This guide gave you an overview of practice management and practice management software. Proceeding forward, we will look into the three key components of the PM system. Besides, we will discuss the reasons why ICD compliance is necessary for your practice management solution.
Practice Management Overview
The day-to-day patient care process depends on effective practice management. It’s not just about treating patients but also managing the details that go along with practice management like:
- Accessing and looking through the patient’s medical documents
- Office staff’s tasks and employee productivity
- The tracking of patient visits, including their electronic health records
In general, practice management is the process that helps physicians and their office personnel manage the daily tasks in real-time, which is essential for care delivery.
However, to streamline the process and lift the burden of administrative tasks, you need to implement modern practice management software that helps you automate your routine activities.
What Is a Practice Management (PM) Software?
A practice management system is designed to aid different healthcare facilities of any size and specialty to operate more effectively. In general, smaller and medium-sized practices utilize the software for managing everyday operations, such as administrative and financial tasks; some use it to link to EHR (Electronic Health Records) systems.
The most frequently used features of practice management software are:
- Making reports for clinical staff members
- Monitoring and entering patient information
- Scheduling patient appointments
- Processing and completing accounting procedures
- Controlling the charge capture
- Submitting insurance claims
- Recording patient demographics
- Processing payments from insurance companies and other third parties
Practice management software is a simple application that requires an internet connection and a primary computer network. It can be used in three ways: as a desktop application, client-server, or internet-based software.
Critical Components of a Practice Management System
Discussed below are the three integral elements of one of the best practice management platforms:
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Patient Scheduling
Physician practice management platforms have an appointment scheduling feature to make and monitor the number of visits to patients. Schedules of different practitioners within a practice could be color-coded to display the appointment time, duration, and the number of patients.
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Claims Process
The practice management software can also keep track of electronic claims after submitting them, either direct to the insurance provider or through an electronic claim clearinghouse. For claims where the patient is owed an unpaid balance, a practice could use PM software to print and send its own patient statements.
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Capabilities to Report
Practice management software provides an array of practice reporting options based on various customizable parameters. The most common applications for reporting include financial performance (including the billing process and financial records), scheduling, and ICD codes. Software users can create their own reports or use existing templates in the system.
Why Is ICD Compliance Integral in a Physician Practice Management Platform?
International Classification of Diseases (ICD) is a globally employed diagnosis tool for coding different treatment procedures. Its compliance by all hospitals and medical practices throughout the US is necessary for the following reasons:
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Better Clinical Documentation and Better Delivery of Care
A precise record of a patient’s condition leads to a more positive experience in healthcare and can benefit other doctors who may eventually access their patient’s health records. It also improves patient security and minimizes demands for documents from the payers to justify the diagnosis.
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Effective Monitoring of Public Health Data and Establishing Policies
ICD-10 was created to aid in public health. It can help healthcare providers collect public health disease information, track global health threats, react to pandemic outbreaks in the early stages, and help create better healthcare policies.
In addition, it provides information to help measure and keep track of health care utilization, the quality of the patient’s care, and establishing preventive care and disease management programs.
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Speedier Turnaround Time to Billing and Fewer Denials
The specificity of ICD-10 codes reduces the chance of errors and confusion in billing, resulting in fewer claim rejections. Also, it reduces the number of denied claims due to “lack of medical necessity.” The simpler the claims process becomes, the quicker it will be for you to receive your money.
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Improved Data for Research
The specificity of the codes is also beneficial in research. ICD-10 codes help reveal previously unnoticed connections between health ailments, save the lives of thousands, and help preserve billions in medical care expenses.
In clinical research studies, ICD-10 codes provide more accurate information regarding adverse effects and better outcomes assessment reporting.
Bottom Line
This guide discussed why ICD compliance is necessary for your practice management software. CareCloud Central is the best practice management solution for physicians. It enables healthcare professionals from different specialties to track, manage and optimize their administrative and financial processes. It is ICD-compliant and has been ranked a leader in Medical Billing software GetApp and SoftwareAdvice.
