Almost 54% of physicians work in practices with 10 or fewer doctors on staff. These practices range from sole proprietorships to partnerships.
It’s tough to remain independent in the current economic environment. The pandemic made it harder to develop a strong practice and doctors are choosing to sell their practices. Others join a hospital network.
If you want to stay in business, you need to run a tight ship. Practice management is the way to make that happen.
What is practice management? Practice management gives you to deliver the best healthcare experience to patients while the backend of the practice runs smoothly and efficiently.
Want to know more about practice management in healthcare? Keep reading to find out why medical practice management is important how to bring it to your practice.
What Is Practice Management?
Practice management in healthcare focuses on the business side of running a medical practice. Doctors tend to treat practice management separately from the patient experience, but they’re intertwined.
Good practice management has a set of operating procedures for billing, human resources, medical claims, collections, supply management, equipment maintenance, and financial reporting.
An example of practice management affecting patient outcomes is when you have a regular patient getting a checkup. Practice management software allows you to bring up the patient’s records without digging through file folders.
You have all of the important information in front of you so you don’t have to ask the same questions of the patient. You’re able to assess the patient quickly and deliver quality care.
On the billing end, practice management handles insurance claims. It handles invoicing patients and reminds your staff when you follow up on claims and invoices.
Your practice runs much more efficiently because practice management lets you make billing claims using the software. You reduce the number of billing errors.
That improves your cash flow because insurance claims don’t get held up.
Practice Management And Compliance
Compliance is one of the more important words in medical practice. Medical providers have to comply with HIPAA to safeguard patient data.
They also have to comply with a health care system’s policies and procedures. Practice management puts a lot of attention on compliance.
There are competing pressures between profitability, compliance, and technology investments. Practice management with a focus on compliance allows you to accomplish all three.
Choosing Practice Management Software
At the heart of good practice management are two things. You need to have practice management software and staff committed to using it.
How does practice management compare with electronic medical record (EMR) software? EMR handles patient data. It’s really one big database.
Practice management software does the business side of the medical practice, from inventory to invoicing. There are practice management tools that have an EMR component. You can choose to purchase them separately if you want.
You’ll find that there are dozens of practice management suites that help you with your medical practice. Here are some things to look for to find the right practice management software for your practice.
Your Practice Needs
Look at your current procedures. Find out where the bottlenecks are. The bottlenecks are either due to software issues or the person responsible for the task.
This information will help you find features that you need in practice management software. You’ll also identify training opportunities for staff.
The most basic practice management tools include appointment scheduling. You can give patients the option to schedule appointments online.
Practice management software can follow up with appointment reminder text messages and emails. That reduces the number of no-shows.
That saves staff members from scheduling appointments and making reminder calls. That time savings can go towards other practice management areas.
There are practice management tools that assist with marketing. There are programs that allow you to send email newsletters and social media posts directly from the software.
There’s a lead generation component that makes patient acquisition easier. You can customize communications for those who are returning patients, prospects, and first-time patients.
That added personalization goes a long way to creating a better patient experience. It’s possible to follow up with patients and ask them for reviews and testimonials.
Create surveys and find out from patients what would keep them at your practice. This additional information is helpful as you work on practice management.
Time and Cost Management
Your practice might have contractors or temporary employees. Look for a practice management tool that lets you monitor these costs.
Reporting features allow you to compare the costs and outputs of the contractors. An example of a practice management tool with this feature is NDIS software.
Patients want more access and control over their records. You can give that to them that access. Practice management software has a frontend area for clients.
Patients can securely log in, download their own records, and view their medical histories.
You’re going to find few solutions that fit your practice needs right out of the box. There should be the ability to customize the software according to your needs.
At the very least, you should be able to customize the dashboard to see the most important data for your practice.
Practice management software handles a lot of your operations and marketing. It doesn’t usually handle accounting or bookkeeping.
That’s a separate program. However, a program should integrate with your accounting software. That saves on data entry time and you have your financial reporting in one place.
Make Practice Management a Priority
What is practice management? It helps you bring attention to the operations and business side of your medical practice.
Practice management in healthcare helps you deliver a better patient experience more efficiently. Practice management software is a cost-effective tool to help you create a practice that runs smoothly.
If you enjoyed learning about medical practice management, you’ll enjoy the other articles on the blog. Check them out today!