recognition can also be integrated with EHRs. It would help save time as well as improve physician performance. This software also includes a mobile app in order to ensure documentation is easily done. A facility like this can help to keep physician burnout far away.
Patient Relationship Management
Practices are not only focused upon the health of the patient. Instead, they must also take into account the satisfaction they feel. In order to improve their experience with the firm, medical billing companies can adopt relationship management software. This software is aimed at attracting and retaining patients. It achieves this through the dissemination of information as well as through survey and social media presence.
Highlighting the phase which your company is in right now can help you make the right investments. It can cater to your needs in a way that it achieves what the patients expect from the firm. Medical billing companies can, therefore, easily increase efficiency within it by choosing the right software programs.