Many formerly manual, time-intensive administrative tasks can be automated through the use of standardized electronic transactions. In the case of automating a medical practice’s revenue cycle, the right practice management system (PMS) is key to achieving the potential efficiencies offered by electronic transactions and workflows. 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)
- Determine patient financial responsibility for collections at the point of care
- Maintain insurance payer lists
- Perform billing
- Generate reports
Choosing and integrating an appropriate, well supported and compliant PMS can be daunting. The AMA and the Medical Group Management Association (MGMA) compiled the following resources to offer guidance during the decision-making process:
- What do I need in a practice management system? (PDF), Six Steps to Practice Management System Selection
- Practice management system criteria checklist (DOCX)
- Practice management system sample RFP (DOC)
Disclaimer: This practice management system toolkit is strictly an informational tool for your use. The practice must use its own independent judgment when selecting a practice management system that best meets the needs of the practice. The practice is encouraged to consult with its own experts and/or consultants when making this decision. Neither the AMA nor MGMA accepts liability with respect to the use of the toolkit resources or any decision that is made by the practice based on the resources in the toolkit.