Kareo Ranked on Deloitte Fast 500 for Fourth Year

November 18th, 2016 by Kareo

Kareo has announced it ranked 374 overall and 194 in the software category on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences, and energy tech companies in North America. Kareo grew 187 percent during this period. This is the fourth year in a row that Kareo has been on the list.

Kareo’s founder and CEO, Dan Rodrigues, credits the company’s focus on meeting the needs of independent practices for the company’s significant year-over-year revenue growth for the past four years. “Being included in this ranking for the fourth year in a row is a testament to our vision and focus on helping independent physicians thrive. We see a significant opportunity in the independent medical practice market, and we believe in the value that Kareo’s platform brings to these providers.”

“Today, when every organization can be a tech company, the most effective businesses not only foster the courage to explore change, but also encourage creativity in using and applying existing assets in new ways, as resourcefully as possible,” said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications industry leader. “This ingenious approach to innovation calls for the encouragement of curiosity and collaboration both within and outside the office walls.”

“This year’s Fast 500 winners showcase that when organizations are open to diverse perspectives and insights, they are able to create an environment for their employees and customers to see the possibilities and ingenious solutions that might lie ahead,” added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. “Entrepreneurial environments foster change and innovation within businesses, and we look forward to watching these companies continue to drive change across all sectors.”

Kareo previously ranked 114 as a Technology Fast 500™ award winner for 2015, and was ranked in both 2014 and 2013 as well. The company now serves over 40,000 healthcare professionals, supports nearly 40,000,000 patient lives, and is adding an average of 1, 500 providers per month.

Overall, 2016 Technology Fast 500™ companies achieved revenue growth ranging from 121 percent to 66,661 percent from 2012 to 2015, with median growth of 290 percent.

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Kareo Hires Bryan Koch as General Manager of Managed Billing Operations

November 7th, 2016 by Kareo

Kareo has announced the hiring of Bryan Koch as General Manager of Kareo Managed Billing, the company’s managed billing offering. Koch, an industry veteran, offers the company strong new leadership to help its independent practice customers maximize revenue. His experience includes senior leadership roles with multiple companies, along with a successful track record of serving the complex billing needs for thousands of independent medical practice customers.

“I am excited to welcome Bryan to Kareo as the leader of our growing billing management team,” said Dan Rodrigues, Founder and CEO of Kareo. “Adding this leadership role to Kareo, along with Bryan’s specific skills and history, highlights the company’s clear commitment to the success of our Kareo managed billing customers.”

Koch added, “I reviewed the market extensively prior to accepting the role at Kareo and was impressed with the company’s focus and dedication to independent physicians and their patients. I was looking for an executive team ready to make a substantial commitment to maintain and grow the delivery of services that meet and exceed physician expectations. I was also looking for an energy, optimism, and awareness among the staff. I couldn’t be more excited to lead this hard working, talented, and engaged team at Kareo and look forward to working together to build an organization ready and able to support our independent practice clients.”

Prior to Kareo, Koch spent several years with DocuTap, a healthcare technology company focused on the needs of urgent care practices. Before DocuTap, Bryan helped to scale Greenway’s revenue cycle management business to thousands of physicians across 32 different specialties. Koch also served as Chief Operating Officer of Medac, a large revenue cycle management company serving over 2,500 medical providers in 33 states with a focus on anesthesia and pain management. He holds a B.A. in Accounting from Michigan State University.

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Kareo Welcomes New CFO Gregg Waldon

October 6th, 2016 by Kareo

Kareo has announced the hiring of Gregg Waldon as the company’s new chief financial officer. Waldon is a proven and seasoned CFO with extensive experience helping to build and grow successful private and public software companies. He has raised more than $400M in equity capital, including through IPOs, and $80M in debt financings.

“Gregg is an exceptional hire for Kareo at this stage in our growth. He has experience and expertise in guiding software companies through the operational milestones that arise in companies growing to $100M and beyond,” said Dan Rodrigues, founder and CEO of Kareo. “With Gregg’s leadership, I’m confident we’ll have the infrastructure and resources needed to continue to grow and innovate while supporting the continued success of independent medical practices.”

Waldon added, “Companies that reach their financial potential have market focus, a track record of innovation, exceptional leadership, and commitment to succeed. I’ve found all these in Kareo. The company’s mission to help independent physicians run a more successful practice is personally motivating and Kareo’s team understands what is needed to meet the unique needs of this important healthcare segment. I look forward to helping Kareo achieve its financial objectives while it pursues its mission.”

Prior to Kareo, Waldon spent seven years as the CFO at RedBrick Health, a venture-backed healthcare technology company that works with employers and payers on corporate health and wellness programs. Gregg also spent three years at SoftBrands, a publicly-traded software company for the hospitality and manufacturing industries, seven years at Stellent, a publicly traded software company in content management, and seven years at GalaGen, a publicly traded bio-pharmaceutical firm.

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Costs of Technology for Practices Lower Than Recent Estimates

September 12th, 2016 by Kareo

Kareo finds that the costs of technology solutions for independent practices amount to just one-third of frequently quoted study statistics. “Since more than half of physicians are in independent practice today1, it’s essential that studies reflect the reality of costs and benefits accruing from this important segment of the healthcare profession,” said Dan Rodrigues, CEO and founder, Kareo Inc.

For example, a recent piece in Fierce Healthcare reported that “high tech means high costs for physician practices,” and that healthcare IT costs can cost more than $32,000 per doctor per year2. However, these stats generally represent those of large practices disproportionately, not the realistic costs for small independent practices. In fact, the actual cost of healthcare technology for practices of 10 and under is closer to one-third of that expense.

  • HealthIT.gov estimates a five-year cost of ownership to small practices at barely over $10,000 per year depending on startup costs3. Annual fees for Software-as-a-Service systems can be as low as $7,000 to 8,000 for a full suite of integrated services.
  • In addition to lower costs than some studies predict, technology investments can also reap very high ROI. On average, practices increased their revenue by $33,000 per provider when they implement an EHR4.
  • A recent poll of Kareo customers, which are all independent practices, showed the following statistics –
    • 61% said they budget $10k or less per year on technology
    • 50% said they expect that budget to stay about the same for the next 3 years

If you’d like to discuss these issues as well as ways independent practices can be more efficient using technology in more detail with a Kareo executive, please email lindsay@strategiesadpr.com.

 

  1. American Medical Association 2012 Practice Benchmark Survey reported that 53 percent of physicians are self-employed: http://www.nmms.org/sites/default/files/images/2013_9_23_ama_survey_prp-physician-practice-arrangements.pdf
  2. Fierce Healthcare, “Health IT Costs Top $32K Per Doctor Per Year”, http://www.fiercehealthcare.com/practices/health-it-costs-top-32k-per-doctor-per-year
  3. HealthIT.gov “How Much is This Going to Cost Me?” https://www.healthit.gov/providers-professionals/faqs/how-much-going-cost-me
  4. UBM White Paper, “Return on Investment on EHRs” http://i.zdnet.com/whitepapers/Return_On_Investments_in_EHRs_whitepaper_FINAL.pdf

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Independent Physicians Achieve Goals with Innovative Practice Models

September 8th, 2016 by Kareo

According to a Private Practice Model Perspectives Study by Kareo approximately 24% of independent physicians are using some form of innovative practice or payment model. The study, completed in partnership with the American Association of Private Physicians, also found an additional 46% are considering a similar strategy within the next three years. The primary motivations for those who’ve changed their payment model are:

  • 64% want to spend more time with patients
  • 46% would like to reduce reliance on insurance companies
  • 42% seek to improve their work/life balance
  • 26% believe they need to earn more income

The innovation and experimentation with new practice and payment models appears to be working for both doctors and patients. This includes providing concierge, direct pay or subscription plans to offer patients more choices in how they receive care and how they pay for it.

Dan Rodrigues, CEO and founder, Kareo, said, “It’s gratifying to see independent practices reaching their clinical and business goals through the application of helpful technology and an openness to new practice models. Adopting a subscription model is a great example of how independent practices are innovating in order to thrive in a challenging healthcare environment. By offering a range of services and flexible payment methods, physicians are increasing the quality of care, improving patient satisfaction, and maintaining an affordable cost structure.”

Specialized practices are also branching out to adopt new practice models. For example, Dr. A.R. Scopelliti, Monmouth Functional Neurology Center in New Jersey, specializes in functional neurology and offers an a la carte service model.

“I used to participate in every managed care network available, but after a four-year legal battle with an insurance company, I seriously considered changing professions. Then I received an e-mail from a patient who had been suicidal due to his neurological issues. He thanked me for literally saving his life. I realized then that I love being a physician, but I needed to make my practice work for everyone.”

To learn more, read the full press release.

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