Kareo continues to work toward making the 5010 transition as easy as possible for you and your practice. So, we have some new information to share with you.
Update from CMS on 5010
Recently, CMS (Centers for Medicare and Medicaid Services) announced that they will delay the enforcement of 5010 compliance by 90 days. Notice the key word “enforcement.” Though enforcement will be delayed, it is highly likely many payers will continue toward being “compliant” with 5010 format change beginning in January.
Kareo is continuing testing and making any needed changes for January compliance deadline. We urge you and your practices to do the same. Here is a link directly to the CMS announcement if you wish to read it.
Update from Kareo’s Recent Release
To accommodate several payers across the country already mandating 5010 electronic claims, we made a few minor changes that you will notice right now within Kareo. Though most changes are behind the scenes, you will notice a new “Pay to Address” field in Kareo. This field allows you to include a PO Box or Lockbox address where you have your payments from insurance companies sent.
You can read more about 5010 and how Kareo is preparing for it on our website.
At Kareo, we continue working hard to make medical billing easy for you. Customer feedback drives our service and ensures we build the features that matter most to people like you, so your input is critical to us. Please email your suggestions, challenges and ideas for our next release to firstname.lastname@example.org.
The 2011 holiday season is upon us, and that means you and your staff will be taking vacations, attending holiday parties and functions, and juggling your already busy schedules. It’s also time to start planning for 2012 by looking at ways to improve your practice from an operational perspective. Simple changes to your internal systems can help your billing employees work more efficiently, and this can help keep them as happy as they are productive.
And you don’t need to spend a small fortune to do this
A large number of healthcare practices in the U.S. are increasing their efficiency by making the switch to web-based medical billing software such as Kareo, which is easier to use and costs far less than a traditional billing software setup. So, doesn’t it make sense to give your medical practice the gift of web-based medical billing software this holiday season?
‘Tis the season to improve your collections
Here are some eye-opening statistics: Up to 20% of medical claims are denied or lost, and another 10% are ignored altogether. Keeping track of denied or missing claims is a tremendous burden on your billing employees. Calling insurance companies and resubmitting claims takes valuable time away from their daily responsibilities, and it costs your practice money.
When your billing employees submit accurate claims the first time, the chances of them being rejected decreases greatly. Web-based medical billing software like Kareo helps them do this. Kareo has a clean and easy-to-use interface that makes entering billing and coding information a snap, and Kareo’s on-screen alerts make your billing employees aware of any errors or inconsistencies. This allows your employees to make the appropriate corrections prior to submitting your claims. As you are well aware, accurate claims also mean faster reimbursements for your medical practice.
Outdated billing software causes more than lost productivity
Job security and benefits are the top two things that make workers feel happy at their jobs. And the third most important aspect for workers is job satisfaction. When your billing employees are happy, they enjoy coming to your office each day and work hard to benefit themselves and your medical practice.
Many healthcare practitioners are unaware of the fact that technology plays an important role in employee happiness. Outdated medical billing software systems present problems for your billing employees because they are slow and can affect the amount of work that gets done. Not only that, but outdated billing software can cause your employees frustration because they aren’t processing the number of claims they would with the right technology. Additionally, old medical billing software probably lacks the features needed to help your billing employees work smarter, not harder.
A holiday present your billing employees will absolutely love
Imagine the smiles on your billing employees’ faces when they receive a web-based medical billing software system that will help them get their tasks done quickly and more efficiently than ever before. Thanks to web-based medical billing software like Kareo, your employees won’t need to worry about falling behind at work or dealing with large numbers of rejected insurance claims.
Instead, they can work more efficiently and get more billing tasks done in a shorter amount of time. And, perhaps most important, your employees will enjoy their jobs more, and their happiness will be apparent to everyone at your office. Just look at some of the many ways Kareo web-based medical billing software is a fantastic upgrade from your current medical billing system:
Dan Milosevic, CEO and President of a medical billing company in Houston, Texas, spoke about Kareo’s ease-of-use in his recent video testimonial. “Kareo is great because it is easy to learn and use. The electronic claim submission and claim check edit are easy to set up and I can access it anywhere,” said Mr. Milosevic. He adds, “Kareo has met all of our expectations and criteria, which is online-based with an advanced reporting and scheduling system.” Mr. Milosevic has also seen the financial benefits of using Kareo web-based medical billing software. “Kareo helped us increase our productivity and profitability and at the same time to decrease our costs by more than 30%,” he said.
Take advantage of the big tax benefits that are expiring on 12/31/11
With monthly plans starting at just $69 (not including electronic claim fees), Kareo web-based medical billing software will significantly reduce your business expenses. And with all the money you will be saving, you might want to consider adding new computers, computer monitors, furniture or medical equipment to your office. Recently, the Associated Press reported that the IRS Code Section 179 tax provision will be changing after December 31, 2011. Currently, Section 179 allows businesses to write off up to 100% of certain capital equipment purchased and put into use between 1/1/11 and 12/31/11. It is recommended that you check with your accountant to determine if your capital equipment qualifies, and what your tax benefits are.
It’s the holiday gift that keeps on giving
What better way to celebrate the holidays than with faster payment cycles, increased revenue and happier and more productive billing employees? Make the switch to web-based medical billing software and this will be the case now… and for many years to come.
(Please note: We are not suggesting that Kareo be the ONLY holiday gift you give your staff…a personal gift to say thank you for their service is always a good idea! Read tips and ideas for recognizing your medical office staff at the holidays now.)
So, what is 5010 all about? How does it affect you? And, what’s Kareo doing to help you stay in compliance?
In a nutshell, 5010 is a new transaction set for electronic medical claims. If you’re a medical biller or someone who has anything to do with sending medical claims electronically, then you’re affected. Mandated use of the new 5010 transaction set goes into effect industrywide on January 1, 2012. (Peek at the calendar…) …That’s in less than 2 months.
As you would expect, all the parties in our industry are gearing up for it. Many of us are tweaking systems and processes now in anticipation of the cutover on January 1.
The thing is, some payers are beginning to accept the new format even before January. Depending on your relation to those payers, you could be impacted now in the form of rejected claims due to the mismatch between your existing settings and the transaction set those payers have enabled early.
There’s Something You Can (And Should) Do Now
All this is to say that there are a few settings updates you can do now in your Kareo software to help make a smooth transition, regardless of when your payer decides to enable 5010 on their system. The video series below (a 3-parter) will show you — step-by-step — what you need to know.
Check out both the video series and the checklist above. And, as always, if you have further questions, feel free to post them in the comments below or hit up our Support line (even better so they can assign a case number to your question).
Kareo is pleased to announce today the launch of electronic patient statements and payment portal as an addition to the Kareo medical billing software solution. New email statement delivery and online bill pay options provide small medical practices with integrated workflow tools to increase self-pay collection and better serve their patients. These new capabilities equip medical practices to accelerate cash flow through comprehensive credit card, debit card, check processing, secure electronic patient statement delivery, and online bill pay. These tools get the medical office paid faster while giving patients more convenient ways to pay, whether at their doctor’s office or from the comfort of their homes.
“The rapid increase in medical costs paid out-of-pocket by patients is now resulting in a cash flow crisis for small medical practices,” says Dan Rodrigues, the founder and CEO of Kareo. “By making it easy and affordable to accept credit and debit card payments, send electronic patient statements, and give patients the option to pay online, we are helping medical practices take control of their growing patient receivables in order to get paid faster and more efficiently.”
Here’s how it works:
Medical office staff captures patient email addresses during registration. During check out, patient copays can be processed via credit card, debit card, or check transaction in the office.
The insurance company is billed and any remaining patient balance is billed to the patient via an email notification.
Patients click through the email notification to view their bill online and conveniently make an online payment. If a payment is not made online promptly, the patient will automatically receive a printed statement in the mail with options for making a payment online, by phone, by mail or at the medical office.
At any time, the medical practice is able to process credit cards, debit cards, and check transactions in their office or on the phone.
With pricing for the entire service at less than a dollar per day plus competitive transaction and statement fees, medical practices will experience cost savings as well as significant improvements in managing the patient-due receivables.
The shifting economics toward more patient-funded healthcare is fueling the need for tools to simplify the patient payment process. In just three years, the average medical practice has seen a 50% increase in revenue dependency from money owed to them by patients. These patient responsible funds used to account for about 20% of the revenue and now are tracking at 30% or more as the prevalence of high-deductible plans, greater co-insurance, and under insured scenarios increase. Medical practices simply cannot afford to overlook technology advancements aimed at aggressive, proactive management of patient-due receivables.
This announcement continues Kareo’s commitment to providing solutions to solve business problems faced by small medical practices in partnership with leading healthcare solutions companies. The online statements, payment portal, and payment processing for Kareo’s medical billing software are powered by InstaMed, the leading Healthcare Payments Network for secure and compliant healthcare and payment transactions for providers, patients, and payers.