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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
PAGE 1 KAREO | @GoKareo; #KareoTip PAGE 1 KAREO | CONFIDENTIAL
Get the Best from Outsourced
Medical Billing
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Your Hosts Today…
Laurie MorganSenior Consultant & Partner,
Capko & Morgan
Lea ChathamContent Marketing Manager, Kareo
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Our Schedule for Today…
1 Introduction & Welcome Laurie
2 Get the Most from Outsourced Medical Billing
3 Discover Kareo’s Role
4 Answer Questions
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Participate via Social
Facebook.com/GoKareo
Twitter.com/GoKareo
http://kareo.ly/kareogroup
We’ll be live tweeting during today’s webinar!
How to participate:1. Follow @GoKareo on Twitter2. Follow @LeaChatham on Twitter3. Search for #KareoTip4. Join the conversation using #KareoTip5. Join Building Best Practices
group on LinkedIn
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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
[email protected]@capko.comwww.capko.com
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Our Schedule for Today…
1 Introduction & Welcome Laurie
2 Get the Best from Outsourced Medical Billing
3 Discover Kareo’s Role
4 Answer Questions
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Plan for Today’s 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
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Why Use a Billing Service?
“I’m sick of worrying about billing. Let’s make it someone else’s problem!”
“We don’t know what we’re doing, and we’ll never learn.” “It’s just billing. How important can it be?”
These are not the best reasons to outsource!
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Mindset Matters
Billing efficiently is still your responsibility. It’s critical to your business—you need to understand it. To a patient with a billing question, your service is your
practice. Your billing service can’t do their best unless you’re
working together!
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Smart Reasons to Outsource
Solo/small practice—low volume, no redundancy Shortage of local talent Great service options available
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What a Great Service Offers
Better technology Focused expertise Keen interest … passion? Stability, possibly redundancy, in staffing
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Key Questions
Expertise in your specialty? Technology capabilities? Integrated with your EHR? Who’s on the team? Who trains your team – and theirs? Average metrics?
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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).
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Technology is a Top Consideration
If you don’t have a great billing/PMS system, this is a chance to get one!
Must have excellent reporting—ideally 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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Does Size Matter?
Regional, national service or tech vendor
Small, local service orindependent contractor
Advantages
• Staff redundancy• Organizational footprint,
experts• Maybe: input on technology
development
• Personal (in-person) touch• You’re a VIP• Flexible set-up
Disadvantages• You’re 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?
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Make Sure You Know …
Who will be your contact How you’ll deliver superbills and other documents How quickly claims are processed How you’ll be alerted to problems
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Dedicate a Liaison
Dedicated contacts on both sides: partners Analyze reports, mobilize your internal team as needed Growth opportunity for staff?
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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
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Patient Service is Paramount
Who takes patient calls? Review sample statements: can you customize? Payment plans, patient collections?
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Payments and Internal Controls
EFT : who sets it up? Checks in the mail: lockbox
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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
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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, don’t forget the directories No matter what … never assume!
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Metrics to Watch
Receivables aging (biller or front desk performance?) Denial reasons (patterns?) Recurring coding problems Code utilization—especially E/M
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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?”
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Reports: Key to Data-Driven Decisions
Analyze demand Track referrals Dig into demographics (e.g., preventive care)
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Evaluating Costs
4%-10% is typical range for volume-based pricingFlat rate may be an option: is it for you?Compare against total cost:
Staffing Turnover Technology Training Lost revenue?
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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, don’t 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 Kareo’s Role
4 Answer Questions
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Discover Kareo’s Role
Cloud-basedMedical BillingPatient Payment ServicesInsurance Billing & RemittanceScheduling & Practice ManagementElectronic Health RecordsMedical Billing ServicesEducation, Training, & Support Included
20,000 Providers Nationwide
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Discover Kareo’s Role
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Educational Resources
Kareo.com/meaningful-use
Kareo.com/ICD-10
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Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
PAGE 36 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• Kareo Billing Services
• Integrated PM, EHR, RCM, Portal
• Best Practices• Training & Support• All Inclusive Pricing
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Discover Kareo’s Role
• Kareo Simple Start• All-in-one start up
practice solution• Kareo PM, EHR, and
Billing Services• Flat low rate to start• Increases as
collections increase to low percentage of collections
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Kareo Marketplace
• Kareo Partners• Online appt.
scheduling• Text reminders• Recalls• Phone visits• Reputation
Management• Specialty EHRs
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Our Schedule for Today…
1 Introduction & Welcome Laurie
2 Get the Most from Outsourced Medical Billing
3 Discover Kareo’s Role
4 Answer Questions
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More Questions?
• Kareo, – www.kareo.com– www.facebeook.com/gokareo– @GoKareo
• Laurie Morgan– [email protected] or [email protected]– www.capko.com– Blog: www.capko.com/blog – www.facebook.com/capkoandcompany – @capkoandcompany– Management Rx: www.managementrx.biz
New e-book series – ask me about review copies!
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