Today, most business operations are run using software, and your medical practice shouldn’t be an exception.
Most health care facilities rely on their EMR (Electronic Medical Records) software to handle their financial operations, such as billing. However, EMR or other case management systems are not adequate to handle all financial functionalities. Generally, these applications are weak for managing fixed assets, purchases, payables, and tasks related to accounting.
That’s why your medical practice needs an accounting program that can handle your accounting needs adequately. Some of the factors to consider when choosing accounting software for your medical practice include:
Different applications exist on the market today, and each comes at a different cost which is determined by its capability or number of features available on the software. If you have a small facility, you may not need software with so many features.
However, some features are must-haves. For example, you’ll want:
- Time tracking
- Inventory management
- Payroll management
- Physician payments in line with the MACRA MIPS Act
The best way around this is to list down the features you want and then look for software that addresses those needs.
2. Ease of Use
It’s an uphill task to install, implement, and adapt to a new financial management system, particularly if your in-house staff aren’t tech-savvy. That explains why you need software with a friendly interface that can be used by anyone, even by those without a technological background.
To get a good operating system, make sure you involve your staff in making decisions. You can let them try different software, especially those with free trial periods, to help them decide which one works best for them.
Interfacing means the ability of two or more software to communicate with one another. You need software that interfaces well with your existing Electronic Medical Records management system as well with other medical programs used by other healthcare providers visited by your patients.
Most cloud-based accounting applications have this capability and can also give you access to insights and data from anywhere, anytime. Choose a program with reporting capabilities, which you can use to create easy-to-understand account charts from different data sources.
Even with an easy-to-use system, your in-house team will still need some learning. Consider choosing software whose vendor provides enough training on its use. In particular, the vendor should provide a written training process, breaking down the process right from installation to use and to updates.
If possible, the vendor staff can visit your facility to train your team on how to use the program. With good training, your team should be able to use the software effectively and efficiently, avoiding any downtime.
5. Level of Support
Vendor support is a crucial factor in determining the right software for your business. Your operating system can develop problems in the course of its use. If it’s a complex EHR system, your team may not be in a position to diagnose the problem and solve it. Additionally, if an error or problem arises from the vendor, you should be sure that they’ll be accountable for the problem.
It’s imperative to find out whether the vendor’s support staff are available 24/7 and are competent to deal with any issues that can arise. Note that some vendors only have a call center with customer service representatives who do not have the technical know-how on software.
Your business can’t run without software. Choosing the right software for your facility will help you cut costs and offer efficient and fast treatment.
When looking for a great program for your accounting needs, you need to consider the above five factors so you can identify the one that’s most suitable for running your business. This way, you get the most from your investment.