by Michelle Tohill
The software industry is gradually changing from one-and-done licensing purchases like Microsoft Word and Excel to ongoing subscription models in which businesses pay a monthly fee and in exchange get constantly-updated software along with technical support.
This move makes a big difference along a number of factors, including lower start-up costs, lower staff training requirements, and the promise of ongoing software support and improvements.
Many medical practices are moving to subscription-based practice management software. Before jumping on the subscription bandwagon, it pays to compare licensed practice management software to subscription practice management software. By making the right choice up front, you can avoid costly changes down the line.
Licensed Practice Management Software
Licensed software has the benefit of paying just once, up front, with no strings attached. But there are certainly some pretty significant negative drawbacks as well, including:
– high upfront costs
– no support with installation and setup
– no training for employees
– no access to constant updates, and often updates require re-purchase
– little to no customization options for specific needs and customization
Subscription Practice Management Software
With a subscription-based model, you are engaging in a longer-term relationship with your practice management software vendor, and you will be paying on a regular basis for access to the software. The advantages include:
– low up-front costs
– installation and training provided
– access to support team
– trouble-shooting support
– cloud-based, seamless software updates
– customization often available
At Bonafide we have switched entirely from licensed software to a comprehensive subscription model because we believe our customers benefit from the ongoing support and interaction provided with the subscription software model.
Even better, our practice management software is included free with our top-notch billing service. This means that customers get free software with excellent support and they only pay a small fraction of their revenue for it. We think it’s a great model that is benefiting our customers in all sorts of ways. Let us know what you think!
Michelle Tohill is Director of Revenue Cycle Management of Bonafide Management Systems and oversees all billing programs and processes. Her specialty is conducting AR audits to expose inefficient billing practices that fail to fully reimburse physicians for their work. She conducts AR audits and provides Bonafide customers with training and consulting on how to improve every aspect of billing and practice management to maximize revenue.