6 Things to Look for in Your Medical Practice Management Software

October 29, 2022

Today, hospitals and medical practices perform many manual and time-consuming administrative tasks using standardized electronic transactions. When your main aim is to automate the revenue cycle of medical practice and its operations, utilizing an effective practice management system (PMS) is essential in achieving the potential efficiency provided by electronic transactions and workflows.

PMS software not only streamlines and automates practices' administrative and billing processes, it can also perform the following tasks:

  • Capture patient demographics
  • Determine the financial responsibility of the patient for collection at the time of treatment
  • Set up appointments
  • Perform the billing
  • Register the patients before the encounter (including benefits check and insurance eligibility)
  • Creating reports
  • Maintain insurance payer lists

This guide will enlist and discuss the essential features physicians should look for while choosing a practice management solution for their medical practice.

Practice Management System Must-Have Features

Below are the six features your practice management solution should have to ensure practice efficiency and increased revenue generation.

Feature # 1 - Patient Information Management

If you're trying to gain the view of all your clients, you'll want the practice management system to incorporate the most effective tools for managing patient information. You'll be able to access the most critical information about your patients, such as medical background, diagnosis, and treatment information.

It is also possible to scan images of past medical records and upload a photograph of the patient. It is useful when you must respond quickly to treat a patient's condition.

Most medical professionals aren't knowledgeable about computer science or possess a deep understanding of how databases work or the best way to organize the data they keep regarding their patients and practices. Therefore, the software must function smoothly and with easy navigation buttons and toolbars. For instance, the PM software of talkEHR has followed physicians thinking process while designing its cutting-edge practice management software.

Feature # 2 - Adaptability

The most significant issue in mediocre practice management systems is that you cannot personalize them to your specific requirements. Most of them were created to be used in internal medical practices. Therefore, they're not suitable for specialty areas like orthopedics, oncology, or cardiology. They're even less applicable to dermatologists, mental healthcare clinics, and physical therapists. The purchase of practice management software that is tailored to your specific area is an option, but purchasing a system you can completely customize is a superior choice. TalkEHR’s modern practice management solution dashboard lets you quickly alter the information displayed on every screen, ensuring you know the things that pertain to your particular practice.

Feature # 3 - Robust Reporting

Another issue with many practice management tools is it keeps you limited to standard reports. It's impossible to create your own reports highlighting what's most important to you, and you're unable to export the raw data into Excel to get into the areas of concern. TalkEHR’s Modern PM systems provides greater flexibility and allow you to alter the reports to meet your specific needs. It also enables you to "slice and dice" your data to show the exact location of problems.

Feature # 4 - Customizable Dashboards

Dashboards are becoming commonplace in practice management software. However, most do not allow you to select which essential performance indicators (KPIs) to include. Find a system that lets users choose which KPIs to display on their dashboard.

Feature # 5 - Revenue Alerts

In order to ensure you stay on top of your practice and resolve issues before they affect your profitability, PM software should notify you of when certain events occur. For instance, you could select to get alerts or notifications whenever patients check-in but forget to check insurance eligibility. Besides, when you have rendered care services for patients but have not charged them, when denials are not investigated or when the amount of collections fall below a certain threshold.

Feature # 6 - Medical Billing Integration

Many practice managers and providers believe they can manage their workflows for administrative purposes and billing procedures using separate software. While this may be a viable option in some cases, it's usually not a practical approach to practice management. 

A feature that is essential to have in a PM application is billing integration. The ability to confirm the eligibility of your patient's insurance plan, process payments, make claims, and complete other tasks related to billing from one platform simplifies an otherwise complex procedure.

Bottom Line

This guide walked you through the six key features you should look for in a practice management platform to stay on top of your practice. These include integration with a medical billing solution, revenue alerts, customizable dashboards, robust reporting, adaptability, and patient information management. If you want the best PM system at an affordable rate having all these features, talkEHR is your best bet.