Post on 12-Aug-2015
transcript
PAGE 2 KAREO | @GoKareo; #KareoTip
Your Hosts Today…
Audrey McLaughlin, RNwww.physicianspracticeexpert.com
Lea ChathamContent Marketing Manager, Kareo
PAGE 3 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 4 Strategies to Improve Patient Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 4 KAREO | @GoKareo; #KareoTip
Participate via Social
Facebook.com/GoKareo
Twitter.com/GoKareo
We’ll be live tweeting during today’s webinar!
How to participate:
1. Follow @GoKareo on Twitter
2. Follow @LeaChatham on Twitter
3. Search for #KareoTip
4. Join the conversation using #KareoTip
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Audrey McLaughlin, RN
Creator of www.physicianspracticeexpert.com
CEO, McLaughlin Sales Group
Developed Customer Service from the Heart – Customer Service Training for Practices
More than 12 years experience in healthcare consulting and sales
Author and speaker seen in publications like Physicians Practice
Audrey McLaughlinwww.physicianspracticeexpert.com
PAGE 6 KAREO | @GoKareo; #KareoTip
Our Schedule for Today…
1 Introduction & Welcome Audrey
2 4 Strategies to Improve Patient Collections
3 Discover Kareo’s Role
4 Answer Questions
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Why is collecting so hard?
Simply put:
Out of pocket expenses for patients are increasing significantly.
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Why is collecting so important for your practice?
The cost of doing business is rising significantly.
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What are the 4 things you need to know?
Important items to include in your patient policyGetting your staff to collect copays at check inSetting up a credit card on file programBest practices for patient statements
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Did you know?
Nearly 33% of patients walk out of a practice’s door without ever paying a dime.
VS
9% of retail customers walk out of a store without paying for goods + services
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Patient Payment Policy
Why is a patient payment policy important? What you expect of your patients financially What your patients can expect of you Offer some legal protection around collections for failure to pay
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Patient Payment Policy
What to include: When payment is due Who is responsible for payment How co-pays + deductibles will be handled What forms of payment your practice accepts How non-payment is handled Credit Card on File If you charge for missed appointments/documents, etc.
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Patient Payment Policy
Keys to getting your patients to READ your financial policy Make it graphic instead of dense text Keep it short Make sure it is crystal clear Give it to every patient on their first visit and annually Ask patients to initial + sign Have staff refer to the policy
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Patient Payment Policy
If you have: You are responsible for: Our staff will:
Commercial Insurance(also know as indemnity, “regular” insurance or “80/20 coverage”)
Payment of the patient responsibility for all office visits, x-ray, injection, and other charges at the time of the visit.
Accept your initial payment and file and insurance claim as a courtesy to you.
HMO & PPO Plans we are on contract with.
If the services you receive are covered by the plan: All applicable copays and deductibles are requested at the time of the office visit. If the services you receive are not covered by the plan: Payment in full is requested at the time of the visit.
Accept your initial payment and file an insurance claim as a courtesy to you.
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What are the 4 things you need to know?
Important items to include in your patient policyGetting your staff to collect copays at check inSetting up a credit card on file programBest practices for patient statements
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Did you know your office staff may be uncomfortable asking for money from
patients?
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Staff + Collecting Payment
Policies and Procedures ObserveRole playReview
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Staff + Collecting Payments
Additional Info: Many collection issues can be solved with staff training. Collect at the time of service. Copays + Balance Due Deposits
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Staff + Collecting Payment
Payment Plans:1. Put an autograph on it.
2. Explain penalties for failing to pay.
3. Choose realistic payment amount and timeframe.
4. Offer incentives for early payoff.
PAGE 21 KAREO | @GoKareo; #KareoTip
What are the 4 things you need to know?
Important items to include in your patient policyGetting your staff to collect copays at check inSetting up a credit card on file programBest practices for patient statements
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Credit Card on File
Think of it like starting a tab, basically patients are opening a tab at your office.
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Credit Card on File
Patients benefit: Pay the bill with no need to go
online/mail a check/wait for a statement
Secure
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Credit Card on File
Practices benefit: Improve cash flow Reduce patient statements Reduce collection expenses Eliminate bounced checks Faster check-in/out Reduce paper receipts
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Credit Card on File
Putting it in action: Make it part of your Patient Payment Policy Don’t surprise the patient Set a cap for charges Keep it secure
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Credit Card on File
Implementation Plan:1. Policies created and in place.
2. Staff training
3. Review
4. Roll-out
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Credit Card on File
Additional info: Credit Cards / Debit Cards / HSA Cards Alternatives for patients who refuse Is CCOF fool proof?
PAGE 28 KAREO | @GoKareo; #KareoTip
What are the 4 things you need to know?
Important items to include in your patient policyGetting your staff to collect copays at check inSetting up a credit card on file programBest practices for patient statements
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Patient Statements
Days in A/R Probability of Collection
<30 97%
31-60 90%
61-90 60%
91-120 50%
Cold Hard Fact:The longer it takes you to collect payment from your patient, the less likely you are to get paid.
Source: Mary Pat Whaley, Manage My Practice
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Patient Statements
Offer optionsClarity is vitalAccurateOffer more optionsTimely refund options
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Online makes it easy
93% of patients would pay their provider online if given the opportunity
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Overall themes for improving collections:
Training, training, re-training and more trainingCrystal clarity on policies and proceduresCompassionOptionsTraining
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Our Schedule for Today…
1 Introduction & Welcome Audrey
2 4 Strategies to Improve Patient Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 35 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
Cloud-based Billing, Scheduling & Practice ManagementElectronic Health RecordsMedical Billing ServicesPractice Marketing & Patient EngagementFree Education, Training, & SupportRanked #1 by Black Book 3 Years
30,000 Providers Nationwide
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Discover Kareo’s Role
– Kareo Practice Management• Multi-resource
scheduling• End-to-end claim
management• Patient statements• Integrated credit
card processing• Online billpay
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ICD-10 Ready
– ICD-10 Ready• ICD-10 Success
Dashboard• Dual Coding
Encounters • Encounter &
Insurance Payer Validation
• Diagnosis Crosswalk
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Kareo Medical Billing: Web, Mobile & Messaging!
• Web and Mobile Software
• Calendar & Patient Check-in
• IBM & MAC Enabled
• Secure Messaging
• Revenue Cycle Performance for Visibility
• Kareo Success Team
PAGE 39 KAREO | @GoKareo; #KareoTip
Kareo.com ICD-10 Resource Center
Small Practice Guide Success Checklist Assessments e-book Specialty Guides
Mental Health Pediatrics Primary Care Surgery Orthopedics
Resource Library 4 Steps to Success Webinar Product Trainings
http://www.kareo.com/icd-10
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