SlideShare a Scribd company logo
1 of 36
Download to read offline
Simple Solutions
to
Improve Patient
Collections
Presented by Lea Chatham
December 7, 2016
webinar
@GoKareo
Agenda
2
Agenda
2
• Welcome & Introductions
• Patient Collections
• How Kareo Can Help
• Your Questions
@GoKareo 33
How to Participate Today…
Type your questions
Download today’s resources
View today’s presentation
@GoKareo 44
Connect via Social
Connect with us via social media
How to connect:
1) Follow @GoKareo on Twitter
2) Follow @LeaChatham on Twitter
twitter.com@GoKareo
facebook.com/GoKareo
linkedin.com/company/kareo
@GoKareo 55
Speakers
Lea Chatham
• Content Marketing Manager, Kareo
• Nearly 20 years in healthcare and
health IT
• Speaker and author
• Published in leading journals including
Physicians Practice, Medical Practice
Insider, PAHCOM Journal
@GoKareo
Agenda
6
Agenda
6
• Welcome & Introductions
• Patient Collections
• How Kareo Can Help
• Your Questions
@GoKareo 77
Agenda
• Patient Collections Challenge
• A Best Practice Approach
• New Solutions from Kareo & Partners
@GoKareo 88
• Patient due amounts now make up as much as 25-
35% of a practice’s A/R
• Number of patients with high deductible plans has
increased 40% in 6 years
• Premiums and employee contributions also up
• 1/3 of patients will walk out the door without ever
paying their bill
• 53% of practices now say biggest RCM challenge is
patient collections
• Only 52% of patients say they understand they
understand their bill
Patient Collections Challenges
@GoKareo 99
Best Practice Approach
• A best practice approach requires buy-in from everyone
- Patient financial policy
- 100% eligibility verification
- Strategies to ensure accurate demographic data collection
- 100% copay collection
- Patient alerts to show due amounts at check in
- Credit card on file
- Electronic statements or mailed statement at time of ERA/EOB
- Payment options: Phone, mail, online/mobile
@GoKareo 1010
Problems Areas
• These are just some of the problem areas
where you can lose the chance to get paid
fully and accurately
- The practice doesn’t set a clear expectation
for payment
- Staff enter data inaccurately
- No consistency in collecting at time of
service
- Coding problems
- Sending statements on a set 20 or 30 day
schedule
- Lack of consistent follow up
Credit Card on File
@GoKareo 1212
Quick Stats
93% of patients would pay online if
given the opportunity
Credit card on file can reduce
collections costs to under 5%
Credit card on file can reduce days in
A/R to 35 days
@GoKareo 1313
Credit Card Processing
• Integrated credit card processing is easy to set up and affordable:
- Sign up in Kareo account
- Take cards in person, on phone, and online
- Keep credit cards on file
@GoKareo 1414
Best Practice Roll Out
• Educate and train staff (written policies, role play).
• Have a communication/marketing plan.
• Educate patients with financial policy.
• Provide CCOF authorization form to sign.
• Set a reasonable limit, usually $100 - $200.
• Charge copays at time of service along with any
other known or estimated charges. Charge
balances on receipt of ERA. Charge self-pay
patient at checkout.
• Send the electronic receipt to the patient.
@GoKareo 1515
Credit Card Processing
@GoKareo 1616
Credit Card Processing
Patient Statements
@GoKareo 1818
Quick Stats
Patient statements help reduce costs
and save time ($0.28 First page + postage, $0.12 per page after)
New patient-friendly paper statements have been
shown to improve patient collections on average 6%
Intuitive, patient-friendly statements can reduce
customer calls & patient billing questions by 50%+
Translates to an additional $7,000 per provider per
year in collections
@GoKareo 1919
New Patient Statement Mailing Service
• Key elements of redesigned patient statement:
• Patient friendly design makes statements easier to read and
understand
• Duplex printing format, with most relevant information on the
first page
• Use of colors and font to emphasize most important points to get
across to patients
• Dunning messages to patients is prominently presented on the
first page (supports up to 356 characters)
• Procedures are grouped by encounter dates to align with how
patients recall their doctor’s appointments
@GoKareo 2020
Patient Statements
Comparing old format vs new format
• $5-$7 per statement
• Use a manually-intensive
print and mail process
• Send generic black and white
statements
• Increase calls from patients
about statements
• Reduce patient collections
@GoKareo 2121
Patient Statements
Comparing old format vs new format
• $0.28 per statement plus
postage
• Save time – just press send!
• Send intuitive, patient-
friendly color statements
• Reduce billing-related
questions by 50%
• Increase collections by 6% -
that’s $7K per provider per
year!
@GoKareo 2222
Patient Statements
Duplex print: front side and back side
Patient A/R Courtesy Calls
@GoKareo 2424
Quick Points
Patients are much more likely to pay if provided
easy options to make that happen.
Reports produced by practice and overall to show
activity by time of day, day of week, amount, etc.
With automation you can achieve a 40% reduction
in FTE effort on patient A/R improving ROI.
Because of frequency, options, and off hours
capability, results show a 20% increase in revenue.
Integration with Kareo eliminates many tasks that
ultimately free personnel time and resources.
@GoKareo 2525
Patient A/R Courtesy Calls/Texts
• Drastically reduce the cost of handling Patient A/R
• Increase percent of receivables collected
• Provide concrete evidence of collection efforts for each practice
• How many calls made
• Percentage of interactions generated
• Be able to handle payments after hours unattended
• Pay by phone capability
• Pay by Text Capability
• All patient payments are automatically posted to Kareo
• Loaded into unapplied payments
• Daily payment report generated
@GoKareo 2626
Patient A/R Courtesy Calls/Texts
• Workflow Control
• Manage Daily Processing
• Establish maximum calls to be handled by day
• Cancel individual calls or whole practice for the day
• Receive and route Daily Transaction Reports by practice
• Pre-call reports for review each morning
• End of Day processing for review of performance
• Business process rules by practice
• Establish rules for making calls/texts
• Incorporate statement date/last payment date/collection category
@GoKareo 2727
@GoKareo 2828
Patient A/R Courtesy Calls/Texts
• Pricing
- $39.00 One Time setup fee per practice
- $49.99 per month – 150 calls/texts included in the base fee
- $.20 per call/text above 150 in a month
- Per payment processed: Interchange Rates+.5% of payment
plus $.20
- Credit Card Vault: if elected $6.95 per month
- Recurring Subscription/Vault payments: additional $.08 per
transaction
- No Application Fee, No Annual Fee, No AVS fees, No Gateway
Charges
@GoKareo
Agenda
29
Agenda
29
• Welcome & Introductions
• Patient Collections
• How Kareo Can Help
• Your Questions
@GoKareo 3030
Awards and Rankings
Growth awards
The speed at which
medical practices are
moving to Kareo and
referring it to other
providers.
Best places to work
Happy, engaged
employees stay longer,
have more experience and
offer better customer
service
Analyst reviews
3rd party recognition,
driven by direct
customer feedback,
equals trust and
credibility
Kareo Confidential 3131
May Launch of a New Kareo Platform
Web and Mobile Integrated Modules (Products)
Best-in-Class Technology and Value Delivered Through Your Brand
Kareo BillCo Edition (2.0)
Kareo Confidential 3232
Practice and Billing Company Access
Practice Platform Access
Easy, Integrated, Flexible
Billing Company Access
Medical Billing Experts
@GoKareo 3333
Enabling Your Success with Kareo
• Kareo Connect Program (Formerly Medical Billing Partner
Program (MBPP)
• Partner Resource Center & Co-branded Collateral
• Client Friendly Product Microsite
• Referral Program
• Sales and Educational Tools
• Dedicated Training, Onboarding, and Support
@GoKareo
Agenda
34
Agenda
34
• Welcome & Introductions
• Patient Collections
• How Kareo Can Help
• Your Questions
@GoKareo 3535
How to Participate Today…
Type your questions
-- Questions After the Webinar --
888.775.2736 x1
sales@kareo.com
Connect with Kareo
Stop by and say hi!
Kareo @GoKareo GoKareo Kareo
3353 Michelson Drive, Suite 400
Irvine, CA 92612
(888) 775-2736

More Related Content

What's hot

Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...
Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...
Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...Alithya
 
An Introduction to Business Intelligence for Healthcare
An Introduction to Business Intelligence for HealthcareAn Introduction to Business Intelligence for Healthcare
An Introduction to Business Intelligence for HealthcarePerficient, Inc.
 
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...Perficient, Inc.
 
How Northwestern Medicine is Leveraging Epic to Enable Value-Based Care
How Northwestern Medicine is Leveraging Epic to Enable Value-Based CareHow Northwestern Medicine is Leveraging Epic to Enable Value-Based Care
How Northwestern Medicine is Leveraging Epic to Enable Value-Based CarePerficient, Inc.
 
Targeted Analytics: Using Core Measures to Jump-Start Enterprise Analytics
Targeted Analytics: Using Core Measures to Jump-Start Enterprise AnalyticsTargeted Analytics: Using Core Measures to Jump-Start Enterprise Analytics
Targeted Analytics: Using Core Measures to Jump-Start Enterprise AnalyticsPerficient, Inc.
 
Business intelligence competency centre strategy and road map
Business intelligence competency centre strategy and road mapBusiness intelligence competency centre strategy and road map
Business intelligence competency centre strategy and road mapOmar Khan
 
Accretive Health - Physician Advisory Services - Medical Coding
Accretive Health - Physician Advisory Services - Medical CodingAccretive Health - Physician Advisory Services - Medical Coding
Accretive Health - Physician Advisory Services - Medical CodingAccretiveHealth
 
Developing a Hospital Business Intelligence Strategy
Developing a Hospital Business Intelligence Strategy   Developing a Hospital Business Intelligence Strategy
Developing a Hospital Business Intelligence Strategy Mikan Associates
 
Find New Revenue with Existing Customers
Find New Revenue with Existing CustomersFind New Revenue with Existing Customers
Find New Revenue with Existing CustomersServiceSource
 
How to Convert Unknown Consumers into Patients Using Social Media
How to Convert Unknown Consumers into Patients Using Social MediaHow to Convert Unknown Consumers into Patients Using Social Media
How to Convert Unknown Consumers into Patients Using Social MediaPerficient, Inc.
 
Transform the Patient and Member Journey with a Connected Health Experience
Transform the Patient and Member Journey with a Connected Health ExperienceTransform the Patient and Member Journey with a Connected Health Experience
Transform the Patient and Member Journey with a Connected Health ExperiencePerficient, Inc.
 
Introduction To Project Management
Introduction To Project ManagementIntroduction To Project Management
Introduction To Project ManagementTrue Corporation
 
Microsoft & Blueocean Case study at TMRE'13
Microsoft & Blueocean Case study at TMRE'13Microsoft & Blueocean Case study at TMRE'13
Microsoft & Blueocean Case study at TMRE'13Course5i
 
An Introduction to Employee Engagement Analytics Suite – EmPOWER
An Introduction to Employee Engagement Analytics Suite – EmPOWERAn Introduction to Employee Engagement Analytics Suite – EmPOWER
An Introduction to Employee Engagement Analytics Suite – EmPOWERBRIDGEi2i Analytics Solutions
 
Information systems
Information systemsInformation systems
Information systemsmzedan
 
Accelerating Your Move to Value-Based Care
Accelerating Your Move to Value-Based CareAccelerating Your Move to Value-Based Care
Accelerating Your Move to Value-Based Careibi
 
A Novel Technique for Improving Group Recommendation in Recommender System
A Novel Technique for Improving Group Recommendation in Recommender SystemA Novel Technique for Improving Group Recommendation in Recommender System
A Novel Technique for Improving Group Recommendation in Recommender SystemIRJET Journal
 

What's hot (20)

Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...
Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...
Digital Transformation in Healthcare: Journey to Oracle Cloud for Integrated,...
 
An Introduction to Business Intelligence for Healthcare
An Introduction to Business Intelligence for HealthcareAn Introduction to Business Intelligence for Healthcare
An Introduction to Business Intelligence for Healthcare
 
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...
Learn How Memorial Hermann is Using Microsoft Dynamics CRM for Customer Engag...
 
How Northwestern Medicine is Leveraging Epic to Enable Value-Based Care
How Northwestern Medicine is Leveraging Epic to Enable Value-Based CareHow Northwestern Medicine is Leveraging Epic to Enable Value-Based Care
How Northwestern Medicine is Leveraging Epic to Enable Value-Based Care
 
Targeted Analytics: Using Core Measures to Jump-Start Enterprise Analytics
Targeted Analytics: Using Core Measures to Jump-Start Enterprise AnalyticsTargeted Analytics: Using Core Measures to Jump-Start Enterprise Analytics
Targeted Analytics: Using Core Measures to Jump-Start Enterprise Analytics
 
Pitch deck
Pitch deckPitch deck
Pitch deck
 
Business intelligence competency centre strategy and road map
Business intelligence competency centre strategy and road mapBusiness intelligence competency centre strategy and road map
Business intelligence competency centre strategy and road map
 
Accretive Health - Physician Advisory Services - Medical Coding
Accretive Health - Physician Advisory Services - Medical CodingAccretive Health - Physician Advisory Services - Medical Coding
Accretive Health - Physician Advisory Services - Medical Coding
 
Developing a Hospital Business Intelligence Strategy
Developing a Hospital Business Intelligence Strategy   Developing a Hospital Business Intelligence Strategy
Developing a Hospital Business Intelligence Strategy
 
Find New Revenue with Existing Customers
Find New Revenue with Existing CustomersFind New Revenue with Existing Customers
Find New Revenue with Existing Customers
 
How to Convert Unknown Consumers into Patients Using Social Media
How to Convert Unknown Consumers into Patients Using Social MediaHow to Convert Unknown Consumers into Patients Using Social Media
How to Convert Unknown Consumers into Patients Using Social Media
 
ConnexionsAsia's Biz Model for Wellness
ConnexionsAsia's Biz Model for WellnessConnexionsAsia's Biz Model for Wellness
ConnexionsAsia's Biz Model for Wellness
 
Transform the Patient and Member Journey with a Connected Health Experience
Transform the Patient and Member Journey with a Connected Health ExperienceTransform the Patient and Member Journey with a Connected Health Experience
Transform the Patient and Member Journey with a Connected Health Experience
 
Introduction To Project Management
Introduction To Project ManagementIntroduction To Project Management
Introduction To Project Management
 
Microsoft & Blueocean Case study at TMRE'13
Microsoft & Blueocean Case study at TMRE'13Microsoft & Blueocean Case study at TMRE'13
Microsoft & Blueocean Case study at TMRE'13
 
An Introduction to Employee Engagement Analytics Suite – EmPOWER
An Introduction to Employee Engagement Analytics Suite – EmPOWERAn Introduction to Employee Engagement Analytics Suite – EmPOWER
An Introduction to Employee Engagement Analytics Suite – EmPOWER
 
Information systems
Information systemsInformation systems
Information systems
 
Rubix Health Columbia 015
Rubix Health Columbia 015Rubix Health Columbia 015
Rubix Health Columbia 015
 
Accelerating Your Move to Value-Based Care
Accelerating Your Move to Value-Based CareAccelerating Your Move to Value-Based Care
Accelerating Your Move to Value-Based Care
 
A Novel Technique for Improving Group Recommendation in Recommender System
A Novel Technique for Improving Group Recommendation in Recommender SystemA Novel Technique for Improving Group Recommendation in Recommender System
A Novel Technique for Improving Group Recommendation in Recommender System
 

Similar to Simple Solutions to Improve Patient Collections

Today Clinic Continues to Innovate and Thrive with Kareo
Today Clinic Continues to Innovate and Thrive with KareoToday Clinic Continues to Innovate and Thrive with Kareo
Today Clinic Continues to Innovate and Thrive with KareoKareo
 
Timely Tips to Maximize Year-End Profitability and Tame the Deductible Reset
Timely Tips to Maximize Year-End Profitability and Tame the Deductible ResetTimely Tips to Maximize Year-End Profitability and Tame the Deductible Reset
Timely Tips to Maximize Year-End Profitability and Tame the Deductible ResetKareo
 
Technology + People = Profit
Technology + People = ProfitTechnology + People = Profit
Technology + People = ProfitKareo
 
Top 10 Medical Billing KPIs That Show You Where You’re Losing Money
Top 10 Medical Billing KPIs That Show You Where You’re Losing MoneyTop 10 Medical Billing KPIs That Show You Where You’re Losing Money
Top 10 Medical Billing KPIs That Show You Where You’re Losing MoneyKareo
 
A Conversation with Westgate Skin & Cancer
A Conversation with Westgate Skin & CancerA Conversation with Westgate Skin & Cancer
A Conversation with Westgate Skin & CancerKareo
 
Getting Paid In 2019
Getting Paid In 2019Getting Paid In 2019
Getting Paid In 2019Kareo
 
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptx
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptxMitigate the Impact of Great Resignation with AI Digital Assistants.pptx
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptxEmagia
 
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing Money
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing MoneyTop 10 Medical Billing KPIs That Show Where Your Practice is Losing Money
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing MoneyKareo
 
Stephanie Sprouse Ward Resume June2016
Stephanie Sprouse Ward Resume June2016Stephanie Sprouse Ward Resume June2016
Stephanie Sprouse Ward Resume June2016Stephanie Ward
 
How Can Intelligent Capture Support Corporate Strategic Initiatives?
How Can Intelligent Capture Support Corporate Strategic Initiatives?How Can Intelligent Capture Support Corporate Strategic Initiatives?
How Can Intelligent Capture Support Corporate Strategic Initiatives?AIIM International
 
Digital assistants for hire - Emagia Gia Docs AI
Digital assistants for hire - Emagia Gia Docs AIDigital assistants for hire - Emagia Gia Docs AI
Digital assistants for hire - Emagia Gia Docs AIEmagia
 
Medical Pay Solutions April 2010
Medical Pay Solutions April 2010Medical Pay Solutions April 2010
Medical Pay Solutions April 2010christinekutt
 
Paycard Comparison Vs Bank Paycards Flyer Mr
Paycard Comparison Vs Bank Paycards Flyer MrPaycard Comparison Vs Bank Paycards Flyer Mr
Paycard Comparison Vs Bank Paycards Flyer Mrmicreilly15
 
Generic Employer Presentation 07012008
Generic Employer Presentation 07012008Generic Employer Presentation 07012008
Generic Employer Presentation 07012008fourpugs4
 
Generic Employer Presentation 07012008
Generic Employer Presentation 07012008Generic Employer Presentation 07012008
Generic Employer Presentation 07012008fourpugs4
 
RobertpettitResume_Dec2015
RobertpettitResume_Dec2015RobertpettitResume_Dec2015
RobertpettitResume_Dec2015Bob Pettit
 
Practical Solutions for Managing the Coverage Gap Discount Program
Practical Solutions for Managing the Coverage Gap Discount Program Practical Solutions for Managing the Coverage Gap Discount Program
Practical Solutions for Managing the Coverage Gap Discount Program Paragon Solutions
 

Similar to Simple Solutions to Improve Patient Collections (20)

Today Clinic Continues to Innovate and Thrive with Kareo
Today Clinic Continues to Innovate and Thrive with KareoToday Clinic Continues to Innovate and Thrive with Kareo
Today Clinic Continues to Innovate and Thrive with Kareo
 
Timely Tips to Maximize Year-End Profitability and Tame the Deductible Reset
Timely Tips to Maximize Year-End Profitability and Tame the Deductible ResetTimely Tips to Maximize Year-End Profitability and Tame the Deductible Reset
Timely Tips to Maximize Year-End Profitability and Tame the Deductible Reset
 
Technology + People = Profit
Technology + People = ProfitTechnology + People = Profit
Technology + People = Profit
 
Top 10 Medical Billing KPIs That Show You Where You’re Losing Money
Top 10 Medical Billing KPIs That Show You Where You’re Losing MoneyTop 10 Medical Billing KPIs That Show You Where You’re Losing Money
Top 10 Medical Billing KPIs That Show You Where You’re Losing Money
 
A Conversation with Westgate Skin & Cancer
A Conversation with Westgate Skin & CancerA Conversation with Westgate Skin & Cancer
A Conversation with Westgate Skin & Cancer
 
Getting Paid In 2019
Getting Paid In 2019Getting Paid In 2019
Getting Paid In 2019
 
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptx
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptxMitigate the Impact of Great Resignation with AI Digital Assistants.pptx
Mitigate the Impact of Great Resignation with AI Digital Assistants.pptx
 
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing Money
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing MoneyTop 10 Medical Billing KPIs That Show Where Your Practice is Losing Money
Top 10 Medical Billing KPIs That Show Where Your Practice is Losing Money
 
Stephanie Sprouse Ward Resume June2016
Stephanie Sprouse Ward Resume June2016Stephanie Sprouse Ward Resume June2016
Stephanie Sprouse Ward Resume June2016
 
How Can Intelligent Capture Support Corporate Strategic Initiatives?
How Can Intelligent Capture Support Corporate Strategic Initiatives?How Can Intelligent Capture Support Corporate Strategic Initiatives?
How Can Intelligent Capture Support Corporate Strategic Initiatives?
 
Digital assistants for hire - Emagia Gia Docs AI
Digital assistants for hire - Emagia Gia Docs AIDigital assistants for hire - Emagia Gia Docs AI
Digital assistants for hire - Emagia Gia Docs AI
 
Medical Pay Solutions April 2010
Medical Pay Solutions April 2010Medical Pay Solutions April 2010
Medical Pay Solutions April 2010
 
Patient Access department plan
Patient Access department planPatient Access department plan
Patient Access department plan
 
Pas Department Plan
Pas Department PlanPas Department Plan
Pas Department Plan
 
Paycard Comparison Vs Bank Paycards Flyer Mr
Paycard Comparison Vs Bank Paycards Flyer MrPaycard Comparison Vs Bank Paycards Flyer Mr
Paycard Comparison Vs Bank Paycards Flyer Mr
 
Generic Employer Presentation 07012008
Generic Employer Presentation 07012008Generic Employer Presentation 07012008
Generic Employer Presentation 07012008
 
Generic Employer Presentation 07012008
Generic Employer Presentation 07012008Generic Employer Presentation 07012008
Generic Employer Presentation 07012008
 
RobertpettitResume_Dec2015
RobertpettitResume_Dec2015RobertpettitResume_Dec2015
RobertpettitResume_Dec2015
 
Solution for effective revenue cycle management
Solution for effective revenue cycle managementSolution for effective revenue cycle management
Solution for effective revenue cycle management
 
Practical Solutions for Managing the Coverage Gap Discount Program
Practical Solutions for Managing the Coverage Gap Discount Program Practical Solutions for Managing the Coverage Gap Discount Program
Practical Solutions for Managing the Coverage Gap Discount Program
 

More from Kareo

Roundtable Discussion: The State of the Medical Billing Industry
Roundtable Discussion: The State of the Medical Billing IndustryRoundtable Discussion: The State of the Medical Billing Industry
Roundtable Discussion: The State of the Medical Billing IndustryKareo
 
Getting Paid in 2023: Strategies to Maximize Your Revenue
Getting Paid in 2023: Strategies to Maximize Your RevenueGetting Paid in 2023: Strategies to Maximize Your Revenue
Getting Paid in 2023: Strategies to Maximize Your RevenueKareo
 
Key Tips to Set Your Billing Company Up for Success
Key Tips to Set Your Billing Company Up for SuccessKey Tips to Set Your Billing Company Up for Success
Key Tips to Set Your Billing Company Up for SuccessKareo
 
MACRA/MIPS Tips: Don't Leave Money on the Table
MACRA/MIPS Tips: Don't Leave Money on the TableMACRA/MIPS Tips: Don't Leave Money on the Table
MACRA/MIPS Tips: Don't Leave Money on the TableKareo
 
Robotic Process Automation: Two Ways to Bring it Into Your Practice Today
Robotic Process Automation: Two Ways to Bring it Into Your Practice TodayRobotic Process Automation: Two Ways to Bring it Into Your Practice Today
Robotic Process Automation: Two Ways to Bring it Into Your Practice TodayKareo
 
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...Kareo
 
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.Kareo
 
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...Kareo
 
Setting your practice or client’s practice up for success with achieving clea...
Setting your practice or client’s practice up for success with achieving clea...Setting your practice or client’s practice up for success with achieving clea...
Setting your practice or client’s practice up for success with achieving clea...Kareo
 
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...Kareo
 
5 Easy Steps to Earning Money Through MACRA
5 Easy Steps to Earning Money Through MACRA5 Easy Steps to Earning Money Through MACRA
5 Easy Steps to Earning Money Through MACRAKareo
 
Getting Paid in 2021: New Year, Fresh Perspective, More Revenue
Getting Paid in 2021: New Year, Fresh Perspective, More RevenueGetting Paid in 2021: New Year, Fresh Perspective, More Revenue
Getting Paid in 2021: New Year, Fresh Perspective, More RevenueKareo
 
The ABCs of Starting a Medical Practice
The ABCs of Starting a Medical PracticeThe ABCs of Starting a Medical Practice
The ABCs of Starting a Medical PracticeKareo
 
How to Build a 5-Star Practice with a Patient-Centered Approach
How to Build a 5-Star Practice with a Patient-Centered ApproachHow to Build a 5-Star Practice with a Patient-Centered Approach
How to Build a 5-Star Practice with a Patient-Centered ApproachKareo
 
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize Revenue
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize RevenueOvercoming Telehealth Barriers to Mobilize Your Practice and Maximize Revenue
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize RevenueKareo
 
How to Earn Your 9% MIPS Incentive Despite 2020 Challenges
How to Earn Your 9% MIPS Incentive Despite 2020 ChallengesHow to Earn Your 9% MIPS Incentive Despite 2020 Challenges
How to Earn Your 9% MIPS Incentive Despite 2020 ChallengesKareo
 
Modernize Your Mental Health Practice to Save Time and Improve Care Delivery
Modernize Your Mental Health Practice to Save Time and Improve Care DeliveryModernize Your Mental Health Practice to Save Time and Improve Care Delivery
Modernize Your Mental Health Practice to Save Time and Improve Care DeliveryKareo
 
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for Success
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for SuccessCollecting Patient Payments During COVID-19 and Beyond - a Blueprint for Success
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for SuccessKareo
 
Leveraging Federal Financial Assistance Programs During COVID-19
Leveraging Federal Financial Assistance Programs During COVID-19Leveraging Federal Financial Assistance Programs During COVID-19
Leveraging Federal Financial Assistance Programs During COVID-19Kareo
 
Telehealth, Coding and Billing Guidance for COVID-19
Telehealth, Coding and Billing Guidance for COVID-19Telehealth, Coding and Billing Guidance for COVID-19
Telehealth, Coding and Billing Guidance for COVID-19Kareo
 

More from Kareo (20)

Roundtable Discussion: The State of the Medical Billing Industry
Roundtable Discussion: The State of the Medical Billing IndustryRoundtable Discussion: The State of the Medical Billing Industry
Roundtable Discussion: The State of the Medical Billing Industry
 
Getting Paid in 2023: Strategies to Maximize Your Revenue
Getting Paid in 2023: Strategies to Maximize Your RevenueGetting Paid in 2023: Strategies to Maximize Your Revenue
Getting Paid in 2023: Strategies to Maximize Your Revenue
 
Key Tips to Set Your Billing Company Up for Success
Key Tips to Set Your Billing Company Up for SuccessKey Tips to Set Your Billing Company Up for Success
Key Tips to Set Your Billing Company Up for Success
 
MACRA/MIPS Tips: Don't Leave Money on the Table
MACRA/MIPS Tips: Don't Leave Money on the TableMACRA/MIPS Tips: Don't Leave Money on the Table
MACRA/MIPS Tips: Don't Leave Money on the Table
 
Robotic Process Automation: Two Ways to Bring it Into Your Practice Today
Robotic Process Automation: Two Ways to Bring it Into Your Practice TodayRobotic Process Automation: Two Ways to Bring it Into Your Practice Today
Robotic Process Automation: Two Ways to Bring it Into Your Practice Today
 
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...
Modernized Patient and Mental Health Practice: Accessibility and Mental Healt...
 
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
 
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...
The Future Is Now—Drive Workflow Efficiency & Improve Profitability with Robo...
 
Setting your practice or client’s practice up for success with achieving clea...
Setting your practice or client’s practice up for success with achieving clea...Setting your practice or client’s practice up for success with achieving clea...
Setting your practice or client’s practice up for success with achieving clea...
 
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...
Getting Paid in 2022: Adapting your Practice to Thrive Within the Healthcare ...
 
5 Easy Steps to Earning Money Through MACRA
5 Easy Steps to Earning Money Through MACRA5 Easy Steps to Earning Money Through MACRA
5 Easy Steps to Earning Money Through MACRA
 
Getting Paid in 2021: New Year, Fresh Perspective, More Revenue
Getting Paid in 2021: New Year, Fresh Perspective, More RevenueGetting Paid in 2021: New Year, Fresh Perspective, More Revenue
Getting Paid in 2021: New Year, Fresh Perspective, More Revenue
 
The ABCs of Starting a Medical Practice
The ABCs of Starting a Medical PracticeThe ABCs of Starting a Medical Practice
The ABCs of Starting a Medical Practice
 
How to Build a 5-Star Practice with a Patient-Centered Approach
How to Build a 5-Star Practice with a Patient-Centered ApproachHow to Build a 5-Star Practice with a Patient-Centered Approach
How to Build a 5-Star Practice with a Patient-Centered Approach
 
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize Revenue
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize RevenueOvercoming Telehealth Barriers to Mobilize Your Practice and Maximize Revenue
Overcoming Telehealth Barriers to Mobilize Your Practice and Maximize Revenue
 
How to Earn Your 9% MIPS Incentive Despite 2020 Challenges
How to Earn Your 9% MIPS Incentive Despite 2020 ChallengesHow to Earn Your 9% MIPS Incentive Despite 2020 Challenges
How to Earn Your 9% MIPS Incentive Despite 2020 Challenges
 
Modernize Your Mental Health Practice to Save Time and Improve Care Delivery
Modernize Your Mental Health Practice to Save Time and Improve Care DeliveryModernize Your Mental Health Practice to Save Time and Improve Care Delivery
Modernize Your Mental Health Practice to Save Time and Improve Care Delivery
 
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for Success
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for SuccessCollecting Patient Payments During COVID-19 and Beyond - a Blueprint for Success
Collecting Patient Payments During COVID-19 and Beyond - a Blueprint for Success
 
Leveraging Federal Financial Assistance Programs During COVID-19
Leveraging Federal Financial Assistance Programs During COVID-19Leveraging Federal Financial Assistance Programs During COVID-19
Leveraging Federal Financial Assistance Programs During COVID-19
 
Telehealth, Coding and Billing Guidance for COVID-19
Telehealth, Coding and Billing Guidance for COVID-19Telehealth, Coding and Billing Guidance for COVID-19
Telehealth, Coding and Billing Guidance for COVID-19
 

Recently uploaded

Mental health Team. Dr Senthil Thirusangu
Mental health Team. Dr Senthil ThirusanguMental health Team. Dr Senthil Thirusangu
Mental health Team. Dr Senthil Thirusangu Medical University
 
ANATOMICAL FAETURES OF BONES FOR NURSING STUDENTS .pptx
ANATOMICAL FAETURES OF BONES  FOR NURSING STUDENTS .pptxANATOMICAL FAETURES OF BONES  FOR NURSING STUDENTS .pptx
ANATOMICAL FAETURES OF BONES FOR NURSING STUDENTS .pptxWINCY THIRUMURUGAN
 
Trustworthiness of AI based predictions Aachen 2024
Trustworthiness of AI based predictions Aachen 2024Trustworthiness of AI based predictions Aachen 2024
Trustworthiness of AI based predictions Aachen 2024EwoutSteyerberg1
 
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA .pdf
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA    .pdfSGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA    .pdf
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA .pdfHongBiThi1
 
pA2 value, Schild plot and pD2 values- applications in pharmacology
pA2 value, Schild plot and pD2 values- applications in pharmacologypA2 value, Schild plot and pD2 values- applications in pharmacology
pA2 value, Schild plot and pD2 values- applications in pharmacologyDeepakDaniel9
 
ayurvedic formulations herbal drug technologyppt
ayurvedic formulations herbal drug technologypptayurvedic formulations herbal drug technologyppt
ayurvedic formulations herbal drug technologypptPradnya Wadekar
 
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptx
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptxDNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptx
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptxMAsifAhmad
 
AORTIC DISSECTION and management of aortic dissection
AORTIC DISSECTION and management of aortic dissectionAORTIC DISSECTION and management of aortic dissection
AORTIC DISSECTION and management of aortic dissectiondrhanifmohdali
 
Unit I herbs as raw materials, biodynamic agriculture.ppt
Unit I herbs as raw materials, biodynamic agriculture.pptUnit I herbs as raw materials, biodynamic agriculture.ppt
Unit I herbs as raw materials, biodynamic agriculture.pptPradnya Wadekar
 
Adenomyosis or Fibroid- making right diagnosis
Adenomyosis or Fibroid- making right diagnosisAdenomyosis or Fibroid- making right diagnosis
Adenomyosis or Fibroid- making right diagnosisSujoy Dasgupta
 
blood bank management system project report
blood bank management system project reportblood bank management system project report
blood bank management system project reportNARMADAPETROLEUMGAS
 
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.Bulimia nervosa ( Eating Disorders) Mental Health Nursing.
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.aarjukhadka22
 
"Radical excision of DIE in subferile women with deep infiltrating endometrio...
"Radical excision of DIE in subferile women with deep infiltrating endometrio..."Radical excision of DIE in subferile women with deep infiltrating endometrio...
"Radical excision of DIE in subferile women with deep infiltrating endometrio...Sujoy Dasgupta
 
ORAL HYPOGLYCAEMIC AGENTS - PART 2.pptx
ORAL HYPOGLYCAEMIC AGENTS  - PART 2.pptxORAL HYPOGLYCAEMIC AGENTS  - PART 2.pptx
ORAL HYPOGLYCAEMIC AGENTS - PART 2.pptxNIKITA BHUTE
 
Using Data Visualization in Public Health Communications
Using Data Visualization in Public Health CommunicationsUsing Data Visualization in Public Health Communications
Using Data Visualization in Public Health Communicationskatiequigley33
 
Pharmacokinetic Models by Dr. Ram D. Bawankar.ppt
Pharmacokinetic Models by Dr. Ram D.  Bawankar.pptPharmacokinetic Models by Dr. Ram D.  Bawankar.ppt
Pharmacokinetic Models by Dr. Ram D. Bawankar.pptRamDBawankar1
 
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdf
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdfSGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdf
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdfHongBiThi1
 

Recently uploaded (20)

Mental health Team. Dr Senthil Thirusangu
Mental health Team. Dr Senthil ThirusanguMental health Team. Dr Senthil Thirusangu
Mental health Team. Dr Senthil Thirusangu
 
GOUT UPDATE AHMED YEHIA 2024, case based approach with application of the lat...
GOUT UPDATE AHMED YEHIA 2024, case based approach with application of the lat...GOUT UPDATE AHMED YEHIA 2024, case based approach with application of the lat...
GOUT UPDATE AHMED YEHIA 2024, case based approach with application of the lat...
 
ANATOMICAL FAETURES OF BONES FOR NURSING STUDENTS .pptx
ANATOMICAL FAETURES OF BONES  FOR NURSING STUDENTS .pptxANATOMICAL FAETURES OF BONES  FOR NURSING STUDENTS .pptx
ANATOMICAL FAETURES OF BONES FOR NURSING STUDENTS .pptx
 
Trustworthiness of AI based predictions Aachen 2024
Trustworthiness of AI based predictions Aachen 2024Trustworthiness of AI based predictions Aachen 2024
Trustworthiness of AI based predictions Aachen 2024
 
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA .pdf
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA    .pdfSGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA    .pdf
SGK NGẠT NƯỚC ĐHYHN RẤT LÀ HAY NHA .pdf
 
pA2 value, Schild plot and pD2 values- applications in pharmacology
pA2 value, Schild plot and pD2 values- applications in pharmacologypA2 value, Schild plot and pD2 values- applications in pharmacology
pA2 value, Schild plot and pD2 values- applications in pharmacology
 
ayurvedic formulations herbal drug technologyppt
ayurvedic formulations herbal drug technologypptayurvedic formulations herbal drug technologyppt
ayurvedic formulations herbal drug technologyppt
 
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptx
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptxDNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptx
DNA nucleotides Blast in NCBI and Phylogeny using MEGA Xi.pptx
 
AORTIC DISSECTION and management of aortic dissection
AORTIC DISSECTION and management of aortic dissectionAORTIC DISSECTION and management of aortic dissection
AORTIC DISSECTION and management of aortic dissection
 
Unit I herbs as raw materials, biodynamic agriculture.ppt
Unit I herbs as raw materials, biodynamic agriculture.pptUnit I herbs as raw materials, biodynamic agriculture.ppt
Unit I herbs as raw materials, biodynamic agriculture.ppt
 
American College of physicians ACP high value care recommendations in rheumat...
American College of physicians ACP high value care recommendations in rheumat...American College of physicians ACP high value care recommendations in rheumat...
American College of physicians ACP high value care recommendations in rheumat...
 
Adenomyosis or Fibroid- making right diagnosis
Adenomyosis or Fibroid- making right diagnosisAdenomyosis or Fibroid- making right diagnosis
Adenomyosis or Fibroid- making right diagnosis
 
blood bank management system project report
blood bank management system project reportblood bank management system project report
blood bank management system project report
 
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.Bulimia nervosa ( Eating Disorders) Mental Health Nursing.
Bulimia nervosa ( Eating Disorders) Mental Health Nursing.
 
How to master Steroid (glucocorticoids) prescription, different scenarios, ca...
How to master Steroid (glucocorticoids) prescription, different scenarios, ca...How to master Steroid (glucocorticoids) prescription, different scenarios, ca...
How to master Steroid (glucocorticoids) prescription, different scenarios, ca...
 
"Radical excision of DIE in subferile women with deep infiltrating endometrio...
"Radical excision of DIE in subferile women with deep infiltrating endometrio..."Radical excision of DIE in subferile women with deep infiltrating endometrio...
"Radical excision of DIE in subferile women with deep infiltrating endometrio...
 
ORAL HYPOGLYCAEMIC AGENTS - PART 2.pptx
ORAL HYPOGLYCAEMIC AGENTS  - PART 2.pptxORAL HYPOGLYCAEMIC AGENTS  - PART 2.pptx
ORAL HYPOGLYCAEMIC AGENTS - PART 2.pptx
 
Using Data Visualization in Public Health Communications
Using Data Visualization in Public Health CommunicationsUsing Data Visualization in Public Health Communications
Using Data Visualization in Public Health Communications
 
Pharmacokinetic Models by Dr. Ram D. Bawankar.ppt
Pharmacokinetic Models by Dr. Ram D.  Bawankar.pptPharmacokinetic Models by Dr. Ram D.  Bawankar.ppt
Pharmacokinetic Models by Dr. Ram D. Bawankar.ppt
 
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdf
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdfSGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdf
SGK LEUKEMIA KINH DÒNG BẠCH CÂU HẠT HAY.pdf
 

Simple Solutions to Improve Patient Collections

  • 1. Simple Solutions to Improve Patient Collections Presented by Lea Chatham December 7, 2016 webinar
  • 2. @GoKareo Agenda 2 Agenda 2 • Welcome & Introductions • Patient Collections • How Kareo Can Help • Your Questions
  • 3. @GoKareo 33 How to Participate Today… Type your questions Download today’s resources View today’s presentation
  • 4. @GoKareo 44 Connect via Social Connect with us via social media How to connect: 1) Follow @GoKareo on Twitter 2) Follow @LeaChatham on Twitter twitter.com@GoKareo facebook.com/GoKareo linkedin.com/company/kareo
  • 5. @GoKareo 55 Speakers Lea Chatham • Content Marketing Manager, Kareo • Nearly 20 years in healthcare and health IT • Speaker and author • Published in leading journals including Physicians Practice, Medical Practice Insider, PAHCOM Journal
  • 6. @GoKareo Agenda 6 Agenda 6 • Welcome & Introductions • Patient Collections • How Kareo Can Help • Your Questions
  • 7. @GoKareo 77 Agenda • Patient Collections Challenge • A Best Practice Approach • New Solutions from Kareo & Partners
  • 8. @GoKareo 88 • Patient due amounts now make up as much as 25- 35% of a practice’s A/R • Number of patients with high deductible plans has increased 40% in 6 years • Premiums and employee contributions also up • 1/3 of patients will walk out the door without ever paying their bill • 53% of practices now say biggest RCM challenge is patient collections • Only 52% of patients say they understand they understand their bill Patient Collections Challenges
  • 9. @GoKareo 99 Best Practice Approach • A best practice approach requires buy-in from everyone - Patient financial policy - 100% eligibility verification - Strategies to ensure accurate demographic data collection - 100% copay collection - Patient alerts to show due amounts at check in - Credit card on file - Electronic statements or mailed statement at time of ERA/EOB - Payment options: Phone, mail, online/mobile
  • 10. @GoKareo 1010 Problems Areas • These are just some of the problem areas where you can lose the chance to get paid fully and accurately - The practice doesn’t set a clear expectation for payment - Staff enter data inaccurately - No consistency in collecting at time of service - Coding problems - Sending statements on a set 20 or 30 day schedule - Lack of consistent follow up
  • 12. @GoKareo 1212 Quick Stats 93% of patients would pay online if given the opportunity Credit card on file can reduce collections costs to under 5% Credit card on file can reduce days in A/R to 35 days
  • 13. @GoKareo 1313 Credit Card Processing • Integrated credit card processing is easy to set up and affordable: - Sign up in Kareo account - Take cards in person, on phone, and online - Keep credit cards on file
  • 14. @GoKareo 1414 Best Practice Roll Out • Educate and train staff (written policies, role play). • Have a communication/marketing plan. • Educate patients with financial policy. • Provide CCOF authorization form to sign. • Set a reasonable limit, usually $100 - $200. • Charge copays at time of service along with any other known or estimated charges. Charge balances on receipt of ERA. Charge self-pay patient at checkout. • Send the electronic receipt to the patient.
  • 18. @GoKareo 1818 Quick Stats Patient statements help reduce costs and save time ($0.28 First page + postage, $0.12 per page after) New patient-friendly paper statements have been shown to improve patient collections on average 6% Intuitive, patient-friendly statements can reduce customer calls & patient billing questions by 50%+ Translates to an additional $7,000 per provider per year in collections
  • 19. @GoKareo 1919 New Patient Statement Mailing Service • Key elements of redesigned patient statement: • Patient friendly design makes statements easier to read and understand • Duplex printing format, with most relevant information on the first page • Use of colors and font to emphasize most important points to get across to patients • Dunning messages to patients is prominently presented on the first page (supports up to 356 characters) • Procedures are grouped by encounter dates to align with how patients recall their doctor’s appointments
  • 20. @GoKareo 2020 Patient Statements Comparing old format vs new format • $5-$7 per statement • Use a manually-intensive print and mail process • Send generic black and white statements • Increase calls from patients about statements • Reduce patient collections
  • 21. @GoKareo 2121 Patient Statements Comparing old format vs new format • $0.28 per statement plus postage • Save time – just press send! • Send intuitive, patient- friendly color statements • Reduce billing-related questions by 50% • Increase collections by 6% - that’s $7K per provider per year!
  • 22. @GoKareo 2222 Patient Statements Duplex print: front side and back side
  • 24. @GoKareo 2424 Quick Points Patients are much more likely to pay if provided easy options to make that happen. Reports produced by practice and overall to show activity by time of day, day of week, amount, etc. With automation you can achieve a 40% reduction in FTE effort on patient A/R improving ROI. Because of frequency, options, and off hours capability, results show a 20% increase in revenue. Integration with Kareo eliminates many tasks that ultimately free personnel time and resources.
  • 25. @GoKareo 2525 Patient A/R Courtesy Calls/Texts • Drastically reduce the cost of handling Patient A/R • Increase percent of receivables collected • Provide concrete evidence of collection efforts for each practice • How many calls made • Percentage of interactions generated • Be able to handle payments after hours unattended • Pay by phone capability • Pay by Text Capability • All patient payments are automatically posted to Kareo • Loaded into unapplied payments • Daily payment report generated
  • 26. @GoKareo 2626 Patient A/R Courtesy Calls/Texts • Workflow Control • Manage Daily Processing • Establish maximum calls to be handled by day • Cancel individual calls or whole practice for the day • Receive and route Daily Transaction Reports by practice • Pre-call reports for review each morning • End of Day processing for review of performance • Business process rules by practice • Establish rules for making calls/texts • Incorporate statement date/last payment date/collection category
  • 28. @GoKareo 2828 Patient A/R Courtesy Calls/Texts • Pricing - $39.00 One Time setup fee per practice - $49.99 per month – 150 calls/texts included in the base fee - $.20 per call/text above 150 in a month - Per payment processed: Interchange Rates+.5% of payment plus $.20 - Credit Card Vault: if elected $6.95 per month - Recurring Subscription/Vault payments: additional $.08 per transaction - No Application Fee, No Annual Fee, No AVS fees, No Gateway Charges
  • 29. @GoKareo Agenda 29 Agenda 29 • Welcome & Introductions • Patient Collections • How Kareo Can Help • Your Questions
  • 30. @GoKareo 3030 Awards and Rankings Growth awards The speed at which medical practices are moving to Kareo and referring it to other providers. Best places to work Happy, engaged employees stay longer, have more experience and offer better customer service Analyst reviews 3rd party recognition, driven by direct customer feedback, equals trust and credibility
  • 31. Kareo Confidential 3131 May Launch of a New Kareo Platform Web and Mobile Integrated Modules (Products) Best-in-Class Technology and Value Delivered Through Your Brand Kareo BillCo Edition (2.0)
  • 32. Kareo Confidential 3232 Practice and Billing Company Access Practice Platform Access Easy, Integrated, Flexible Billing Company Access Medical Billing Experts
  • 33. @GoKareo 3333 Enabling Your Success with Kareo • Kareo Connect Program (Formerly Medical Billing Partner Program (MBPP) • Partner Resource Center & Co-branded Collateral • Client Friendly Product Microsite • Referral Program • Sales and Educational Tools • Dedicated Training, Onboarding, and Support
  • 34. @GoKareo Agenda 34 Agenda 34 • Welcome & Introductions • Patient Collections • How Kareo Can Help • Your Questions
  • 35. @GoKareo 3535 How to Participate Today… Type your questions -- Questions After the Webinar -- 888.775.2736 x1 sales@kareo.com
  • 36. Connect with Kareo Stop by and say hi! Kareo @GoKareo GoKareo Kareo 3353 Michelson Drive, Suite 400 Irvine, CA 92612 (888) 775-2736

Editor's Notes

  1. And there are a lot of places in here where things can go wrong.. Some examples
  2. Here’s how it works. Ask patients to sign an authorization to charge a credit card for copays, deductibles, and coinsurance up to an agreed upon amount, often in the range of $100 to $200. You can then automatically charge the card at check in for the copay and charge any coinsurance or deductible amounts as soon as they are known. For patients who are entirely self-pay, you can charge the card for the visit at check out. Send the patient an electronic receipt and you are done.
  3. Navigate to Payment Settings Hover over the User icon in the top right of your screen and click Practice Settings to open the Practice Settings page. On the Practice Settings page, click Payment Settings in the left menu. The Payment Settings page opens.
  4. Activate Patient Payments Feature Click Set up Patient Payments. Read the terms and click Accept Terms & Continue to agree to the terms of use.
  5. Allows for offices to communicate with their patients via email and text, create custom email templates, and send mass communication to preset and custom patient groups. Patients will now be able to respond to any automated communication they receive from their healthcare provider's office via text and email. 
  6. Allows for offices to communicate with their patients via email and text, create custom email templates, and send mass communication to preset and custom patient groups. Patients will now be able to respond to any automated communication they receive from their healthcare provider's office via text and email. 
  7. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 5000 and Black Book’s #1 Integrated EHR, Practice Management and Billing Vendor.
  8. Easy and accurate charge capture Eliminate lost or missed charges using our multiple ways to capture charges Get your client’s paid Efficient tools to help you collect more for your clients Insightful billing analytics & reports At-a-glance view of their practice’s financial heath Integrated Superbills are automatically sent to you Smarter charting Flexible note types, templates, shortcuts, and favorites Mobile anywhere access iPad and iPhone app makes it easy to access anywhere with less effort Better reputation Increase and socialize reviews that will drive new patients and referrals Increase visibility and web presence Makes it easy for patients to find their website Improve patient experience Online scheduling, appointment reminders, and patient recalls
  9. Get the features you need, the tools practices need, and make it your own