1) What is Physician Practice Management?
A physician practice management company, which is also known as a management service organization, is an outside entity that provides business administration services to medical practices.
Why Do Physicians Need Practice Management?
Essentially, a practice management company can complete and provide services that are non-clinical and allow the healthcare professional to focus on patient care instead of paperwork. Providing quality healthcare services for patients is every practice’s number one goal. Do not let tedious tasks that can be outsourced get in the way of that. Outsourcing your practice management can improve staff productivity, increase claim accuracy, and provide peace of mind to your practice and patients.
Benefits of Practice Management for Physicians:
- Staff Productivity Increased
- Enhanced Patient Care
- Streamlined Paperwork
- Improved Efficiency
2) Features of Physician Practice Management
Medical practices can manage tons of tasks with the help of physician practice management software. When looking for the best practice management software, there are some features you must consider. You can gain an edge by implementing some of these features completed by an outside team:
- Bookkeeping
- Human Resource Management
- Billing and Claims
- Financial Services
- Managing Paperwork
- Appointment Scheduling
- Patient Data Organization
3) Market Trends & Types of Practice Management Software
Within the umbrella term of physician practice management, many solutions fall beneath this such as EHR and EMR software. While practice management software is different from an EMR and EHR, it can be integrated with it which is important to note. In addition, software like medical billing and coding can be implemented. There are numerous software choices, features, and types of practice management.
4) Practice Management Vendor
Your medical practice must find a vendor that can help streamline your medical billing, coding, EHR, EMR, and any other service needed. To find the vendor right for you, we’ve listed some of the highly-rated vendors.
Take a look at some of the top 5 best physician practice management vendors below:
5) Practice Management Pricing
On average, you can expect to pay between $350 to $1,000 for a physician practice management system. Bare in mind that the more robust the system, the size of your practice, and the features and software you’re looking to integrate will impact the price point. This fee is for the software itself you’ll still need to factor in an outside company tracking and managing the software for you. Outsourced practice management companies will usually charge a percentage of the claims.
Below is an example from capterra of cost comparison of pricing between practice management software. You can expect various software companies to have similar pricing/style of pricing layouts. Many will display features and more, however, this is simply a price comparison chart.
Below is an example of a pricing model from DocVilla. Based on what’s included in the package, pricing will depend on features and customizations.
Outsourcing Your Physician Practice Management System
If you are considering implementing a practice management system at your clinic. You might also want to look into partnering with an outsourced practice management company to cut down your operational costs.
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Need to outsource your practice management services? Check out our blog on in-house versus outsourced medical billing.