Enter Our Medical Billing Software Tip of the Month Contest and You Could Win $250!

March 31st, 2011 by Joann Doan

Enter our Medical Billing Software Tip of the Month contest for a chance to win $250As many of you know, we have a “Medical Billing Software Tip of the Month” contest every month. The winner of our March contest and recipient of a $250 American Express gift card was Samar Khoury of AllDocuments Inc. Read the winning tip now. You can also read all the winning tips.

It will soon be time to choose our April Billing Tip of the Month, and we wanted to remind you to submit your best billing ideas so you have a chance to win $250.

You have great odds–every month, we’ll select one tip (or two!) that offers the most upside for practices trying to improve their collections and bottom line, and the winner will receive an American Express gift card for $250.

Then, we’ll publish your tip on our website and our monthly e-newsletter and give you credit with a byline that includes your name and company. So you not only win a prize, you’ll also get free publicity for your billing service or practice in front of thousands of providers and colleagues.

To enter, just send an email to marketing@kareo.com and describe your billing tip in 500 words or less. Include any experience and results you’ve had with using this tip, and that will enhance your chances of winning. Feel free to include screenshots of the Kareo features you use, if that applies to the tip you’re submitting. The tip can include processes, forms, better ways to utilize Kareo features…the field’s wide open. The tip does NOT have to involve Kareo necessarily; we just want to tell our customers how to improve their billing and bring more to the bottom line.

To enter for the month of April, please submit your tip by Friday, April 8, 2011.

We look forward to reading your tips and awarding the prize.

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View a Complimentary Archived Webinar: Medical Billing Compliance – How to Keep CMS Out of Your Business

March 31st, 2011 by Joann Doan

Reduce your risk of CMS audits with expert advice on compliance in medical billingBilling and coding staff can decrease the risk of all types of government audits by avoiding the five deadly – and all too common – sins of compliance, by implementing effective, regular coding education and using comparative data to select audit targets.

Learn how to reduce the risk of CMS audits and improve your billing compliance with Betsy Nicoletti, author of The Field Guide to Physician Coding and the 2007 Physician Auditing Workbook, as well as founder of Codapedia.com.

You’ll Gain Insights on How to:

  • Avoid the five deadly and all too common sins of compliance. Compliance is like aging – it’s not for sissies. But avoid these five mistakes and decrease your risk substantially.
  • Develop an effective education program for staff and physicians. Coding and billing education is not a one time event. Develop strategies to keep staff and clinicians updated.
  • Beyond E/M Auditing. Use comparative data and government target lists to select areas of audit. Audit claims, not lines and audit the claim comprehensively.
  • And much more

View Now

Who Will Benefit from This Program?

Private practice owners, office managers, billing managers, billers, billing service owners and others concerned about reducing the risk of CMS audits and improving compliance in healthcare practices will benefit from this informative session.

About Your Speaker:

Betsy Nicoletti, M.S., CPC

Betsy Nicoletti is an expert speaker and author on CMS compliance and medical billingBetsy Nicoletti is the author of The Field Guide to Physician Coding and the 2007 Physician Auditing Workbook, as well as founder of Codapedia.com.

She developed The Accurate Coding System to help doctors get paid for the work they do. She simplifies complex coding rules for practitioners and engages physicians in a positive and respectful way, which encourages attention and accuracy in their coding. Besides doing auditing and compliance work, she is a speaker, writer and consultant in coding education, billing and accounts receivable.

Betsy holds a Masters of Science in Organization and Management from Antioch, New England, and has worked in and around physician offices for over 20 years. She became a certified coder in 1999. Betsy is a member of the National Speakers Association, the Medical Group Management Association and the Healthcare Financial Management Association.

View Now

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What Your Medical Billing Software Package Should Really Include

March 28th, 2011 by Joann Doan

 

Weigh your options carefully when it comes to medical billing softwareWe subscribe to multiple medical billing and medical billing software blogs, as some of you probably do too. And we were interested to see one today from Millenium Medical Billing, which was on the topic of “How to Choose an EHR/EMR” but included a section on medical billing software.

After reading their blog post, which was fairly informative, we wanted to add a few points, which you will find below with the original post:

Research the billing package.

The EHR is only part of the purchase. Discuss the billing package of your new system in detail.

Must-haves in billing software:

CPT and ICD-9 codes updated yearly. You want a system that automates this process. Most cutting-edge billing software will automatically update codes every year with a download.

Kareo comment: We agree that CPT and ICD-9 codes should be updated automatically annually. But what about other updates? Kareo web-based medical billing software is updated every 6-8 weeks, and the updates are at no extra cost – they are included in the subscription. Best of all, the updates don’t require any work on your part – it all happens at Kareo and is automatically downloaded to you.

Automated statements will save you time and money. Most vendors offer this service at a discounted rate compared with postage. You will get to take advantage of the bulk discount rate.

Kareo comment: We agree, and would add that you should make sure your patient statements are clear and easy to read. Kareo customers have told us that using our patient statements has significantly reduced the number of phone calls they get from patients with questions about their statements. Make sure the automated statements you’re getting are clear and easy to read.

Automated verification of benefits is a big plus for family practice or internal medicine groups. The patient benefits are downloaded into the system. Copays and deductibles are easily identified and save staff hours of time. Your copay can be as much as 30%-40% of your income on an exam, so this is a significant benefit to your practice.

Kareo comment: Automated verification of benefits is an invaluable tool, so we agree this should be a key point on your checklist. But make sure the eligibility verification is easy to use and provides all the information you need. Kareo’s eligibility verification only requires a few pieces of data in order to submit the verification request, and provides valuable information on number of authorized visits left. Make sure this tool is easy to use so that your staff will use it every time.

Rejected claim reports. Most vendors will tell you that they have a “claim-scrubbing process.” The software scrubs the claims for several different factors, and therefore reduces error. This is true to some extent. Invalid CPT codes and ICD-9 codes without the fifth digit are screened by this process as are claims with other basic coding errors. The most important factor in billing software is the ability to load LCD or CCI edits and specific carrier-required modifiers.

Kareo comment: Again, agreed: claim scrubbing and rejected claim reports are vital to making sure you’re on top of all your claims. We also recommend a home screen like Kareo offers, that lists all your rejected, no response and “needs follow-up” items at a glance, making sure that your staff never loses track of a single claim. This handy screen eliminates the need for color-coded reports and sticky notes, and you can set follow-up triggers based on your contracts and preferences.

Electronic posting of payments. This service is a real time-saver. A 20-page EOB from Medicare can be downloaded in seconds. The software posts all payments, adjustments, and rejections. You receive a report of all postings for review.

Kareo comment: Couldn’t agree more. In fact, see this recent video testimonial about how Kareo’s electronic posting of payments has helped save time and make life easier for office manager Reina Perdomo.

EDI transmission reports are extremely important to your billing success. Investigate how the company reports provide you with a list of claims transmitted. Carrier errors and rejections should be easy to access. You will also want proof of timely filing to be at your fingertips.

Kareo comment: EDI transmission reports are indeed extremely important to your billing success; also invaluable are reports on rejections.  Once your claims pass Kareo’s internal validation, we forward your claims through one of several clearinghouse partners who also review your claims and return daily reports that highlight claims that have been rejected for various payer-specific reasons. That way you don’t have to search through reports to find rejection explanations.

Kareo comment: What we also found interesting on this list was what’s missing. We also strongly recommend the following features in your medical billing software and practice management software:

Contract Management Report – As you can see from the chart above, payers have been found by the AMA and other industry monitoring groups to fall short of their contracted payment amounts. The AMA found one practice in Chicago that was losing $100,00 per MONTH from shortfalls in contracted payment amounts. Kareo makes it easy for you to compare the actual amount you are paid to your contracted amount, so you can make sure you’re getting every dime you’ve earned.

Key Performance Indicators Report – As the famous saying goes, “You can’t manage what you don’t monitor.” You need an easy way to monitor how your practice is doing, how various providers are performing, how well each biller is functioning, and how different procedures are contributing to the bottom line. Kareo makes this easy with not only an “At a Glance” KPI report on the home page you can view based on month, quarter and annual views, but customizable reports you can have emailed to yourself and others on a scheduled basis.

So as you can see, we agree on many of the points; we just don’t think most medical billing software provides everything you need. That’s why there’s Kareo. Take a look today at this archived demo webinar that explains how Kareo helps make medical billing easy.

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Join Us for a Complimentary Webinar – Medical Billing Software Update: How to Prepare for ICD-10/5010 to Reduce F41.1 (Anxiety Reaction)

March 23rd, 2011 by Joann Doan

Thursday, April 21, 2011
1:00 PM EST
Speaker: Nancy Maguire, ACS, PCS, HCS-D

Reduce headaches with your ICD-10 medical billing software transition

 

If you’ve heard about the need to prepare for the transition to ICD-10/5010, but are not sure where to start, or if you’ve started but are not sure you’re on the right track, join us for this practical webinar.

Nancy Maguire, ACS, PCS, HCS-D, author of the Nancy Maguire GPS to ICD-10-CM Planning and Implementation Guide and leading expert on ICD-10, will walk you through steps for making a smooth transition.

Register Now to Learn:

  • How do we develop a plan of action?
  • Who should we involve in the transition?
  • What are the differences between ICD-9 and ICD-10?
  • What are the deadlines and how does this impact our practice?
  • And much more

Register now for tips on transitioning your medical billing to ICD-10    

Question-and-Answer Session — Ask your tough questions and get answers to your current ICD-10/5010 challenges.

Who Should Attend
Private practice owners, office managers, billing managers, billers, billing service owners and others concerned about the transition to ICD-10-CM and 5010 will benefit from this informative session.

About Your Speaker
Nancy Maguire, expert speaker and author on ICD-10Nancy Maguire, ACS, PCS, HCS-D, is the author of the Nancy Maguire GPS to ICD-10-CM Planning and Implementation Guide, and is a nationally-renowned procedural and diagnostic coding instructor, boot camp trainer, and workshop leader. She is a highly-talented presenter who uses her knowledge and humor to reinforce the philosophy that coding can be fun! She has spent more than 30 years as a hands-on coder and has authored countless coding articles and presentations. In her expansive career, she has transitioned from nursing, to coding, to practice management, auditing and consulting. Nancy served as Director of Coding and Reimbursement at UTMB in Galveston Texas for four years. She served the first two terms as president of AAPC in the early 1990s. Her expert guidance is guaranteed to help medical office professionals make the best decisions in their everyday jobs and a positive impact on their career.

Register now for tips on transitioning your medical billing to ICD-10

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Survey Shows Differences in Medical Billing Software

March 21st, 2011 by Joann Doan

Recently, Kareo conducted a survey on medical billing and received 334 responses from both Kareo customers and non-customers. We will publish the full results of the survey later this week, but some initial results comparing Kareo medical billing software to other medical billing solutions caught our attention and we wanted to share them with you. Here are the initial results, segregated by whether the respondents were from a practice or from a medical billing company:

Practices

What is your practice’s average days in accounts receivable? (By this we mean the average number of days from the date you bill to the date you are paid.)

                            Less Than 45 Days                      Less Than 60 Days

Kareo Customers:            57.5%                                           74.2%

Other Software Users:     55.6%                                           66.7%

 

Billing Companies

What is your average days in accounts receivable? (By this we mean the average number of days from the date you bill to the date you are paid.)

                            Less Than 40 Days           

Kareo Customers:            48.6%                                   

Other Software Users:     45.1%                                   

 

What percentage of claims are you able to get paid for your clients?

                            More Than 93%

Kareo Customers:            57.9%

Other Software Users:     56.8%

Be sure to visit our blog later this week when we reveal the results for the entire survey, including key questions such as:

  • Does your office do real-time insurance eligibility verification, and if so, at what point?
  • Do you check your claim payments to make sure you’re being paid the full amount based on your payer contracts?
  • How concerned are you about issues in practice management including:
    • Conversion to 5010/ICD-10
    • EMR Incentives
    • Reduction in Medicare payments
    • Patient payment collections
    • And more

Don’t miss this opportunity to find our what your colleagues think about key issues in medical billing and practice management, and to compare your billing results to other practices or billing companies.

Learn more about how how Kareo can help you improve your accounts receivable and collection rates.

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Welcome to Building Kareo, a weblog by the team at Kareo about our products, our partners & competitors, medical billing, healthcare information technology, and much more.

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