6 Ways to Accelerate Collections

November 16th, 2009 by Joann Doan

Accelerate CollectionsThanks so much for reading our blog.  If you’d like to join the discussion, we encourage you to post your comments.  You can also receive new articles delivered to your email by clicking the orange Subscribe button to the right of this article.

Now, please fasten your seatbelt because today’s blog is all about speed and we’d like to ensure your safety!  This post includes 6 ways to accelerate insurance and patient collections.  If yours is like most medical practices today, you face escalating costs and declining reimbursements.  So the smallest hiccup in your collections process can lead to acute cash flow problems with payroll and accounts payable.  Since we know that you don’t have time to spend hours reviewing obscure reports to assess the financial health of your practice, we’ve compiled a list of simple, easy-to-implement ways to accelerate your cash collections today.

1.  Payment Velocity.  In 10 seconds, you can login to Kareo from any computer to determine the financial health of their practice.  Kareo measures the average number of days from the date of service to the date you get paid from patients and their insurance companies, and then displays that number on your dashboard for quick reference.  We also provide benchmark data so you know how you’re performing in comparison to other Kareo practices.  To learn more about payment velocity, visit: http://www.kareo.com/products/paymentvelocity.

2.  Automatic Email Reports.  Kareo will automatically deliver financial reports to your email on a daily, weekly, or monthly basis.  These reports show you your key metrics including patients, charges, payments, A/R balance and more.  Like with anything else in business, knowledge is power, so having continuous access to the most important data about your practice will allow you to course correct when things don’t quite look right.  To learn more about email reports, visit: http://www.kareo.com/features/reporting.

3.  Electronically Verify Insurance Benefits.  In Kareo, you can use real-time-eligibility technology to verify insurance benefits in less than 5 seconds.  By verifying insurance eligibility and benefits before you see the patient, you can ensure that you have valid payment information.  This will let you submit clean insurance claims the first time and reduce downstream claim denials for ineligible patients.  This powerful feature alone can shave days and weeks off your collections cycle. To learn more about real time eligibility, visit http://www.kareo.com/demo/patient-records-feature.

4.  Primary and Secondary Electronic Claims.  Kareo allows you to send primary and secondary electronic claims to all major insurance companies.  If you’re currently sending paper claims to primary or secondary insurance carriers, switching to electronic submissions will dramatically accelerate your collections speeds while significantly reducing your internal costs.  To learn more about electronic claims processing, visit http://www.kareo.com/features/electronic-claims-processing.

5.  Electronic Remittance Advice (ERAs).  All major insurance carriers offer ERA technology in which they send you a secure electronic payment and electronically transfer the related check into your bank account.  Not only does this cut down time to payment since the checks don’t have to travel through the mail, but it also dramatically reduces your labor requirements by allowing you to automatically post payments with one mouse click.  Learn more about ERAs, visit http://www.kareo.com/features/payments-and-electronic-remittance.

6.  Automate Patient Statements Processing.  If you are still manually printing and mailing patient statements, this means you’re spending more money only to slow your collections process.  The combined cost of toner, paper, envelopes, postage, and labor hours which is required to manually print and mail statements adds up.  Kareo automates patient statement processing by printing and mailing them within 24 hours for just $.69/each.  To learn more about patient statements, visit http://www.kareo.com/features/patient-statements.

Thanks for reading this post.  If you’d like to join the discussion, please add a comment below.  If you’d like to reach me directly, you can email me at jasonm@kareo.com.

Read More | 3 Comments | Filed in Features

Kareo’s New Release for November 2009

November 10th, 2009 by Dan Rodrigues

Kareo New Release for November 2009As you may have noticed from our November 2009 release notes, we launched a new version of Kareo’s medical billing software this past weekend. In this post, I’d like to explain the enhancements in this release, the reasons we focused on these areas, and why it took us so long to get this release out the door. Toward the end of this article, I’ll also provide some details on some of the new enhancements that are likely to be the focus of the next few releases.

New Claim and Provider Number Settings

The Kareo customer support team spends a large portion of their time helping new and existing customers to configure the tax ID numbers, National Provider Identifier (NPI) numbers, and other provider and group numbers that are required for electronic claim submissions and paper claim printing. The current process is complex, and if done incorrectly, can result in claim rejections and denials that disrupt a provider’s cash flow.

So we have designed a new process of configuring the claim and provider number settings that vastly simplifies the setup process for new practices. This new process provides simple options for configuring the tax ID and the group and individual NPI numbers. This new process also eliminates the dependency on legacy, payer-assigned provider and group numbers that was a major source of complexity in the original settings. The goal is to help customers send clean claims the first time for new practices. For more information about these enhancements, please read the Kareo Claim Settings Guide.

This is important work, but as you can imagine, it’s a risky change for existing customers that have already completed the setup process and are submitting claims successfully. So we launched the new setup process only to new customers that signed up for Kareo after November 6, 2009. For now, Kareo will continue to support the legacy setup process for existing customers. But eventually, within a few months, all accounts will be safely transitioned to the new setup process.

Given the risks associated with this change and the technical complexity of developing technology to support two different claim settings modes simultaneously, we took a little extra time with this release to get it right and minimize the likelihood of any disruption to the claim submission process for existing customers.

Real-Time Insurance Eligibility Enhancements

Kareo has offered real-time insurance eligibility checks for a couple years now. But historically, our customers have been slow to adopt this powerful feature. We believe eligibility checks are vital to eliminating downstream claim rejections and denials. So we studied our customer base to understand how to increase adoption and we identified several usability problems that were preventing customers from using eligibility checks successfully.

In this release, we have fixed these usability problems with real-time insurance eligibility checks. First, we changed the setup process so you can now perfom eligibility checks for an individual provider or a group practice. Second, we now allow you to check insurance eligibility for specific categories of medical services, such as “Office Visits” versus “Surgery”. Third, we have posted eligibility enrollment forms on our website. Finally, we have also made certain backend changes to accommodate the unique requirements of certain insurance companies or government payers.

With these enhancements, we now believe Kareo’s real-time insurance eligibility checks are ready for prime-time usage by all customers and we strongly urge you to consider incorporating this powerful feature into your scheduling and patient registration process. For instructions on how to get started with real-time insurance eligibility, please read the Kareo Real-Time Insurance Eligibility Guide.

Features Being Considered for Future Kareo Releases

With these projects behind us, we have an aggressive product development schedule for the remainder of this year and going into 2010. You should expect new releases every 2-3 months. Some of the enhancements on our short-term roadmap include tasks and ticklers, appointment reminders, patient recalls, credit card & ACH processing of patient payments, new practice setup wizard, facility billing (UB04/837I), patient collection rules with new letters and statements, and much more. If you have an idea for a new Kareo feature, please email your idea to features@kareo.com.

Read More | No Comments | Filed in Releases

Kareo's New Release for November 2009

November 10th, 2009 by Dan Rodrigues

Kareo New Release for November 2009As you may have noticed from our November 2009 release notes, we launched a new version of Kareo’s medical billing software this past weekend. In this post, I’d like to explain the enhancements in this release, the reasons we focused on these areas, and why it took us so long to get this release out the door. Toward the end of this article, I’ll also provide some details on some of the new enhancements that are likely to be the focus of the next few releases.

New Claim and Provider Number Settings

The Kareo customer support team spends a large portion of their time helping new and existing customers to configure the tax ID numbers, National Provider Identifier (NPI) numbers, and other provider and group numbers that are required for electronic claim submissions and paper claim printing. The current process is complex, and if done incorrectly, can result in claim rejections and denials that disrupt a provider’s cash flow.

So we have designed a new process of configuring the claim and provider number settings that vastly simplifies the setup process for new practices. This new process provides simple options for configuring the tax ID and the group and individual NPI numbers. This new process also eliminates the dependency on legacy, payer-assigned provider and group numbers that was a major source of complexity in the original settings. The goal is to help customers send clean claims the first time for new practices. For more information about these enhancements, please read the Kareo Claim Settings Guide.

This is important work, but as you can imagine, it’s a risky change for existing customers that have already completed the setup process and are submitting claims successfully. So we launched the new setup process only to new customers that signed up for Kareo after November 6, 2009. For now, Kareo will continue to support the legacy setup process for existing customers. But eventually, within a few months, all accounts will be safely transitioned to the new setup process.

Given the risks associated with this change and the technical complexity of developing technology to support two different claim settings modes simultaneously, we took a little extra time with this release to get it right and minimize the likelihood of any disruption to the claim submission process for existing customers.

Real-Time Insurance Eligibility Enhancements

Kareo has offered real-time insurance eligibility checks for a couple years now. But historically, our customers have been slow to adopt this powerful feature. We believe eligibility checks are vital to eliminating downstream claim rejections and denials. So we studied our customer base to understand how to increase adoption and we identified several usability problems that were preventing customers from using eligibility checks successfully.

In this release, we have fixed these usability problems with real-time insurance eligibility checks. First, we changed the setup process so you can now perfom eligibility checks for an individual provider or a group practice. Second, we now allow you to check insurance eligibility for specific categories of medical services, such as “Office Visits” versus “Surgery”. Third, we have posted eligibility enrollment forms on our website. Finally, we have also made certain backend changes to accommodate the unique requirements of certain insurance companies or government payers.

With these enhancements, we now believe Kareo’s real-time insurance eligibility checks are ready for prime-time usage by all customers and we strongly urge you to consider incorporating this powerful feature into your scheduling and patient registration process. For instructions on how to get started with real-time insurance eligibility, please read the Kareo Real-Time Insurance Eligibility Guide.

Features Being Considered for Future Kareo Releases

With these projects behind us, we have an aggressive product development schedule for the remainder of this year and going into 2010. You should expect new releases every 2-3 months. Some of the enhancements on our short-term roadmap include tasks and ticklers, appointment reminders, patient recalls, credit card & ACH processing of patient payments, new practice setup wizard, facility billing (UB04/837I), patient collection rules with new letters and statements, and much more. If you have an idea for a new Kareo feature, please email your idea to features@kareo.com.

Read More | No Comments | Filed in Releases

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