What are the Leading Practice Management Software Platforms?
For any medical facility, the usage of practice management software is inevitable. It allows them to streamline the RCM cycle by effectively carrying out patient registration, claims submission, appointment fixing, insurance contract management, and collection of reimbursements for the rendered services.
When it comes to practice management, there are three categories – desktop-only, client-server-based, and internet-based. A desktop-only PMS cannot be used on multiple devices but one. In a client-server-based-PMS software, hosting is done by the medical practice and multiple users are allowed access to the leased server. The internet-based software is a blooming category for the PMS as it allows numerous integrations.
The digital era has got a strong hold on cloud-based platforms where data can be stored, accessed, shared, and formatted anytime, anywhere, and across any device. This advancement has inspired all industries including healthcare to digitize their processes and shift to cloud-based or SaaS platforms.
As for healthcare, this shift can help them overcome several drawbacks and disruptions that are associated with the need for manual involvement and time consumption. Healthcare providers benefit the best from the adoption of optimized Practice Management Software. It allows them to streamline medical billing, coding, and documentation, manage reimbursements, and focus on building profitable practices.
Here are the top 7 Practice Management Software one must know to optimize medical practice processes:
AdvancedMD brings in a unified platform for practices and billing that integrates processes including patient engagement tools, medical billing, analytics, EHR, practice and patient management, and business intelligence functionality, without compromising on data security.
AdvancedMD makes the hardcore medical practice operations for reimbursement more feasible by integrating claims management, patient payment posting, and clearing house activities in a single location. AdvancedMD also incorporates PMS for all kinds of healthcare specialties such as – behavioral, medical, and emergency medicine.
The main advantage of AdvancedMD is it integrates both the EHR and the practice management system together, ensuring seamless data flow between these two important windows for the practice.
Kareo facilitates an internet-based PMS for medical billing, allowing practices to experience effortless reimbursements. Kareo is the most preferred choice for new practices as it enables feasible management of patient engagement, service rendering, and care delivery. It also helps in reducing the number of no-shows and cancellations through the streamlined appointment fixing and reminder features.
Kareo is an ideal solution for managing complex billing procedures and immediate verification of patients’ insurance eligibility. It brings in several other functions such as advanced claims processing for specialties including mental health, pediatrics, and more. It also incorporates billing analytics that could help streamline the RCM productivity.
DrChrono brings about a built-in EHR system for practices that effortlessly collaborates with RCM, appointment scheduling, reminders, payment processing, payment posting, and benefits verification. Due to its feasible cloud-based platform, it can be accessed by users from anywhere and across any device.
Athena health provides cloud-based medical billing software called Athena One that performs all the necessary medical practice processes. It encompasses solutions for Medical Billing, EMR systems, and practice management. It facilitates a consultation-based approach to practice management and allocates specific reporting tools that enable KPIs with filters and comparisons with other prominent practices. The additional functionalities include telehealth, appointment scheduling, e-prescribing, and patient charting.
NextGen office is also a cloud-based EHR software specifically designed for private practices. It helps them reduce the number of claims denials and rejections with its sophisticated insights and reporting functionality. It also facilitates features to consolidate patient data, maintains a connection with major labs, enables real-time eligibility verification, and schedules appointments using the drag & drop method.
WebPT delivers cloud-based software exclusively for therapists to carry out operations for occupational, physical, and speech therapy. The core EMR platform by WebPT allocates space for practices to incorporate features including scheduling, appointment reminders, patient intake, telehealth, documentation and storage, efficiency tracking, and home therapy programs.
Practice Fusion is yet another cloud-based solution that facilitates a customized EMR platform to fit unique practice workflow, size, and needs. It can be widely used in several specialties including dermatology, physiotherapy, mental health, cardiology, and much more.
It encompasses features like task management, appointment scheduling, and a patient data management system to help consolidate the insurance provider’s responsibilities.
There are ample choices in the market when it comes to practice management software. However, only a few of them stand out due to their features and unique functionalities. Practice processes can get complex and tedious and therefore RCM staff and medical practitioners must be keen on choosing the right solution for their practice. This way, they can improve claims management, reduce denials, and enhance their reimbursements.
Practolytics leverages the AdvancedMD functionalities to manage the revenue cycle tasks for various practices across the country. Our experts are focused on delivering the best claims denial management, payment posting, and provider reimbursements by using state-of-the-art technology and tools.
CASE STUDY – Checkout How Practolytics & AdvancedMD helped the Urgent Care Clinic quadruple its revenue in a Years time