How Much Does Medical Practice Management Software Cost?
Designed to streamline the everyday tasks that come with operating a medical practice, medical practice management (MPM) software can be beneficial to nearly all medical professionals.
This software allows healthcare professionals to access and utilize various records such as appointments, billing information, and reports. If you are looking for a way to make the day-to-day tasks you and your staff must complete easier and increase the amount of time spent with patients, MPM software may be the right choice for you.
Features of Medical Practice Management Software
The primary purpose of MPM software is to decrease the amount of time physicians spend on administrative tasks and paperwork, leaving them more time to focus on patients. The software has many features designed to assist with these tasks and make the entire process easier. Some of the features offered by MPM software include:
- Appointment scheduling: While there are still practices that use paper calendars or programs such as Excel to organize and schedule appointments, more and more facilities are opting to use software. MPM software allows you to enter new appointments, but can also monitor appointment histories, send reminders, and track your own schedule to keep you updated when things get hectic.
- Billing: MPM software can help prepare statements as well as assist with collecting and processing any payments. Some software even allows you to integrate all of your billing and payroll functions into a single system.
- Patient registration: Every new patient must fill out forms that include fields such as their address, contact information, demographic information, and insurance information. With MPM software, office administrators can input and store this information in a secure system that is easy to access. Depending on the software, this information can be transferred to a patient’s electronic medical record (EMR).
Differences Between EMR and MPM Software
It is important to note that comprehensive MPM software can handle all the administrative functions of a medical practice, but not all administrative software is MPM software.
Electronic medical record (EMR) software, medical billing software, and medical scheduling software are all commonly mistaken for MPM software. Billing and scheduling features are typically a part of most MPM software, but EMRs (used to track patient’s medical data) are generally their own independent system, although they can be integrated with management software.
What to Look for in Medical Practice Management Software
Your MPM software should make your job easier. The whole point is to assist in the everyday administrative tasks that use valuable time and pull focus away from your patients.
A facility that needs to ensure no delay in data entry or updates would probably be better served by a system with a local server rather than a cloud-based one. However, for some practices, the ability to access that information anywhere at any time might outweigh the possibility of connection issues or slower speeds.
There are some features, however, that every practice should look for in their MPM software.
- It needs to be able to handle the amount of patients and physicians in your facility
- It needs to handle any changes in volume that may occur
- You need the ability to update the software regularly as changes occur to codes and regulations, and without those updates causing issues with your software.
How Much Does MPM Software Cost?
The cost of MPM software depends largely on the size of your facility and the type of software you choose.
- For smaller practices that have locally hosted servers, MPM software generally costs $600 – $1800 per month, with any additional workstations coming with an added fee.
- Large practices with a local server typically start around $1,500 – $3,000but can cost upwards of $8,000 – $12,000 or more.
- Cloud (or web-based) systems usually have the lowest cost at around$200 – $500 per month.
It is important to remember that, although cost is an important factor to consider when buying MPM software, it is not the only factor. Different vendors have different prices, as well as different accommodations and features. One company may charge more, but it may also offer more features that can help your practice. Take the time to read any available reviews before making your final purchasing decision.