8 Essentials of Efficient Practice Management System - Velvetech (2022)

A casual search for “practice management system” on Google returns over 16 million pages. A random click on a search result with a software catalog will take you to 350+ variants of practice management solutions. Why so many?

One reason is the market for practice management software should reach $739 million by 2029 according to MarketsandMarkets’ research, and many healthcare software vendors want a piece of the pie. Another reason is different medical practices have different specialties, which in turn call for distinct functionality in software.

Prior to exploring the key features that PMS should have, let’s refresh the basics of what a practice management system is.

What Is a Medical Practice Management System?

A practice management system, or software, is usually a cloud-based solution that helps organize and optimize day-to-day operations of a medical practice. It deals with scheduling appointments, billing processes, report generation, patient data management, and other activities.

In short, PMS aims to address the challenges related to administrative tasks and allow healthcare organizations to support their medical services.

Key Features of PMS

With so many options of PMS out there, it might be hard to choose the right one for your needs. Yet, there are several essential features that a practice management solution should have to be efficient and help you streamline the delivery of health care.

Let’s take it to pieces and analyze the key aspects of a PMS.

1. Easy-to-Integrate

A practice management system is rarely deployed to a clinic or a private practice where no integration is necessary. Often there will be several third-party solutions in use that PMS must integrate with. EMR is a good example.

In fact, integration with an EMR is considered one of the most challenging aspects of the medical practice management system implementation.

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A decent PMS solution should include an easy way to integrate with existing infrastructure, such as a CRM system, task management, or an accounting platform, etc.

It’s vital to make sure the practice management system you are considering easily integrates with third-party healthcare solutions via an API. A good sign that you have found an appropriate PMS is a large network of partner development companies that can customize the PMS in question and build on top of it.

2. Improve Workflows

Medical practices deploy PM systems for obvious reasons. One of the reasons is to simplify and optimize workflows and processes for admins and physicians with a help of feature-rich practice management software. Indeed, a thoroughly designed PMS can automate a lot of routine tasks and take some burden off of a practice’s staff.

To effectively automate your company’s processes you should be looking for medical practice management programs with this minimal list of functionality:

  • Scheduling and tracking appointments
  • Inventory management
  • Task management
  • Billing and financial analysis
  • Patient portal
  • etc.
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We will touch base on some other features of an efficient PMS solution below. The list above should be a good starting point though.

3. Secure

Modern practice management systems are essentially cloud-based solutions, hosted elsewhere outside of your practice’s premises. Having your files off, somewhere in the cloud, is definitely a risk. Do the due diligence and inquire into the security policies that a PMS vendor follows.

A secure practice management software must meet privacy and security requirements.

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In addition, PMSs that incorporate a billing module and allow processing of ACH, credit, and debit card payments must comply with PCI requirements.

4. Insurance Verification

PMSs that automate such a tedious and convoluted process as insurance verification immediately stand out from the crowd. The automated process of insurance verification allows staff to estimate payments and collect them at the point of care.

Practice management systems with integrated insurance verification can convert time-consuming routines into real-time revenue producing platforms by providing:

  • Insurance verification prior to all appointments
  • Pre-authorizations before every test or procedure
  • Tracking available and expired benefits

5. Mobile Presence

Being able to track staff’s performance on the go may be a delight for the practice’s management. However, it’s even more important to let your staff perform basic operations on their mobile devices.

Practice management systems that operate on iPhones and Android smartphones are getting more and more attention in the professional medical circles. The minimal set of features for a PMS mobile app should include appointments scheduling and reports.

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6. Marketing Reach

Being able to run marketing campaigns right outside a PMS is a rare case. This is a privilege of sophisticated platforms. Using marketing and management tools built into a PMS will allow you to track ROI per patient or per scheduled appointment.

An adequate practice management system with a marketing module would allow you to track and measure the results of your marketing campaigns:

  • Tracking of cost per patient and conversion rates
  • Campaign management to increase the number of new patients
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A bonus feature is when a PMS is integrated with a marketing platform that provides access to third-party tools for finding and buying ad campaigns aligned to your target audience. You will be able to review the statistics of each ad campaign and monitor your ROI.

7. Call Center Integration

In medical practices, a lot is happening over the phone: from the initial conversation with a patient to appointment scheduling to payment collection, etc.

Having a PMS that integrates with a smart call center increases patient volume and builds stable revenue streams. Some of the immediate benefits of a PMS integrated with a VoIP call center are as follows:

  • High call-to-appointment conversion rate
  • Calls recording for evaluating staff performance
  • Adding call records to patients’ profiles
  • Automatic patient recalls
  • Fewer no-shows and optimization of schedule for maximum revenue

Some smart contact centers allow to communicate with patients, providers, and employees via phone, email, and text messaging. This variety for communication channels makes a medical practice more flexible in terms of reaching out to clients and responding to their requests.

8. Reports

Actionable dashboards with comprehensive reports is another characteristic of an efficient PMS. Being able to analyze your practice’s fiscal health and staff performance is critical for knowing where your practice stands financially.

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Detailed reports and gathered analytics can go a long way to helping you project and even improve your cash flow. They provide such invaluable data gems as insights into your patients’ key demographic characteristics or inform you on your best-performing physicians.

Order Your Practice Management System Now

Practice management system today is an absolute must-have for any medical practice. An efficient PMS keeps medical offices running smoothly and facilitates everything from appointment scheduling to revenue cycle optimization, medical IoT data gathering, monthly report generation, and seamless integration with EHR/EMR systems.

Velvetech has extensive experience in building multifunctional PMSs for medical and dental practices. We have successfully delivered complex PMSs that integrate with VoIP call centers and automate companies’ vital processes.

Get in touch to discuss your PMS needs. Velvetech will be happy to build for you an efficient practice management system or customize your existing medical program or software tools.

Updated on: September 3, 2022

About the author

8 Essentials of Efficient Practice Management System - Velvetech (7)

Henry Evans

Being involved in a spectrum of complex technology projects, Henry shares his all-round expertise on Veltetech’s blog to help companies advance their business with digital solutions.

FAQs

What are the important components of medical practice management software? ›

The most common capabilities of practice management software include:
  • Entering and tracking patients.
  • Recording patient demographics.
  • Scheduling patient appointments.
  • Managing charge capture.
  • Performing billing procedures.
  • Submitting insurance claims.
  • Processing payments from patients, insurance providers and third parties.

What are the typical elements of a physician practice management system? ›

What Are the Typical Elements of a Practice Management System? The four key components of most practice management systems are scheduling, billing, storing, and reporting.

What is the practice management system? ›

PMS software automates and streamlines a practice's administrative and billing functions. PMS software typically has the ability to: Capture patient demographics. Schedule appointments. Preregister patients (including insurance eligibility and benefit checks)

Why is it important to have an effective practice management software? ›

It allows you to free up the time of your reception staff, generate reports with ease, and make better medical and business decisions. The right practice management software allows you to: Spend less time on administrative tasks such as patient bookings, keeping track of patient history, and more.

What are the 6 components of a health information system? ›

Part 2: Components and Standards of a Health Information System – describes the components and standards of a health information system, as shown in the left-hand column of Fig. 1. These are health information system resources, indicators, data sources, data management, information products, and dissemination and use.

What are the 12 main components of the medical record? ›

12-Point Medical Record Checklist : What Is Included in a Medical...
  • Patient Demographics: Face sheet, Registration form. ...
  • Financial Information: ...
  • Consent and Authorization Forms: ...
  • Release of information: ...
  • Treatment History: ...
  • Progress Notes: ...
  • Physician's Orders and Prescriptions: ...
  • Radiology Reports:
5 Sept 2017

What are the 7 P's in healthcare? ›

7Ps can be classified into seven major strategies like as product/service, price, place, promotion, people, physical assets and process (3). This is a known marketing strategy that has provided a critical tool for hospitals and medical services centers to improve the management of healthcare marketing (4).

What is the most important function of a practice management system? ›

The most important functions of practice management software is streamlining patient scheduling and managing the billing of the practice.

What do you look for in a practice management system? ›

5 Factors to consider when choosing practice management software
  • Boosting efficiency with a flexible solution. ...
  • Automating tasks to streamline workflow. ...
  • Enhance patient experience. ...
  • Stable, reliable cashflow management. ...
  • A scalable, integrated solution.

What are the six types of medical practices? ›

Here are some of the most commonly available types of medical practice settings.
  • Solo Practice. ...
  • Group Practices. ...
  • Employed Physician Practices. ...
  • Direct Primary Care. ...
  • Independent Contractor. ...
  • Locum Tenens.

What is practice efficiency? ›

Medical practice efficiency is most often measured in terms of overhead ratios, effectiveness ratio, and various staff productivity ratios. However, the quality of care delivered to patients is also directly affected by efficiency.

What are the 7 features of effective practice? ›

The seven features are: ✔ the best for every child ✔ high-quality care ✔ curriculum ✔ pedagogy ✔ assessment ✔ self-regulation and executive function ✔ partnership with parents.

What is an example of practice management software? ›

AdvancedMD PM. AdvancedMD PM is a practice management platform designed for practices of all sizes and specialties to manage charting, billing and daily operations.

How has practice management software improve office efficiency? ›

Practice management software helps your employees enter data using fewer keystrokes and mouse clicks. This boosts efficiency, reduces errors, and makes medical billing a breeze. Your staff will have access to all pertinent client data whenever they need it, from any location with an online practice management software.

What are the 7 different data sources for health information systems? ›

The main sources of health statistics are surveys, administrative and medical records, claims data, vital records, surveillance, disease registries, and peer-reviewed literature. We'll take a look into these sources, and the pros and cons of using each to create health statistics.

What are the 5 main components of an information system? ›

5 Components of Information Systems
  • Computer hardware. This is the physical technology that works with information. ...
  • Computer software. The hardware needs to know what to do, and that is the role of software. ...
  • Telecommunications. ...
  • Databases and data warehouses. ...
  • Human resources and procedures.

What are the 5 primary components of an information system? ›

An information system is essentially made up of five components hardware, software, database, network and people. These five components integrate to perform input, process, output, feedback and control. Hardware consists of input/output device, processor, operating system and media devices.

What are the 8 HPI elements? ›

The history of present illness (HPI) component of an E/M service is comprised of eight elements: location; quality; severity; timing; duration; context; modifying factors; and associated signs and symptoms.

What are the 10 most important documents in the EHR? ›

Breadcrumb
  • Administrative and billing data.
  • Patient demographics.
  • Progress notes.
  • Vital signs.
  • Medical histories.
  • Diagnoses.
  • Medications.
  • Immunization dates.
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What are 10 components of a medical record? ›

  • Introduction. Components of a Complete Medical Record. ...
  • Identification. Identification. ...
  • Date, History. Date, History. ...
  • Physical Exam. Physical Exam. ...
  • Assessment. Assessment. ...
  • Informed Client Consent. Informed Client Consent. ...
  • Medical Treatments. Medical Treatments. ...
  • Surgical Treatments, Anesthesia. Surgical Treatments, Anesthesia.

What are the 5 A's of healthcare? ›

They grouped these characteristics into five As of access to care: affordability, availability, accessibility, accommodation, and acceptability.

What are the 7 C's in the NHS? ›

Charting the 7 c's of cultural change affecting foreign nurses: competency, communication, consistency, cooperation, customs, conformity and courage.

What are the 7 key principles of the NHS? ›

What are the NHS Values?
  • Working together for patients.
  • Respect and dignity.
  • Commitment to quality of care.
  • Compassion.
  • Improving lives.
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What are the key aspects of best practice in healthcare? ›

Selecting best practice evidence to implement
  • Relevance to the needs and setting of the community.
  • Community participation.
  • Stakeholder collaboration.
  • Ethical soundness.
  • Replicability.
  • Effectiveness.
  • Efficiency.
  • Sustainability.

What are the roles and responsibilities of a Practice Manager? ›

You will be involved in a wide range of activities, including:
  • business planning.
  • handling financial systems for the practice, including payroll.
  • selecting, training and supervising non-clinical staff.
  • developing and supervising appointment systems that work well for patients and clinicians.

What are your three 3 most favorite duties of a Practice Manager? ›

Composing emails, internal communications and managing correspondence with patients and third parties are all common tasks for a Practice Manager.

What are the 4 domains of good medical practice? ›

  • About this guidance. ...
  • Professionalism in action. ...
  • Domain 1: Knowledge, skills and performance. ...
  • Domain 2: Safety and quality. ...
  • Domain 3: Communication, partnership and teamwork. ...
  • Show respect for patients. ...
  • Domain 4: Maintaining trust. ...
  • Endnotes.
25 Mar 2013

What are the 8 types healthcare services? ›

Types of Services
  • Mental health care.
  • Dental care.
  • Laboratory and diagnostic care.
  • Substance abuse treatment.
  • Preventative care.
  • Physical and occupational therapy.
  • Nutritional support.
  • Pharmaceutical care.
21 Jan 2022

What are the 8 national practice problems in healthcare? ›

Here are some of the quality issues.
  • Preventable Medical Errors.
  • Poor Amenable Mortality Rates.
  • Lack of Transparency.
  • Difficulty Finding a Good Doctor.
  • High Costs of Care.
  • A Lack of Insurance Coverage.
  • The Nursing and Physician Shortage.
  • A different perspective on solving the shortage crisis.

What are the 10 most common medical procedures? ›

Some of the most common surgical operations done in the United States include the following:
  • Appendectomy. ...
  • Breast biopsy. ...
  • Carotid endarterectomy. ...
  • Cataract surgery. ...
  • Cesarean section (also called a c-section). ...
  • Cholecystectomy. ...
  • Coronary artery bypass. ...
  • Debridement of wound, burn, or infection.

What is the 5 basic in medical? ›

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What are the 6 medical ethics? ›

These principles include (1) autonomy, (2) beneficence, (3) nonmaleficence, and (4) justice. In health fields, veracity and fidelity are also spoken of as ethical principles but they are not part of the foundational ethical principles identified by bioethicists.

How can practice efficiency be improved? ›

7 free or low-cost ways to increase practice efficiency
  1. Promote patient self-service. ...
  2. Automate tasks, when possible. ...
  3. Monitor claim denials. ...
  4. Provide staff training. ...
  5. Maximize the use of non-physician practitioners (NPP). ...
  6. Focus on process improvement. ...
  7. Promote a culture of open communication.

What are characteristics of effective practice? ›

Six key characteristics
  • Shared goals. If asked to identify their goal at work, most staff members would probably say that it is to provide high-quality, patient-centered care. ...
  • Clearly defined roles. ...
  • Shared knowledge and skills. ...
  • Effective, timely communication. ...
  • Mutual respect. ...
  • An optimistic, can-do attitude.

What are the key elements of professional practice? ›

7 Elements of Effective Professional Development
  • Content-focused. ...
  • Incorporates active learning. ...
  • Supports collaboration. ...
  • Uses models of effective practices. ...
  • Provides coaching and expert support. ...
  • Offers feedback and reflection. ...
  • Is of sustained duration.
18 Sept 2017

What are the five principles of effective? ›

In order to develop effective communication skills we need to consider the following 5 basic principles:
  • awareness,
  • responsibility,
  • respect,
  • trust,
  • and creativity.
24 Feb 2020

What are the principles of best practice? ›

Best Practice is the serious, thoughtful, informed, responsible, state-of-the-art teaching. If a professional is following best practice standards, he or she is aware of current research and consistently offers students the full benefits of the latest knowledge, technology and procedures.

How do you implement practice management software? ›

How to Implement Medical Practice Management Software in Your Business
  1. Evaluate Current Processes. Every business has its own set of needs. ...
  2. Discuss It with Your Staff. Medical practice software can bring essential changes to your organization. ...
  3. Compute Overall Costs. ...
  4. Check the Integrations. ...
  5. Train and Educate the Staff.
6 Jan 2021

What is best practice software used for? ›

About Best Practice Clinical Software

As a robust, functionally rich and highly intuitive software program, Best Practice provides tools to effectively manage patient care and improve practice efficiency.

What is the difference between practice management software and EHR? ›

Practice management software is used for keeping the facility management records organized in digital format and does not need to be shared outside the office. By contrast, EHR systems are used for keeping individual patient records and are meant to be shared with other medical professionals.

How can you improve workplace practices? ›

13 ways to improve performance at work
  1. Limit distractions. This is a tip many people know but rarely follow: limit your potential distractions. ...
  2. Set milestones. ...
  3. Set clear and achievable goals. ...
  4. Avoid multitasking. ...
  5. Improve your time management. ...
  6. Do important tasks first. ...
  7. Delegate tasks whenever possible. ...
  8. Clear your workspace.
26 May 2022

What are the three components of MDM? ›

MDM has three components.

These are: the number of diagnoses or management options. the amount of data reviewed. the risk of complications and/or morbidity or mortality from the presenting problem, diagnostic tests ordered or treatment options.

What are the 5 components of the EMR? ›

5 Basic Components of an Electronic Medical Record System
  • Data module input system. ...
  • Patient call log. ...
  • Prescription management system. ...
  • Backup system.

What are the 4 components of a healthcare system? ›

As illustrated in Figure 1–1, a health care de- livery system incorporates four functional components—financing, insurance, delivery, and payment that—that are necessary for the delivery of health services.

What are the four types of MDM? ›

There are four master data management (MDM) implementation styles, and their different characteristics suit different organizational needs. These include consolidation, registry, centralized and, ultimately, coexistence.

What are the six components of an integrated MDM framework? ›

MDM Strategy – 6 Key Roles
  • Governance.
  • Organization.
  • Process.
  • Standards.
  • Technology.
  • Measurement.

What is the main aim of MDM? ›

The main objectives of the MDM scheme are: To increase the enrolment of the children belonging to disadvantaged sections in the schools. Leading enrolment to increased attendance in the schools. To retain children studying in classes 1-8.

What are the 8 core functions of EHR? ›

What Are the 8 Core Functions of EHRs?
  • Health information and data.
  • Results management.
  • Order entry and management.
  • Clinical decision support.
  • Electronic communication and connectivity.
  • Patient support.
  • Administrative processes.
  • Reporting and population health management.
30 Aug 2020

What are the six main objectives of an EHR? ›

What are the core functions of EHR, and what is their purpose?
  • health information and data.
  • result management.
  • order management.
  • decision support.
  • electronic communication and connectivity.
  • patient support.
  • administrative processes and reporting.
  • reporting and population health.
1 Aug 2019

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Discover 8 hospital management practices with good results
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  • Adopt an analytical stance. ...
  • Provide constant training. ...
  • Invest in preventive maintenance and facilities. ...
  • Develop strategic planning. ...
  • Pay attention to performance indicators. ...
  • Relying on technology. ...
  • Invest in a Marketing sector or agency.
31 Jul 2020

What are the essentials factors of hospital planning? ›

10 Essential Factors to Choose Your Hospital in India
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  • Location. ...
  • Infrastructure. ...
  • Treatment. ...
  • Access to Blood Banks. ...
  • Medical Insurance. ...
  • Amenities.
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Hospital management system is a computer system that helps manage the information related to health care and aids in the job completion of health care providers effectively. They manage the data related to all departments of healthcare such as, Clinical. Financial.

What are the 8 element of primary health care? ›

There are eight essential components: (a) Education about common health problems and what can be done to prevent and control them; (b) Maternal and child health care, including family planning; (c) Promotion of proper nutrition; (d) Immunization against major infectious diseases; (e) An adequate supply of safe water; ( ...

What are the 7 components of health? ›

Wellness is commonly viewed as having seven dimensions: mental, physical, social, financial, spiritual, environmental, and vocational.

What are the 10 components of primary healthcare? ›

What are the components of primary health care?
  • Health education. ...
  • Availability, accessibility, and affordability of health services. ...
  • Immunization. ...
  • Provision of essential medicines. ...
  • Treatment of communicable diseases. ...
  • Water and sanitation. ...
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  • Maternal and child healthcare.
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