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Kareo - 3 Innovative Strategies for Increasing Collections Webinar

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Getting paid. It’s one of the biggest challenges that all medical practices face. But it can be especially tough for small practices to collect payments from patients. Once they walk out the door, …

Getting paid. It’s one of the biggest challenges that all medical practices face. But it can be especially tough for small practices to collect payments from patients. Once they walk out the door, your chances of getting all the money you’re owed starts to decrease. In this webinar, Rochelle Glassman will talk about some innovative ways to increase your collections from high-deductible and self-pay patients. She’ll also provide simple ways to shorten your revenue cycle.

At this event you will learn how:

• A deposit from self-pay and high deductible patients can help you get paid
• To cut 10 days out of your insurance payment cycle
• You can motivate your staff to collect more money from patients
• And more!

The guest presenter is Rochelle Glassman, President & CEO of United Physician Services. Rochelle brings a passionate, very practical “do it today” approach to making medical practices successful and getting physicians paid more.

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  • 1. PAGE 1 KAREO | CONFIDENTIAL3 Innovative Strategies forIncreasing CollectionsWe will begin in just a bit…   
  • 2. PAGE 2 KAREO | CONFIDENTIAL3 Innovative Strategies forIncreasing CollectionsStarting Now…   
  • 3. PAGE 3 KAREO | CONFIDENTIALYour Hosts Today…Rochelle GlassmanPresident, United Physician Services, LLCTerry DouglasDirector Brand Marketing, Kareo
  • 4. PAGE 4 KAREO | CONFIDENTIALHow to Participate Today…
  • 5. PAGE 5 KAREO | CONFIDENTIALHow to Participate Today…Type your questionsArrow opens andcloses your panel
  • 6. PAGE 6 KAREO | CONFIDENTIALSocial Media for Today…Follow us on Twitter@GoKareoWe’ll be tweeting live usingthe hash tag #KareoTipJoin our other social media channels forconstant updates!
  • 7. PAGE 7 KAREO | CONFIDENTIALOur Schedule for Today…1 Introduction & Welcome Rochelle2 3 Innovative Strategies to IncreaseCollections3 Discover Kareo’s Role4 Answer Questions
  • 8. PAGE 8 KAREO | CONFIDENTIALRochelle Glassman• Nationally-recognized healthcare consultant• Former executive-level consultant for Cigna• Healthcare business entrepreneur• 30 years of healthcare business experience• President/CEO United Physician Services, LLC• Physician Advocate• Trauma-trained RN• Rochelle@pps247.com or 602.685.9500
  • 9. PAGE 9 KAREO | CONFIDENTIALOur Schedule for Today…1 Introduction & Welcome Rochelle2 3 Innovative Strategies to IncreaseCollections3 Discover Kareo’s Role4 Answer Questions
  • 10. PAGE 10 KAREO | CONFIDENTIALIncreasing collections without increasing volume• Collection of co-pays and deductibles• Electronic Funds Transfer (EFT)• Collection Strategies
  • 11. PAGE 11 KAREO | CONFIDENTIALCo-pays and Deductibles• Most practices do not verify insurancebenefits prior to each patient’sappointment!• Most practices do not collect up front!• Can create huge patient A/R issues!
  • 12. PAGE 12 KAREO | CONFIDENTIALCo-pays and Deductibles• Patient co-pays and deductibles should be checkedPRIOR to patient visits.• Collect patient balances proactively rather thanretroactively.• Create credit card on file system.
  • 13. PAGE 13 KAREO | CONFIDENTIALCo-pays and DeductiblesBottom lineprofitLessadministrativework
  • 14. PAGE 14 KAREO | CONFIDENTIALElectronic Funds Transfers (EFT)• Not always utilized across the board!• Consistent cash flow!• Less room for employee error!• Reduced theft!
  • 15. PAGE 15 KAREO | CONFIDENTIALElectronic Funds Transfers (EFT)• Money may be received within 5-10 days.• Less administrative work – no need to sendemployee to the bank 1-2 times a week.• No bank deposits!• Quicker!• Less liability (Employees traveling to bank, for example)• Less time to post payment
  • 16. PAGE 16 KAREO | CONFIDENTIALElectronic Funds Transfers (EFT)Consistentcash flowLessadministrativework
  • 17. PAGE 17 KAREO | CONFIDENTIALCollecting your A/R• A/R can get out of control very quickly!• Don’t allow your staff to write off balances.• Load your reimbursement schedule by payer.• You’re losing money!
  • 18. PAGE 18 KAREO | CONFIDENTIALWhat can you do!?• Make payments easy – createpatient electronic paymentportal available 24/7/365• Remind patients of old balancesPRIOR to their nextappointment• Setup payment plans for largebalances through automaticcredit card (Get an agreementsigned by the patient!)
  • 19. PAGE 19 KAREO | CONFIDENTIALWhat can you do!?Sample creditauthorization form
  • 20. PAGE 20 KAREO | CONFIDENTIALWhat can you do!?• Develop consistent collection policies• Upfront collection of co-pays anddeductibles• Credit card deposits that are automaticallycharged when an EOB is posted• Sending patient statements quickly afterEOBs are posted• Send weekly electronic statements
  • 21. PAGE 21 KAREO | CONFIDENTIALCollect-a-thon Party!
  • 22. PAGE 22 KAREO | CONFIDENTIALCollect-a-thon!• Work on balances older than 90 days• Saturday morning – but pay your employees!• Make it fun!• Make it a competition!• Have prizes!
  • 23. PAGE 23 KAREO | CONFIDENTIALCollect-a-thon!IncreasedrevenueDecreasedA/R
  • 24. PAGE 24 KAREO | CONFIDENTIALOur Schedule for Today…1 Introduction & Welcome Rochelle2 3 Innovative Strategies to IncreaseCollections3 Discover Kareo’s Role4 Answer Questions
  • 25. PAGE 25 KAREO | CONFIDENTIALDiscover Kareo’s Role“…Make Your Practice a Best Practice!”
  • 26. PAGE 26 KAREO | CONFIDENTIALDiscover Kareo’s Role“…Make Your Practice a Best Practice!”• PAHCOM & AAPC have approved 1CEU credit.• To request your credit, reply to theemail received immediately followingthe webinar today.This program has the prior approval of AAPC for 1 continuing educationhour. Granting of prior approval in no way constitutes endorsement byAAPC of the program content or the program sponsor.
  • 27. PAGE 27 KAREO | CONFIDENTIALDiscover Kareo’s Role
  • 28. PAGE 28 KAREO | CONFIDENTIALDiscover Kareo’s Role
  • 29. PAGE 29 KAREO | CONFIDENTIALDiscover Kareo’s RoleCollect Co-Pays& Deductibles• Upon check-in• Credit/Debit/HSA/FSA
  • 30. PAGE 30 KAREO | CONFIDENTIALDiscover Kareo’s RoleCollect Co-Pays& Deductibles• Upon check-in• Credit/Debit/HSA/FSAEFT Payments• EFT confirmation• Transaction ID in ERA
  • 31. PAGE 31 KAREO | CONFIDENTIALDiscover Kareo’s RoleCollect Co-Pays& Deductibles• Upon check-in• Credit/Debit/HSA/FSAEFT Payments• EFT confirmation• Transaction ID in ERAPatient CollectionReports
  • 32. PAGE 32 KAREO | CONFIDENTIALDiscover Kareo’s RoleCollect Co-Pays& Deductibles• Upon check-in• Credit/Debit/HSA/FSAEFT Payments• Receive EFTconfirmation,transaction ID withyour ERA report.Patient CollectionReports
  • 33. PAGE 33 KAREO | CONFIDENTIALDiscover Kareo’s Role“…make work fun and rewarding!”• Bell• Easy Button• Bag ‘o Money• Party Hats• Balloons• $50 Domino’s Pizza Gift Card• $50 Amex for Groceries• Kareo GoodiesKareo Collect-a-thon Party Pak
  • 34. PAGE 34 KAREO | CONFIDENTIALOur Schedule for Today…1 Introduction & Welcome Rochelle2 3 Innovative Strategies to IncreaseCollections3 Discover Kareo’s Role4 Answer Questions
  • 35. PAGE 35 KAREO | CONFIDENTIALLet’s Answer Your QuestionsIs Kareo a clearinghouse?If not, what clearinghousesdo you use?Questions Right Now 888.775.2736 x1sales@kareo.com‐‐ Questions After the Webinar ‐‐For Kareo…For Rochelle… Rochelle@pps247.com602.685.9500
  • 36. PAGE 36 KAREO | CONFIDENTIAL3 Innovative Strategies forIncreasing CollectionsThank you for attending!