December 10, 2020
The introduction of cloud-based accounting has enabled medical practices and professionals to embrace automated bank data entries, and allowed the luxury of storing and managing financial records on external servers.
Many health professionals have also started using practice management software or apps to help manage their schedules, patient notes, and billings.
Practice management software can often be integrated with cloud-based accounting files, and this helps medical professionals to manage their practices in a more efficient way.
You may have heard of practice management systems such as Cliniko, Powerdiary, and Coreplus, which are some of the commonly used systems in the health industry.
These complete practice management systems assist medical practitioners in administrative tasks such as managing schedules, taking online bookings, recording treatment notes, preparing invoices, and organising telehealth video calls. They are all-in-one and easy-to-use platforms.
An ideal practice management software will make life easier for medical practitioners, with data automation taking control of all mundane tasks.
At LDB, we’ve worked extensively with medical practitioners across a number of medical fields, so we understand that the time you have available to manage backend data entry is limited, as your focus is on the important work and services that you provide to your patients.
That’s why we recommend implementing an online cloud accounting software along with a practice management system, to free up your time for your patients.
Your patients will also benefit from a more streamlined online booking system, while automated SMS reminders and alerts will reduce no-shows. Billings and accounting can be done instantaneously, resulting in more stable cash flow for your practice.
With a variety of practice management software available in the market, it’s important to take the following factors into account when choosing the right software for your practice:
If your practice has already committed to a particular cloud-based accounting software, it is best to firstly consider what will work well with your existing software.
The following links offer information on the range of software that is compatible with the respective accounting software:
Apart from accounting software, there are also other apps that can be connected with the practice management system to complement the software. For example, there is a Medipass/Medicare app that allows you to submit bulk-billed or patient claims directly through the platform, so it’s worth checking to see if this will be compatible with your practice management software of choice.
Consider the functionality and features of each practice management software on offer.
In particular, think about whether the software is a best match for your practice, in terms of serving your needs with regards to customer relationship management and invoicing.
You should also consider the software’s ease of use for your bookkeeper, practice manager, and other medical professionals working at your practice.
Practice management software is normally charged on a weekly or monthly subscription basis, with different subscription levels on offer depending on the size of the medical practice and the features required. Most of them offer a free trial period.
As you will be committing to an ongoing cost, it’s vital to choose a cost-effective software that suits your practice’s budget.
LDB has supported employees and businesses in the medical sector for years across a range of services, such as guiding medical employees when moving to consultant (locum) arrangements, advising on how to structure a medical business, or providing considerations for income structures for healthcare professionals.
If you have any questions regarding medical practice management software or require assistance choosing the best software for you, please reach out to one of our friendly advisors at LDB by calling (03) 9875 2900 or filling in the form below.
Article compiled by Adam Betts and Sylviana Martinus.
