Today, I’d like to highlight one of Kareo’s greatest benefits: transparency. If you work as a medical biller for a practice or a billing company, chances are you’ve had frustrated physicians confront you and demand more information about their practice performance. Likewise, if you are a physician you’ve probably often struggled with getting more actionable information from your medical billers. Openness and transparency are critical to the success of any enterprise. While no medical billing system is perfect, Kareo works hard to give you greater transparency on your performance than any other medical billing software or practice management system on the market today.
Here are just a few of the ways you get greater transparency and insight with Kareo:
1. Web-Based Dashboards – You can’t be informed about your performance if you don’t have access to the numbers. With traditional, on-premise medical billing software, access to your data might be limited to computers located in your billing office. But with web-based software, you can access dashboards and financial reports from any PC with an Internet connection. With Kareo, you can add an unlimited number of users to your account. So you and your colleagues can access your data from home, office, or on the road. This means you’ll be better informed about your performance and you’ll be able to address minor issues before they become more serious problems that impact your cash flow.
2. Contract Management – With all of the complexity of the insurance reimbursement process, many physicians have no idea if they are getting paid what they are owed from insurance companies. But with Kareo, you can load fee schedules with your standard fees and contractual allowed amounts for each insurance company and use our simple Contract Management Reports to make sure you are getting paid what you are owed, when you are owed it. This provides you the information you need to hold the insurance companies accountable.
3. Insurance Collections – Every practice management system has accounts receivable reports, but these reports alone do not tell managers what they need to know to distinguish problems related to payer delinguency from problems related to poor collections follow-up by employees. That’s why Kareo goes beyond the typical accounts receivable reporting with our unique Insurance Collections Summary and Detail reports. These reports show you exactly where each dollar of accounts receivable is in the process, whether they be unbilled, submitted and pending adjudication by an insurance company, rejected or denied by an insurance company, past due based on the insurance company’s contractual response time, pending patient payment, or past due by the patient. You can also review the percentage of your total accounts receivable and average age of collectible amounts in each of these buckets. With this information, you can pinpoint the root cause of problems in your collections process.
4. Automated Email Reports – Even if you don’t have time to login to Kareo on a regular basis, you can still stay informed about your financial performance. With just a few mouse clicks, Kareo can be configured to automatically email you daily, weekly, or monthly reports with your key performance indicators, such as billing, receipts, A/R balance, and your average days from service to payment. Delivered in a clear and simple HTML email format, these convenient reports help keep you in the loop about the financial health of your practice no matter how busy you may be.
I hope you’ve enjoyed this post and I appreciate you taking the time to read it. Please join the discussion and add your comments by clicking the comments link below.