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A budgeting app for the health care sector should help medical practitioners to track and manage their practice's net income from recurring sources of revenue. A health care budgeting app can be used to calculate profits from patient visits, surgeries, or other services that a doctor provides. Budgeting apps also record payments from patients against outstanding balances. They may also provide a graphical representation of spending patterns over time so management teams can analyze how changes in practice hours affect gross sales volume.
Budgeting apps for health care are similar to most other budgeting apps, such as budgeting apps for the finance sector and personal finance management apps. Mint is one of the most popular budgeting apps in general. It’s worth mentioning that there are also a number of more specific budgeting apps, such as those meant for tracking diet and exercise habits, like FitBit and MyFitnessPal.
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A budgeting app for the health care sector should focus on helping patients manage their health care expenses. Patients should be able to use this app to keep track of their spending across all articles of medical treatment, including prescriptions, specialists, and hospitals. The app should also allow patients to share their budget with family members or other caregivers who may be involved in their care.
A health care budgeting app faces legal and reputational risks similar to those faced by consumer dating apps, plus the additional risk of violating HIPAA compliance. It is recommended that you thoroughly vet your partners for security and privacy concerns before storing sensitive medical data on their platforms. It is also a good idea to check whether your platform is covered under a permissible use exemption from HIPAA.
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