Practice Management Alert

These perks may outweigh the high cost of implementing an MPM system.

There’s no denying that medical practice management (MPM) software is a hefty investment for a practice to make. So how can you justify the cost? Let us help you answer the “what’s in it for me?” questions with a look at the benefits of a good MPM system.

1.       Improved office efficiency. By automating certain tasks, such as auto-posting of payments, efficient accounts receivable (A/R) follow-up, and having a set process using the computer system, your office will run more efficiently.

2.       Improve staff productivity. With increased efficiency comes increased productivity. For example, if your MPM system has sophisticated means of following up on A/R, such as preloaded appeal letters and workfile capability, that frees up an office staff person to perform other tasks.

3.       Improved patient satisfaction. Quicker access to patient information, and ease with scheduling and billing will naturally lead to increases in patient satisfaction.

4.       Faster payments. You’ll receive your money from payers faster with electronic claims sent through an MPM software program than with paper claims. Paper claims usually take 30 to 60 days to be paid, while electronic claims are usually paid in 10 to 14 days instead, experts say.

5.       Lower rates of error. Automated systems with sophisticated claim editors leave less room for human error. Plus, when you do encounter an error, you can easily fix it and resubmit affected claims.

6.       Improved and easier HIPAA compliance. You should select an MPM system that helps, rather than hinders, your HIPAA compliance. With good security and password use, electronic methods can make HIPAA compliance easier than securing paper records. Look for systems that protect patient information and allow you to secure the information you record in the system.

7.       Better reports. With automated reports from a good MPM system, you’ll receive better information.

8.      Expanded backup options. Electronic systems allow you to have automated backups of your information. The system could include on-site or off-site storage of the information. This allows you to develop a plan as to what you can do should your office become unavailable, such as in a natural disaster or fire at your office.