What Should a Perfect Medical Billing Software Look Like?

The advent of technology has made our lives easier in more ways than one can imagine. Advancements in science have seeped in so deeply into our lives, that a life without mobiles, computers, and electronic gadgets is unimaginable. The field of healthcare and medical sciences is no exception. Using the latest cutting edge technologies, researchers and doctors have been able to develop not only life-saving but efficiency-increasing machines and software, the kind which make the job of saving lives just that much easier.

Talking about the financial aspect of healthcare, gone are the days when accounting of hospitals and chemist shops used to be done by hand. Computers have successfully aided man in quick and correct accounts management, especially when it comes to using medical billing software. NueMD, Navicure and Eclipse are all top medical billing software that are used by hospitals and doctors worldwide. Doctors, chemists and pharmacists take the help of computer software wherever they can, be it accounting, billing, or scheduling appointments. So, when it comes to a great pharmacy billing software, what all features must it have?

Electronic records, preferably cloud-based

The data of patients and customers is one of prime importance for hospitals and pharmacies. Therefore, it must be stored in a reliable manner. Cloud services are emerging as one of the leading data storage solutions, so it makes sense to incorporate cloud computing into a medical and pharmacy billing software. It reduces worry about server downtime and prolonged data fetch times. An automatic backup facility will only help in increasing server and data reliability.

Practice management

Storing billing information of patients, scheduling appointments and sending reminders is another set of features that a good medical billing software must contain. With the help of an efficient pharmacy billing software, doctors and pharmacists could potentially work less hours and cater to more patients than ever before.

Mobile companion apps

Since it is not possible to have access to a computer system 24X7, it only makes sense to have a mobile companion app to complement the medical billing software. The app should cover all basic features, such as the day’s billing information, appointments, claims and statements on demand. The app should run on preferably both iOS and Android, the most popular mobile platforms.

Multiplatform support

Windows is not the only operating system people use on their computers. A great medical billing software is one which runs on multiple OSes without hassle, such as the Mac OS, flavours of Linux etc.

Thus, having an efficient and effective pharmacy billing software is a must for doctors and hospitals. It relieves them from the tension of managing their accounts and practices, and gives them more time to concentrate on doing what matters most. Even for small chemists and pharmacies, software can provide an effective billing solution for medical stores.

Thus, when choosing a pharmacy billing software for your requirement, keep in mind the aforementioned features, analyse your needs and wants, and choose the perfect billing solution for medical stores and hospitals.

Advantages of Inventory Management Software for Pharmaceutical or any Another Industry – PharmaTrader and SpineTrader

In the past, inventory Software Solutions were limited. They provided very few features and were difficult to use. Due to this, many pharmacies refused to use new inventory software as it would over complicate the daily workings of the pharmacy and any benefits would be delayed. Now however, inventory Software Solutions are extremely capable. Full of features, they allow users to add in and manage their work from previous financial years, which allows them to update their business working from the earlier dates.

Inventory Software Solutions provide many advantages to pharmacies. While it’s true that being able to manage inventory levels and track goods throughout the supply chain is essential for any business, Pharmaceutical inventory software provides much more value to any organisation that uses it.

The primary advantages of Pharmaceutical inventory management software are:

1) Providing better data for accurate decision making – By keeping an eye on profit margins, product performance as well as inventory levels, managers will be able to increase their sales and profits. Tracking the sales of different medicines will allow the users to make accurate predictions of which medicines will need to be stocked depending on the requirement.

2) ‎Synchronization – If a Pharmacy has multiple branches served by a distributor, synchronisation of data is absolutely necessary. By synchronising the data, managers will be able to tell when the reorder point will crop up for every single outlet. This makes the logistics of ordering and supplying much simpler, which can also help save money and earn a profit.

3) ‎Increased Efficiency – inventory management software helps managers automate a variety of inventory related tasks. The Pharmaceutical inventory software automatically collects data, creates records and performs calculations. It also transforms all this data into handy graphs making analysis much easier. This in turn boosts business efficiency.

4) ‎Warehouse Organisation – This kind of Pharmaceutical inventory software can also help distributors as well as retailers perfect their warehouse optimisation. By using Inventory management software to group popular products, and by placing them near the entrance for easy access, the process of picking them up is greatly hastened. By applying inventory management software to the warehouses, the chances of any product spoiling or going out of stock reduced drastically. The software also increases inventory visibility, making it easier to track all the products.

5) ‎Cybersecurity – By restricting user rights, companies can allow employees to assist with inventory management. By giving the employees enough access to receive products, order out of stock products, transfer products to other branches and perform other tasks, a great deal of the manager’s time is saved. The point of restricting user rights is to create levels of access. One employee must never have access to all the company data and files, as it creates a major weak spot in cyber security. Good cyber security is a combination of factors, and inventory and sales data protection is a part of that. This also protects company security and by dividing the work, speeds up the inventory management process.

6) ‎Expense – Since Pharmaceutical inventory solutions are mostly stored on the cloud, managing the inventory requires nothing more than internet access and Barcode Scanner. Even barcode scanners are now becoming obsolete since smartphones have QR code scanners. Since smartphones can function as QR code scanners and deploying cloud based software is inexpensive, the costs of using cloud-based software, internet, and scanning technology are reducing day by day. This drop in cost makes sure that any pharmacy can use the appropriate inventory management software to increase their business efficiency.

7) ‎Complexity – As time passes, Pharmaceutical inventory management software gets more and more intuitive to use. Despite the increasing complexity of business, inventory management software tries to keep things as clear as possible. Almost all such softwares provide training manuals to teach employees how to use it. Once the basic level of complexity is cleared, employees are able to use the software and all its features correctly.

8) ‎Quick deployment – Cloud based Pharmaceutical inventory software is extremely easy to deploy. The only thing business owners have to do is sign up for the subscription and start using the software via the internet. By connecting it to the warehouse database, the cloud-based software immediately catalogues the entire available stock. This kind of real time tracking and analysis is very helpful to business owners. Along with warehouses, business owners can even integrate this software with their outlets as well as their cloud-based accounting software. This kind of holistic integration leads to connectedness and reduction in multiple data entry. This enables the users to simplify their working. But connecting the inventory software to the accounting software has another benefit. It allows users to integrate GST billing into the system. With the GST software price rising day by day, this kind of integration helps offset that expense.

9) ‎Coordination – Properly used, inventory management software allows various departments to work together more efficiently. The software can help with coordination between different departments regarding stock transfer or orders. Mismanaged coordination can create bottlenecks of inventory, where one branch is getting too many orders, while others have too much inventory. This software reduces bottlenecks and creates inter departmental efficiency.

Why is Accounting Software a Good Investment for Your Business?

Simple accounting software is widely used in most small enterprises. However, as your company starts to grow, the computations and the account maintenance start to eat up a lot of your time. This drives your focus away from your business. While zeroing in on a top accounting software can get tricky, there are plenty of options available to ensure that the accounting of your business keeps running smoothly.

With technology improving every day and plenty of breakthrough inventions being made, the most recent trend is that of a cloud-based accounting software. Let us try to understand and analyze as to why a cloud-based accounting software is a perfect option.

What is the cloud in a nutshell?

The best way to understand the working of a cloud is to understand how you access a lot of data online. For instance, when you use internet banking, you are accessing a cloud which has a lot of data saved. The cloud-based accounting software hence backs up your data and has various advantages which can be helpful for your business.

What are the actual problems with a simple accounting software?

The issue with traditional accounting software s that a lot of times there are changes that occur in calculations and the software needs to be updated constantly. When it comes to an online accounting software, the data keeps getting updated ensuring a smooth running of your system.

Another issue is the single login access feature. Multiple people cannot access the important details when they need it because offline software cannot be updated in real-time. The backups take a lot of time, and the way the data is passed is extremely unreliable or example, through a USB). This, in turn, affects the work efficiency.

Why do cloud and accounting software go hand in hand?

The best part about using a cloud-based accounting software is that it can be accessed from any device, provided it supports an internet connection. It also helps the small business owners to stay in touch with the data and their accountants without any hassle. It is not only cost-effective but also simple and has a lot of features that lack in simple accounting software. Another advantage is that you pay based on your usage. You know what you are paying for as it is a monthly renewal subscription or any plan that you take which helps you keep a tab on your expense.

The top five reasons how the cloud software actually benefits your business

1. You have an all-time information of the financial position you are in, like live updates.

2. Since there is a multi-user feature present, it makes it much easier to coordinate and collaborate with the team.

3. The updates really help you keep a tab on all the important changes and gives you more time to pay attention to other important areas.

4. No hassle of back-ups, installations, and updates.

5. The cost-effective feature kicks in. You save up a lot on the upgrades, the system administration costs and cloud service providers are extremely trustworthy with their security.

How Pharma Traders Can Manage the Impact of GST

It is no secret that the goods and services tax (GST) was launched in India on 1st July 2017. Another day in the country, another tax! And so many reports in both the print and the online media regarding what the GST is and how it will affect the businesses in India. It is ridiculous at how fast paced the tax regimes are and how the businesses are expected to grasp an understanding at an ever-changing pace. We hear you, and we would like to talk a little about what the GST is and how it will affect medical shops and pharmacies because no one else will. We don’t want to dump information, just help; so here goes.

The GST is a single indirect tax that is levied in slabs of 0%, 5%, 12%, 18%, and 28%. It’s like a chocolate that comes in different sizes, but it is not nearly as satisfying. Instead of all the other chocolates i.e. taxes like value added tax (VAT), service tax, custom duty etc., it will be one single huge chocolate for the government consumption. GST is revolutionary in that it will stop tax cascading. For example a manufacturer earlier had to pay tax twice, once when raw material was sourced, and once when the finished product was shipped out. GST will now tax the manufacturer only once so that the total cost of the product will come down and the benefit will be passed to the end customer. So no sharing too much chocolate! Also, the tax will only be levied on the effective value addition. For example earlier if a product of Rupees 100 went through two processes of Rupees 40 and Rupees 30 then the tax had to be aid three times, once on Rupees 100, the next time on Rupees 140, and lastly on Rupees 170. Now due to GST the tax will have to be paid three times but on the amounts of rupees 100, Rupees 40, and Rupees 30.

This single taxation bill has completely changed the tax scenario in India.

Effect on medical shops and pharma manufacturers

So let’s talk about the medical shops and pharmacies in India. The medicine manufacturers will have an advantage under GST, but the shop owners will not have such an easy time. India has close to 8 lakh pharmacies and 60,000 pharma distributors. With the implementation of GST, the old ways of doing business will have to be changed.

The first issue is that many medical shops don’t have a GST number and the required GST filing mechanism. As GST comes in three variants, the state GST (SGST), the central GST (CGST), and the integrated GST (IGST) vendors will have to know which tax to apply in what kind of transaction. IGST would apply in an inter-state supply (different state), and CGST+SGST would apply for intra-state supply (same state).

The second issue is that different medicines attract different GST. Thus life-saving drugs which were previously taxed 5% are expected to have increased taxes, while food supplements have already been hiked to 18% from the previous 12.5-15%, and medicine supplements are taxed at a flat 28%. These rates will be applicable for not only supplies bought after 1st July, but also the ones in inventory. Thus medical shops and pharmacies will now have to keep a close watch on what they are selling and what is the tax that they charge on it.

A solution for your GST woes

So what is the solution for medical stores and pharmacies? The answer is simple: a comprehensive pharmacy management software. A magic genie for all your chocolate! However, this can’t be just any other billing software, this has to be a specific GST software that will handle medical store billing and inventory.

The features that would make the biggest difference would be:

  1. Registering the medical shop with the government and obtaining the GST number.
  2. Keeping track of inventory, including but not limited to over-the-counter medicines, prescription medicines, medical devices, and supplies.
  3. Raising reminders when number of medicines and goods fall below a certain configurable number.
  4. Billing software that applies the correct GST as per product.
  5. Getting updated on new products and the GST that they attract from the relevant sources.
  6. Keeping track of bills and filing for tax after every configurable time period.

These six points are mission-critical for any medical shop billing software. With software like this on your side, you can effectively do business in the new GST regime. And we at Spine Software Systems are more than willing support you in your journey.

 

How can SpineBMS ERP help you save money

By Reducing Inventory cost

  • Reduced stock expiry: SpineBMS ERP works on First Expiry First Out model which automatically prioritizes consumption of stock that is first to expire. Thus, it reduces wastage of stock.
  • Demand linked stock: It forecasts demand and usage and accordingly guides to maintain only the required quantity of stock. It helps to do away with excess stock and releases surplus resources tied up with redundant stock.
  • Stock visibility across the distribution chain: SpineBMS ERP provides real time information on stock and sales at the distributor / stockist location and accordingly guides the company to reallocate the stock from the location that is not performing well to the location that is performing well.
  • Instant status of stock: Instant reports on the exact status of stock allows the company to take the timely action. SpineBMS ERP instantly provides reports on wastage, returns, swap outs, replacements, and items that are to be returned to the manufacturer.
  • Reduced handling and maintenance: Reduced stock means reduced warehousing, handling, transportation and damages cost

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5 Advantages of a Single System ERP Solution

ERP was first conceptualized with the thought to facilitate free flow of information between all the departments of an organization to gain centralized control and transparency. Unfortunately, many companies appeared in the market which were nothing more than silo software systems bolted together with weak connectors. A true ERP is a system with centralized database with different programs branching out from the main program. An ERP like SpineBMS is best suited to meet the IT demands of all the departments of a company and has the capability to bear the increasing load as the company expands.

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How an ERP Software Improves a Company’s Transparency

Every stakeholder wants to have a real time information from every perspective. ERP systems enable businesses to have greater insight and visibility into their supply chain operations. Access to this key information allows them to make critical business decisions and to maintain a competitive edge in their industry, no matter how big or small the competition may be. An ERP system enables 360° visibility into operations, so problems are more easily identified and employees can make informed decisions.

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