Healthcare providers must use the right software systems and solutions to complete different tasks in their clinics. Managers should be aware of the reason why they have deployed a certain software and make complete use of it. In this article, we will discuss the difference between Practice Management (PM) and Medical Billing Software. Both are powerful software solutions that help to increase practice productivity and enhance efficiency levels. It is good to know the main difference between the software systems as they provide different functionalities and therefore benefits.
What is a Medical Billing Software solution?
Medical billing software helps to automate medical billing tasks helping healthcare providers focusing on the patient. A medical billing software optimizes practice revenue and offers a set of features such as claims management, claims scrubbing, insurance verification, online patient payment solutions, and analytics and reporting. A top-ranked billing software seamlessly integrates with an existing Electronic Medical Records (EMR) Software system which avoids double data entry and saves time. The medical billing functionality can help practices to enhance reimbursement rates and improve the overall financial health through faster payments and accurate billing.
If practices have in-house staff members to handle billing then they use their billing software application. If your staff members are making mistakes in billing procedures and you haven’t automated financial tasks then it is the right time to fix these issues by deploying powerful Billing Services EMR Software.
What is a Practice Management Software?
A Practice Management (PM) software is designed to streamline daily financial and operational tasks to improve efficiency levels. It offers the following capabilities for small to medium-sized practices;
- Tracking of patients
- Recording patient demographics information
- Charge capture
- Appointment scheduling
- Submission of insurance claims
- Processing patient and third party payments
- Report generation
- ICD Codes
The software system helps to eliminate many tasks associated with the verification of documents which helps to boost up efficiency levels. The Practice Management software helps to reduce any errors as the users can use it to update any changes in patient information.
How to buy the best Practice Management and Medical Billing Software?
With many Practice Management and Billing vendors in the software market, it can be quite challenging to strike a final decision of purchase. There are a few considerations before you finally purchase a software solution;
- You need to make sure that the software vendor has a Meaningful Use attestation
- Both the medical billing and practice management software should be HIPAA Compliant to protect and secure patient data.
- It should offer the right features and tools that will be scalable in the future.
- Should integrate with your EHR Software system
Moving ahead
Hospitals and clinics find the two software solutions valuable as they are ICD-10 compliant. It is a smart decision to deploy a Practice Management and Medical Billing software solution to improve cash flow and streamline administrative tasks for maximum efficiency. Now you can easily concentrate on patient care and rather not worry about complex billing procedures.
