A Conversation with Billing Advantage: Over 100 Practices & 200 Providers
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What makes a medical billing company successful? The answer is a lot of different things. If you’re looking for suggestions on how to grow and strengthen your billing company, there is no better resource than someone who has been there and done that. This webinar is a conversation with successful billing company owner Rick Kaufman about how he has grown his company, Billing Advantage. Hear directly from Rick how he: - Grew to serve over 100 practices and 200 providers - Uses technology to improve staff performance and customer satisfaction - Added services like credentialing to increase revenue - Implemented standards to ensure a consistent customer experience
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A Conversation with Billing Advantage: Over 100 Practices & 200 Providers
- 1. webinar A Conversation with Billing Advantage Over 100 Practices & 200 Providers Presented by Rick Kaufman February 23, 2016
- 2. @GoKareo Agenda 2 Agenda 2 • Welcome & Introductions • Conversation with Billing Advantage • 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 Participate via Social We’ll be live tweeting during today’s webinar How to participate: 1) Follow @GoKareo on Twitter 2) Follow @LeaChatham on Twitter 3) Search for #KareoTip 4) Join the conversation using #KareoTip twitter.com@GoKareo facebook.com/GoKareo
- 5. @GoKareo 55 Speakers Rick Kaufman • CEO of Billing Advantage • Co-Director of Psychotherapy Associates of North Reading and Amesbury, a 24-clinician group practice • Started in clinical social work and still sees patients
- 6. @GoKareo Agenda 6 Agenda 6 • Welcome & Introductions • Conversation with Billing Advantage • How Kareo Can Help • Your Questions
- 7. @GoKareo 77 Billing Advantage • Established in 2004 • Began as an offshoot of practice, Psychotherapy Associates • Focused on mental health billing to start • Rick, and his partner Donna, continued seeing patients
- 8. @GoKareo 88 Billing Advantage • Quickly grew beyond mental health • Service had a homegrown billing software • Soon Rick was spending too much time maintaining software and not as much time on managing company
- 9. @GoKareo 99 Billing Advantage • Rick was uniquely suited to choosing new software: • Clinician • Developer • Biller
- 10. @GoKareo 1010 Billing Advantage • With new solution in place, the company focused on growth • Today, they: • Have over 100 practices • Serve 240 providers • Are supporting customers in 22 states • Bill more than $1.2M a month • And it is all managed by a small leadership team and 12 billers
- 11. @GoKareo 1111 Billing Advantage • Customer service and success strategies • One time set up fee and then 5-10% of collections • Option to save money by entering their own data • Encouraged to use free EHR • Use set of key metrics • Keep outstanding collections older than 60 days under 10% • All claims out in 48 hours • Denials worked within 7 days • Always respond to inquiries within 2 hours (even if just to say we’ll have to call you back later)
- 12. @GoKareo 1212 Billing Advantage • Now offer value-added services that also increase revenue: • Benefit verification • Pre-authorizations • Credentialing • Practice management consulting
- 15. Final Thoughts
- 16. @GoKareo Agenda 16 Agenda 16 • Welcome & Introductions • Conversation with Billing Advantage • How Kareo Can Help • Your Questions
- 17. @GoKareo 1717 Discover Kareo’s Role • Award winner! • Kareo has won more awards than any independent practice software company. In 2015 we were awarded HBMA’s Vendor Service of the Year.
- 18. @GoKareo 1818 Customize with your logo & colors! Kareo BillCo Edition • Let your clients see billing/collections performance 24/7 • Convenient web/mobile experience works with Apple OS • Secure HIPAA compliant messaging • Customize and save reports for multiple clients • Easy-to-understand reports delivered or schedule on-demand
- 19. @GoKareo 1919 Kareo BillCo Edition Get Your Clients Paid Faster with Kareo BillCo Edition • Kareo Billco Edition is a cloud-based, web, and mobile software that gives you everything you need to run your business smarter and get your clients paid faster. • Quickly resolve billing issues, reduce claims denials, and stay on top of receivables with built-in messaging and tools. • Plus, you can customize the software with your own logo and colors. Your customers are going to love you for this.
- 21. Creating Success Together Kareo is excited to announce our 1st ever user group conference uniquely planned for our billing company customers. We will spend a few days “creating success together” training our customers on the expanded Kareo platform, and celebrating a partnership in supporting the growth of the independent practice. Interested in attending? The Success Summit is open to our current billing company customers – contact your Kareo Representative today!
- 22. @GoKareo 2222 Discover Kareo’s Role • PAHCOM has approved 1 CEU credit. • Each attendee will receive an email today with a link to request certification. Certificates will be mailed within the next few days. • Attendees must be logged into the webinar to receive credit. • You’ll be asked at the end of the webinar if you want a CEU certificate. “…Make Your Practice a Best Practice!”
- 23. @GoKareo Agenda 23 Agenda 23 • Welcome & Introductions • Conversation with Billing Advantage • How Kareo Can Help • Your Questions
- 24. @GoKareo 2424 How to Participate Today… Type your questions -- Questions After the Webinar -- 888.775.2736 x1 sales@kareo.com
- 25. 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
- Rick Kaufman is the CEO of Billing Advantage, a full service medical billing company. Rick got his start as a clinical social work, and still provides direct psychotherapy services to some patients on a weekly basis. He is the Co-Director of Psychotherapy Associates of North Reading and Amesbury, a 24 clinician group practice. In 2004, the therapists asked if we could offer health insurance. We were not able to afford this at the time, but since we had experience billing for a group of therapists, we founded Billing Advantage, initially billing for other behavioral health providers. This provided the extra income that allowed us to offer health insurance to our therapists (and our billers). Billing Advantage grew over the years, and as we hired additional billers with experience in other specialties, we broadened our services, and now provide billing services to many different specialties. We are currently serving about 240 providers in 22 states.
- Lea – I’ll talk to these short bullets and then ask Rick, “What prompted you to make this move?” You can talk about the need to provide benefits to staff and using your knowledge of mental health billing to do that
- Lea – So Rick the company kind of took off. What was the secret to your fast-paced growth? Lea – But is seems like it wasn’t long before you outgrew the software you had in place. Can you talk about some of the problems you were having?
- Lea – so what were you looking for in your new solution?
- Lea – You’ve put a premium on customer service and experience which has been a big part of your growth right?
- Lea – And you use some metrics to ensure a consistent experience and positive relationships
- Lea – Now you’ve also added other services that are optional. What has the benefit of that been for you and your customers?
- Lea – you’ve also done a nice job with your web presence. Can you talk a bit about the value of things like your website, online marketing, etc.
- And much of your business also comes from referrals. You encourage reviews and testimonials and share them. And your COO, Kathi, once said you don’t lose customers because they are unhappy.
- Lea – So Rick what does the future hold for Billing Advantage? Lea – And what advice do you have for smaller billing companies that are looking to mimic your growth?