Is your practice overwhelmed with the challenge of keeping up with all the changes in medical billing? Frustrated by the difficulty of attracting and retaining billing staff? Worried about falling behind in billing technology? Or just concerned that you might be doing it all wrong and losing money—and wondering if there’s a better way to manage your revenue cycle. Outsourcing to a medical billing service COULD be the answer—if you choose the right partner and work well together. In this free webinar, learn the secrets of choosing a billing company to give you peace of mind and maximize your profitability. In this interactive webinar, practice management expert Laurie Morgan will talk about how to select a billing service and manage the relationship for maximum benefit. You’ll learn: Key considerations in choosing the best billing partner for your practice Why technology is an important part of the choice—and what to look for How to manage the relationship to ensure peak productivity Red flags to watch for when evaluating billing service contracts
Text of Get the Best from Outsourced Medical Billing
PAGE 1 KAREO | @GoKareo; #KareoTipPAGE 1 KAREO | CONFIDENTIAL Get the Best from Outsourced Medical Billing
PAGE 2 KAREO | @GoKareo; #KareoTip Your Hosts Today Laurie Morgan Senior Consultant & Partner, Capko & Morgan Lea Chatham Content Marketing Manager, Kareo
PAGE 3 KAREO | @GoKareo; #KareoTip Our Schedule for Today 1 Introduction & Welcome Laurie 2 Get the Most from Outsourced Medical Billing 3 Discover Kareos Role 4 Answer Questions
PAGE 4 KAREO | @GoKareo; #KareoTip Participate via Social Facebook.com/GoKareo Twitter.com/GoKareo http://kareo.ly/kareogroup Well be live tweeting during todays webinar! How to participate: 1. Follow @GoKareo on Twitter 2. Follow @LeaChatham on Twitter 3. Search for #KareoTip 4. Join the conversation using #KareoTip 5. Join Building Best Practices group on LinkedIn
PAGE 5 KAREO | @GoKareo; #KareoTip Laurie Morgan Practice management and healthcare consultant Focus on revenue growth, operational excellence and start-up strategy Author of Management Rx e-book series: Get the Best From Your Medical Billing Service and Patient Flow Mistakes Smart Practice Manager Make and How to Avoid Them Laurie has an MBA from Stanford University firstname.lastname@example.org email@example.com www.capko.com
PAGE 6 KAREO | @GoKareo; #KareoTip Our Schedule for Today 1 Introduction & Welcome Laurie 2 Get the Best from Outsourced Medical Billing 3 Discover Kareos Role 4 Answer Questions
PAGE 7 KAREO | @GoKareo; #KareoTip Plan for Todays Talk Why use a billing service? Good reasons, not-so-good reasons Making the right choice Help your biller bill better Managing for a profitable partnership Q&A
PAGE 8 KAREO | @GoKareo; #KareoTip Why Use a Billing Service? Im sick of worrying about billing. Lets make it someone elses problem! We dont know what were doing, and well never learn. Its just billing. How important can it be? These are not the best reasons to outsource!
PAGE 9 KAREO | @GoKareo; #KareoTip Mindset Matters Billing efficiently is still your responsibility. Its critical to your businessyou need to understand it. To a patient with a billing question, your service is your practice. Your billing service cant do their best unless youre working together!
PAGE 10 KAREO | @GoKareo; #KareoTip Smart Reasons to Outsource Solo/small practicelow volume, no redundancy Shortage of local talent Great service options available
PAGE 11 KAREO | @GoKareo; #KareoTip What a Great Service Offers Better technology Focused expertise Keen interest passion? Stability, possibly redundancy, in staffing
PAGE 12 KAREO | @GoKareo; #KareoTip Key Questions Expertise in your specialty? Technology capabilities? Integrated with your EHR? Whos on the team? Who trains your team and theirs? Average metrics?
PAGE 13 KAREO | @GoKareo; #KareoTip Experience, Location Matter Billing patterns, and claims-based programs like PQRS, may differ by specialty. Biller experience with local plans can be valuable. Face time with providers useful, too. Neither need be deal-breakers (references, procedures matter most).
PAGE 14 KAREO | @GoKareo; #KareoTip Technology is a Top Consideration If you dont have a great billing/PMS system, this is a chance to get one! Must have excellent reportingideally a dashboard for tracking performance, problems. Integration with your EHR simplifies superbill sharing, offers better control (shopping for a new EHR?). Portal options for patient payments.
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PAGE 16 KAREO | @GoKareo; #KareoTip Does Size Matter? Regional, national service or tech vendor Small, local service or independent contractor Advantages Staff redundancy Organizational footprint, experts Maybe: input on technology development Personal (in-person) touch Youre a VIP Flexible set-up Disadvantages Youre one of a crowd Mostly/totally remote Procedures may be less flexible Lack of bench strength Less shared learning More risk of falling behind on technology, regulation Key Questions Will we get a dedicated rep? How much attention will we receive? How does the biller stay educated? Technology investment?
PAGE 17 KAREO | @GoKareo; #KareoTip Make Sure You Know Who will be your contact How youll deliver superbills and other documents How quickly claims are processed How youll be alerted to problems
PAGE 18 KAREO | @GoKareo; #KareoTip Dedicate a Liaison Dedicated contacts on both sides: partners Analyze reports, mobilize your internal team as needed Growth opportunity for staff?
PAGE 19 KAREO | @GoKareo; #KareoTip Make Sure You Know How patient statements and calls are handled What happens to collection accounts How payments are processed and posted How funds reach your practice
PAGE 20 KAREO | @GoKareo; #KareoTip Patient Service is Paramount Who takes patient calls? Review sample statements: can you customize? Payment plans, patient collections?
PAGE 21 KAREO | @GoKareo; #KareoTip Payments and Internal Controls EFT : who sets it up? Checks in the mail: lockbox
PAGE 22 KAREO | @GoKareo; #KareoTip Make Sure You Know How your service stays on top of coding changes, regulation How your staff will be trained Who keeps on top of payer contracts and performance
PAGE 23 KAREO | @GoKareo; #KareoTip Stay on Top of Payer Contracts Contracts are between payers and your practice Your knowledge of negotiating points is likely superior Your billing service may have scuttlebutt Consider payer performance Set ticklers, dont forget the directories No matter what never assume!
PAGE 24 KAREO | @GoKareo; #KareoTip Metrics to Watch Receivables aging (biller or front desk performance?) Denial reasons (patterns?) Recurring coding problems Code utilizationespecially E/M
PAGE 25 KAREO | @GoKareo; #KareoTip Remember Where the Revenue Cycle Starts Front desk collections=30%+ of your revenue Payment plans, card-on-file Copays and contracts How will you be paying today?
PAGE 27 KAREO | @GoKareo; #KareoTip Evaluating Costs 4%-10% is typical range for volume-based pricing Flat rate may be an option: is it for you? Compare against total cost: Staffing Turnover Technology Training Lost revenue?
PAGE 28 KAREO | @GoKareo; #KareoTip Summing It Up Outsourced revenue cycle management can transform your practice if you choose wisely and manage Your choice depends less on price than on service, support, technology Partner with your billing service to achieve the best result Above all, dont lose interest stay engaged!
PAGE 29 KAREO | @GoKareo; #KareoTip Our Schedule for Today 1 Introduction & Welcome Laurie 2 Get the Most from Outsourced Medical Billing 3 Discover Kareos Role 4 Answer Questions
PAGE 30 KAREO | @GoKareo; #KareoTip Discover Kareos Role Cloud-based Medical Billing Patient Payment Services Insurance Billing & Remittance Scheduling & Practice Management Electronic Health Records Medical Billing Services Education, Training, & Support Included 20,000 Providers Nationwide
PAGE 31 KAREO | @GoKareo; #KareoTip Discover Kareos Role