Are you a business owner who loathes handling large amounts of money? Do your eyes cross every time you have to decipher a chart you attempted to create on an Excel spreadsheet but got the X and Y axis confused? What about insurance? Does the mere mention of the word and the worry that can come along with it send your stomach in knots?
You need to streamline your business. Streamline your business and you’ll streamline your life, as a result.
Clinical software and clinical billing software are tools that can help you do this. Such programs boast a myriad of capabilities, including:
- Scheduling: Time is a valuable resource. Using clinical software can help you save time, and money, by simplifying the scheduling process with your clients. It’ll make it easy to make appointments, sync them in your calendars, and send reminders for appointments.
- Accounting & Billing: Set up billing and payments online, including adjunct therapies, insurance claims, and products or medications that you may offer. Some programs even send automated reminders, so you can spend less time focusing on billing and more time working with your patients.
- Marketing: Take advantage of one-stop-shop features of some software tools that can help you attract and retain clients with marketing automation tools. Send emails and newsletters, text messages, and special promotions directly through your clinical software.
- Analytics: Keep track of the numbers. Evaluate everything from how many clients you saw in a month to generated income down to how many people visited your website.
- Communication Tools: It’s 2019, and that means that your patients don’t have to come all the way down to the office anymore. They can now get in touch with you on their phone or computer! Clinical software allows clients to make requests or ask questions, online.
- Assessment, Diagnosis, & Treatment: Tired of tracking of all the documentation in your head? These tools can make your life easier! Patient encounters, diagnoses, and treatment can now all be found in one place so you can get the story straight and track your progress with your client or patient.
The Who, Why, and How
Businesses big and small can use clinical billing software. This includes businesses who deal with clients and patients. Specifically, the patient portals that many clinical software brands provide saves time spent in the office when patients can complete new patient forms or schedule appointments online.
- With a clinical software platform such as Kareo, boasts a user-friendly interface that allows you to fully customize things like scheduling, as well as patient alerts and reminders about upcoming appointments, which can then cut down on missed appointments and eliminate the handling of the fees that go along with them.
- GOFRUGAL is a great solution for those businesses that handle large quantity shipments. This clinical software offers inventory and claim management, e-prescribing, and purchase rates summaries, so companies can easily keep track of shipments and profits.
Clinical billing software can also come in handy for those who have small, private practices. It can help private practices process credit card transactions, handle billing, and identify unpaid and outstanding invoices.
- A company like AdvancedMD, for instance, offers an online payment portal that sends out billing reminders, but then also allows patients to pay any outstanding bills quickly and easily through the same portal.
- Meditab is another software platform that offers clinical billing as part of their services. They focus on bridging the gap between doctor and patient via their online capacities. Patients can view their lab results, communicate with doctors securely, refill prescriptions, and even attend their appointment via a televisit. Meditab is also great for tracking sales of your CBD CLINIC™ products (along with anything else you might sell to enhance your patient’s clinical experience).
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Advantage 1: Analytics Made Easy
From there, a number of clinical billing software companies offer financial analytics that can help you understand the status of your account in real-time.
Companies like CollaborateMD, offer a variety of templates to choose from that allow you to filter, group, and chart your financials so you can quickly and easily see where you stand. The result will be faster productivity and more profit in your proverbial pocket.
Advantage 2: An Eco-Friendly Move
Even better yet, clinical billing software is eco-friendly since it can help your business become paper-free. Take, for instance, the clinical software company, simple practice. Their sole goal is to help you and your practice go completely paperless by offering mobile-friendly intake forms, which goes back to the idea of saving time your patients spend in the office, in addition to being more environmentally friendly.
And for an industry such as CBD, the ability to go paper-free is a major check in the plus column, since CBD is, at present, majorly a cash market. As a 500-million-dollar industry, that’s a lot of paper.
That amount is expected to increase – a lot. By 2022, the CBD consumer market is projected to reach 1.8 billion dollars.
The SAFE Bank Act
Currently, banks, credit card companies, and other financial institutions consider CBD a “high risk” market, due in part to the fact that some CBD-related products are sold alongside marijuana-related products. While CBD derived from the hemp plant is legal in all 50 states, marijuana is only fully legal in 23.
Banks are largely nationwide with branches in multiple states. Therein lies the reluctance to do business with CBD retailers: banks must report any suspicion of criminal activity through credit card transactions.
The public’s lack of education on THC and CBD creates confusion and raises concerns for CBD-related transactions. Read How Does CBD Work with the Body? to learn more about the two ingredients and how they differ.
Things, however, might be about to change:
On September 29, 2019, the SAFE Bank Act passed in the House of Representatives with 321 out of 435 votes. It has since moved onto the Senate, and if enacted into law, it will allow CBD dispensaries and other businesses selling CBD-related products to accept credit cards for transactions, as well as meet their payroll needs by being able to write checks to their employees.
Additionally – and this is huge – CBD-related businesses will be able to handle financial transactions and store their money in a financial institution such as a bank or credit union without running the risk of federal punishment for selling products that contain an ingredient derived from the cannabis plant.
CBD and CBS – Clinical Billing Software, that is
You might be asking “how does clinical software fit into all this”? Well, if passed, the SAFE Bank Act ensures that the buying and selling of CBD-related products must no longer be a cash business, and conversely, can be done wholly online.
Billing and the aforementioned payroll can be done through the use of clinical software. Your business can accept credit cards risk-free. All these capabilities will then allow you to accurately analyze your financials with the help of whichever clinical software brand you choose.
The market is saturated with digital and cloud-based clinical software brands. It’s important to choose wisely. Use the 3 R’s to guide you:
- Research: Find out exactly what it is you’re trying to accomplish by implementing the best clinical software for your business needs, whether that be analytics, scheduling, or financial processing, or marketing.
- Reviews: When choosing, make sure you go with a reputable, trusted brand. Check out reviews from other business owners on sites like Capterra.
- Revenue: You can use clinical software to acquire customer data and use their analytics to improve your business. You’ll not only shave hours off your workload, but you’ll have a better way to keep track of your profits and losses (P&Ls), so you can better understand where you’re succeeding and where you need to improve.
Disclaimer: This information is for educational purposes only. It has not been approved by the FDA to diagnose, treat, prevent, cure, or mitigate any diseases or conditions. We use CBD in our products for cosmetic purposes only.