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Get the Best from Outsourced Medical Billing

Date post: 23-Aug-2014
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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
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PAGE 1 KAREO | @GoKareo; #KareoTip PAGE 1 KAREO | CONFIDENTIAL Get the Best from Outsourced Medical Billing
Transcript

PAGE 1 KAREO | @GoKareo; #KareoTip PAGE 1 KAREO | CONFIDENTIAL

Get the Best from Outsourced

Medical Billing

PAGE 2 KAREO | @GoKareo; #KareoTip

Your Hosts Today…

Laurie MorganSenior Consultant & Partner,

Capko & Morgan

Lea ChathamContent 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 Kareo’s Role

4 Answer Questions

PAGE 4 KAREO | @GoKareo; #KareoTip

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

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

[email protected]@capko.comwww.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 Kareo’s Role

4 Answer Questions

PAGE 7 KAREO | @GoKareo; #KareoTip

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

PAGE 8 KAREO | @GoKareo; #KareoTip

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!

PAGE 9 KAREO | @GoKareo; #KareoTip

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!

PAGE 10 KAREO | @GoKareo; #KareoTip

Smart Reasons to Outsource

Solo/small practice—low 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? Who’s 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 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.

PAGE 15 KAREO | @GoKareo; #KareoTip

PAGE 16 KAREO | @GoKareo; #KareoTip

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?

PAGE 17 KAREO | @GoKareo; #KareoTip

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

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, don’t 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 utilization—especially 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 26 KAREO | @GoKareo; #KareoTip

Reports: Key to Data-Driven Decisions

Analyze demand Track referrals Dig into demographics (e.g., preventive care)

PAGE 27 KAREO | @GoKareo; #KareoTip

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?

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, 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

PAGE 30 KAREO | @GoKareo; #KareoTip

Discover Kareo’s Role

Cloud-basedMedical BillingPatient Payment ServicesInsurance Billing & RemittanceScheduling & Practice ManagementElectronic Health RecordsMedical Billing ServicesEducation, Training, & Support Included

20,000 Providers Nationwide

PAGE 31 KAREO | @GoKareo; #KareoTip

Discover Kareo’s Role

PAGE 32 KAREO | @GoKareo; #KareoTip

Educational Resources

Kareo.com/meaningful-use

Kareo.com/ICD-10

PAGE 33 KAREO | @GoKareo; #KareoTip

Discover Kareo’s Role

• Kareo Billing Services

• Integrated PM, EHR, RCM, Portal

• Best Practices• Training & Support• All Inclusive Pricing

PAGE 34 KAREO | @GoKareo; #KareoTip

Discover Kareo’s Role

• Kareo Billing Services

• Integrated PM, EHR, RCM, Portal

• Best Practices• Training & Support• All Inclusive Pricing

PAGE 35 KAREO | @GoKareo; #KareoTip

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

PAGE 37 KAREO | @GoKareo; #KareoTip

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

PAGE 38 KAREO | @GoKareo; #KareoTip

Kareo Marketplace

• Kareo Partners• Online appt.

scheduling• Text reminders• Recalls• Phone visits• Reputation

Management• Specialty EHRs

PAGE 39 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

PAGE 40 KAREO | @GoKareo; #KareoTip

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!

PAGE 41 KAREO | @GoKareo; #KareoTip


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