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Medical Practice Management Software Development

16 Apr 2021

The pandemic situation drives the healthcare system to its limit. The recent COVID-19 pandemic witnessed a rapid rise in the demand for healthcare facilities. And, while providers were burdened to offer services, it took a toll on their operating efficiency.

The healthcare organizations of today are investing in a smart Practice Management System to confront the challenges of managing repetitive tasks, follow-ups, and become compliant with the healthcare standards. A custom medical practice management system can keep your office up and running smoothly by speeding up your daily workflow.

If you’re yet to harness the power of this system around how to streamline your operations, reduce stress & free up your valuable time then this blog is for you. Gear up to learn and make informed business decisions.

Table Of Contents:

  • What is Medical Practice Management Software?
  • Practice Management Software Benefits
  • Key Components of Practice Management Software
  • Why You Should Invest in Practice Management Software
  • Must-have Practice Management Software Modules
  • Crucial Considerations To Develop A Medical Practice Management Solution
  • Practice Management Software Cost Estimate

What is Medical Practice Management (MPM) Software?

You can think of it as the Jarvis to your Iron Man! You’re on a mission to save lives and have no time for manual, mundane tasks. MPM helps boost your efficiency, productivity, and profitability with;

  • Scheduling & tracking of appointments
  • Managing calendars & medical records
  • Sending appointment reminders
  • Processing payments & invoices
  • Tracking inventory
  • Generating financial reports
  • Ensuring compliance
  • Processing insurance claims

In essence, this software solution manages the business side of your medical practice. It enables your staff to become more efficient, enhances communication with patients, and ensures compliance. Regardless of the challenges you face, currently or in the future, MPM software can assist you to stay focused on delivering value-based care.

Practice Management Software Benefits

  • Ensure paperless operations
  • Enhance departmental collaboration
  • Improve patient-practitioner interactions
  • Accelerate clinical decision-making
  • Provide anytime, anywhere support
  • Streamline data management
  • Improve resource allocation
  • Stay on top of operational costs

Key Components of Practice Management Software

Managing a medical practice can be exhausting and expensive. So, the goal for any healthcare organization should be to have a centralized solution that manages the day-to-day operations of a clinic, such as an appointment scheduling, billing and other administrative tasks efficiently.

Medical Practice Management Software Components

When you invest in healthcare practice management system development, make sure it integrates the listed core components. This will make work well-organized and ensure patient satisfaction.

Why You Should Invest in Practice Management Software

The right practice management system can make a difference in the success or failure of your clinic. As a medical facility, your primary responsibility is to make the best decisions that ensure the longevity of the clinic – for both staff and patients. You’ll need systems that grow alongside you and not fall short with increasing traffic or because of minor issues. A custom medical practice management solution will give you the following benefits:

  • Puts You in Control of Your Practice
    Investing in this system ensures you have real-time access to your team & daily tasks. It enables you to identify improvement areas, reduce unnecessary spending, increase timely reimbursements for claims & boost the overall productivity of your practice.
  • Improve Your Billing & Reporting Cycle
    The electronic billing system is accurate, fast, and offers complete details. It integrates everything from electronic health records to lab reports to claim details and other documents – all in one place. It sorts your billing process and accelerates the pace of insurance reimbursements.
  • Save Time on Administrative Tasks
    MPM software can be configured to automate your daily workflow. It can save you and your staff several hours of repetitive, manual tasks. This would create more opportunities for personalized patient care and business-building operations like marketing.
  • Reduces Support & Security Costs
    If you’re not using cloud-based practice management software, then you are solely responsible for data backup, encryption, server maintenance, and disaster recovery. This means you’ll have to pay premium hourly rates for HIPAA-compliant systems and incur high IT costs.
  • Significantly Reduces No-shows
    Automated appointments and reminders can dramatically reduce no-shows. Physicians and staff can use a combination of push notifications and emails to remind their patients about upcoming sessions. It enables to stay on top of confirmations and cancellations well-in-time.

Enhance the Value Delivery of Your Practice

Partner with us for custom medical practice management software development that boosts your efficiency, productivity & profitability!

Must-have Practice Management Software Modules

Information Management System

  • Automate workflows
  • Store, share & manage data
  • Manage all functional areas

Appointment Scheduling

  • Book, confirmation & cancellation of appointments
  • Manage schedules to reschedule meetings
  • Automate reminders

Outpatient Management

  • Quick & easy registrations
  • Easy creation of schedules
  • Search facility

Inpatient Management

  • Reconfigure bed types and patient record summary
  • Integrate results from laboratories
  • Maintain document discharge summary

Computerized Physician Order Entry

  • Real-time access to complete medical history
  • ePrescriptions and drug database
  • Reminders to radiology & lab test results

Insurance Management Panel

  • Record and track insurance claims
  • Update & manage insurance receivables
  • Record and report health card insurance details

Accounting & Budgeting

  • Customizable financial reports
  • Invoicing and billing – track payable and receivables
  • Revenue monitoring across properties

Asset & Inventory Management

  • Monitor stock & assets at every level and across locations
  • Tracking requests & purchase orders
  • Reporting & Analytics for inventory

Reporting & Analytics

  • Analyze practice performance
  • Generate customized reports
  • Track expenses and income

Crucial Considerations To Develop A Medical Practice Management Solution

You would agree like everything else in healthcare, the cost for the PMS system would vary widely depending on the type of practice, what you need, and which features you choose. Therefore a careful consideration during medical practice management system development is required around product features that are in line with the practice’s workflow.

  • Assess Your Current and Future Needs
    Chalk out an expansion plan for your practice and other modifications that will be needed in the distant future (for instance, ICD codes). Your practice management system also needs to be scalable so you can continue to run your practice at peak efficiency while adapting to changes.
  • List Practice Management Software Features
    Take inputs from your staff members to create a list of all the functions that can be automated. It will help define a set of modules required to integrate into the software. Many off-the-shelf MPM systems include features that sound great, but you may never need them. Customization is the key to reducing risk, saving time, and increasing revenue.
  • Determine Your Timeframe & Budget
    Set a reasonable timeframe and determine your budget by dividing the system development project into phases.
  • Consider Unique Needs
    Certain medical specialties have nuances while others don’t. Consult your colleagues and find a consensus in your niche. Your choice of software should be capable of integrating the unique needs of your practice. Ideally, a custom medical practice management solution may require a considerable investment, but it will likely result in big savings on the back end. So, make sure the solution is tailored to your specialty concerns and offers easy access across devices.
  • Ensure Ease of Use
    There is no point in having feature-rich practice management software in place if your staff cannot navigate it easily! This is where an experienced custom software development partner can help you build an intuitive solution. A system that integrates user-friendly features to maximizes user adoption.

Additionally, the system needs to federally compliant, with the right billing codes. And it goes without saying why excellent vendor support is required for efficient work operations.

Rishabh software can help build custom practice management software for healthcare facilities with intuitive, scalable, and highly interoperable features. It will enable you to transform the way you manage your workflows, enhance collaborations across the board, ensure regulatory compliances and safeguard all your medical data and patient records.

Practice Management Software Cost Estimate

When it comes to creating a custom medical practice management system, the total cost is usually based on variables as listed below;

  • Modules & Features With Role-based access
  • Technology Stack – Platform for Development + Data storage
  • Possible integrations with finance & accounting software, laboratory & test management, pharmacy, insurance services and more
  • Size and expertise of the development team
  • Related analytics to map patient demographics
  • Region of operations/practice

The additional yet important cost parameters are;

  • Software licenses
  • Medical Staff Training

With extensive experience in hospital practice management software development, we can help you analyze your project needs and arrive at the best value for your practice.

We understand your unique needs based on the SWOT analysis to draw a development roadmap that delivers on your desired outcomes. Our expertise in building custom medical practice management systems enables us to build comprehensive solutions for healthcare organizations of every size and specialty, at a price that fits their budget.

To Conclude:

Medical practice management software is a must-have for every modern-day physician and medical practice. A feature-rich solution can help save money while keeping the business stay competitive by offering personalized care. Backed by several customer success stories, we can help you reduce the hassles of managing your medical practice and put you in better control of your revenues and reputation.

Boost the Performance of Your Practice

Team up with us to develop a secure & compliant MPM system that enables you to stay focused on patient care & secure the future of your practice