Simple Solutions to Improve Patient Collections
•Download as PPTX, PDF•
1 like•367 views
Patient due amounts are a growing portion of independent practice A/R. Some studies estimate it can be as much as 30% of practice receivables today. This is a big change from ten years ago, and the shift is having a big impact on the billing companies that support these practices. You need simple, affordable tools to help you ensure a streamlined and effective patient collections process so that your practices and your billing company can collect every dime. Ideally, these solutions should add efficiency for billing companies and practices while offering options for patients like print or electronic statements and pay-by-text or email. In this webinar, we’ll introduce you to new and enhanced solutions from Kareo that can help: - See the new, easier to understand patient statements - Learn about PatientlySpeaking, an automated solution to help enhance management of patient A/R - Get a refresher on integrated credit card processing, online billpay, and credit card on file Register now to learn how you can implement these solutions to help your practice customers succeed.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Simple Solutions to Improve Patient Collections
Similar to Simple Solutions to Improve Patient Collections (20)
More from Kareo
More from Kareo (20)
Recently uploaded
Recently uploaded (20)
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
- 11. Credit Card on File
- 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.
- 15. @GoKareo 1515 Credit Card Processing
- 16. @GoKareo 1616 Credit Card Processing
- 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
- 23. Patient A/R Courtesy Calls
- 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
- 27. @GoKareo 2727
- 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
- And there are a lot of places in here where things can go wrong.. Some examples
- 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.
- 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.
- Activate Patient Payments Feature Click Set up Patient Payments. Read the terms and click Accept Terms & Continue to agree to the terms of use.
- 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.
- 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.
- 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.
- 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
- Get the features you need, the tools practices need, and make it your own