simple solutions to improve patient collections

Simple Solutions toImprove Patient Collections

Presented by Lea ChathamDecember 7, 2016

webinar

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Agenda

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Agenda

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• Welcome & Introductions • Patient Collections• How Kareo Can Help• Your Questions

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How to Participate Today…

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Speakers

Lea Chatham• Content Marketing Manager, Kareo• Nearly 20 years in healthcare and

health IT• Speaker and author• Published in leading journals including

Physicians Practice, Medical Practice Insider, PAHCOM Journal

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Agenda

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Agenda

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• Welcome & Introductions • Patient Collections• How Kareo Can Help• Your Questions

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Agenda

• Patient Collections Challenge• A Best Practice Approach• New Solutions from Kareo & Partners

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• Patient due amounts now make up as much as 25-35% of a practice’s A/R

• Number of patients with high deductible plans has increased 40% in 6 years

• Premiums and employee contributions also up• 1/3 of patients will walk out the door without ever

paying their bill• 53% of practices now say biggest RCM challenge is

patient collections• Only 52% of patients say they understand they

understand their bill

Patient Collections Challenges

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Best Practice Approach

• A best practice approach requires buy-in from everyone- Patient financial policy- 100% eligibility verification- Strategies to ensure accurate demographic data collection- 100% copay collection- Patient alerts to show due amounts at check in- Credit card on file- Electronic statements or mailed statement at time of ERA/EOB- Payment options: Phone, mail, online/mobile

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Problems Areas

• These are just some of the problem areas where you can lose the chance to get paid fully and accurately- The practice doesn’t set a clear expectation

for payment- Staff enter data inaccurately- No consistency in collecting at time of

service- Coding problems- Sending statements on a set 20 or 30 day

schedule - Lack of consistent follow up

Credit Card on File

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Quick Stats 

93% of patients would pay online if given the opportunity

Credit card on file can reduce collections costs to under 5%

Credit card on file can reduce days in A/R to 35 days

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Credit Card Processing

• Integrated credit card processing is easy to set up and affordable:- Sign up in Kareo account- Take cards in person, on phone, and online- Keep credit cards on file

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Best Practice Roll Out

• Educate and train staff (written policies, role play).• Have a communication/marketing plan.• Educate patients with financial policy.• Provide CCOF authorization form to sign.• Set a reasonable limit, usually $100 - $200.• Charge copays at time of service along with any

other known or estimated charges. Charge balances on receipt of ERA. Charge self-pay patient at checkout.

• Send the electronic receipt to the patient.

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Credit Card Processing

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Credit Card Processing

Patient Statements

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Quick Stats

Patient statements help reduce costs and save time ($0.28 First page + postage, $0.12 per page after)

New patient-friendly paper statements have been shown to improve patient collections on average 6%

Intuitive, patient-friendly statements can reduce customer calls & patient billing questions by 50%+

Translates to an additional $7,000 per provider per year in collections

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New Patient Statement Mailing Service

• Key elements of redesigned patient statement:• Patient friendly design makes statements easier to read and

understand

• Duplex printing format, with most relevant information on the first page

• Use of colors and font to emphasize most important points to get across to patients

• Dunning messages to patients is prominently presented on the first page (supports up to 356 characters)

• Procedures are grouped by encounter dates to align with how patients recall their doctor’s appointments

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Patient StatementsComparing old format vs new format

• $5-$7 per statement • Use a manually-intensive

print and mail process• Send generic black and white

statements • Increase calls from patients

about statements• Reduce patient collections

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Patient StatementsComparing old format vs new format

• $0.28 per statement plus postage

• Save time – just press send!• Send intuitive, patient-

friendly color statements• Reduce billing-related

questions by 50%• Increase collections by 6% -

that’s $7K per provider per year!

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Patient StatementsDuplex print: front side and back side

Patient A/R Courtesy Calls

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Quick Points 

Patients are much more likely to pay if provided easy options to make that happen.

Reports produced by practice and overall to show activity by time of day, day of week, amount, etc.

With automation you can achieve a 40% reduction in FTE effort on patient A/R improving ROI.

Because of frequency, options, and off hours capability, results show a 20% increase in revenue.

Integration with Kareo eliminates many tasks that ultimately free personnel time and resources.

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Patient A/R Courtesy Calls/Texts

• Drastically reduce the cost of handling Patient A/R

• Increase percent of receivables collected

• Provide concrete evidence of collection efforts for each practice

• How many calls made

• Percentage of interactions generated

• Be able to handle payments after hours unattended

• Pay by phone capability

• Pay by Text Capability

• All patient payments are automatically posted to Kareo

• Loaded into unapplied payments

• Daily payment report generated

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Patient A/R Courtesy Calls/Texts

• Workflow Control

• Manage Daily Processing•Establish maximum calls to be handled by day•Cancel individual calls or whole practice for the day

• Receive and route Daily Transaction Reports by practice•Pre-call reports for review each morning•End of Day processing for review of performance

• Business process rules by practice•Establish rules for making calls/texts•Incorporate statement date/last payment date/collection category

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Patient A/R Courtesy Calls/Texts

Pricing

• $39.00 One Time setup fee per practice• $49.99 per month – 150 calls/texts included in the

base fee• $.20 per call/text above 150 in a month• Per payment processed: Interchange Rates+.5% of

payment plus $.20• Credit Card Vault: if elected $6.95 per month• Recurring Subscription/Vault payments: additional

$.08 per transaction• No Application Fee, No Annual Fee, No AVS fees, No

Gateway Charges

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Agenda

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Agenda

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• Welcome & Introductions • Patient Collections• How Kareo Can Help• Your Questions

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Awards and Rankings

Growth awards The speed at which

medical practices are moving to Kareo and referring it to other

providers.

Best places to work Happy, engaged

employees stay longer, have more experience and

offer better customer service

Analyst reviews 3rd party recognition,

driven by direct customer feedback,

equals trust and credibility

Kareo Confidential 3131

May Launch of a New Kareo Platform

Web and Mobile Integrated Modules (Products)

Best-in-Class Technology and Value Delivered Through Your Brand

Kareo BillCo Edition (2.0)

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Practice and Billing Company Access

Practice Platform AccessEasy, Integrated, Flexible

Billing Company AccessMedical Billing Experts

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Enabling Your Success with Kareo• Kareo Connect Program (Formerly Medical Billing Partner

Program (MBPP)

• Partner Resource Center & Co-branded Collateral • Client Friendly Product Microsite • Referral Program

• Sales and Educational Tools• Dedicated Training, Onboarding, and Support

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Agenda

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Agenda

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• Welcome & Introductions• Patient Collections• How Kareo Can Help• Your Questions

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How to Participate Today…

Type your questions

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