4 strategies to improve patient collections

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PAGE 1 KAREO | @GoKareo; #KareoTip 4 Strategies to Improve Patient Collections

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PAGE 1 KAREO | @GoKareo; #KareoTip

4 Strategies to Improve Patient Collections

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

PAGE 5 KAREO | @GoKareo; #KareoTip

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

PAGE 7 KAREO | @GoKareo; #KareoTip

Why is collecting so hard?

Simply put:

Out of pocket expenses for patients are increasing significantly.

PAGE 8 KAREO | @GoKareo; #KareoTip

Why is collecting so important for your practice?

The cost of doing business is rising significantly.

PAGE 9 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

PAGE 10 KAREO | @GoKareo; #KareoTip

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

PAGE 11 KAREO | @GoKareo; #KareoTip

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

PAGE 12 KAREO | @GoKareo; #KareoTip

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.

PAGE 13 KAREO | @GoKareo; #KareoTip

Is anyone reading this thing?

PAGE 14 KAREO | @GoKareo; #KareoTip

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

PAGE 15 KAREO | @GoKareo; #KareoTip

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.

PAGE 16 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

PAGE 17 KAREO | @GoKareo; #KareoTip

Did you know your office staff may be uncomfortable asking for money from

patients?

PAGE 18 KAREO | @GoKareo; #KareoTip

Staff + Collecting Payment

Policies and Procedures ObserveRole playReview

PAGE 19 KAREO | @GoKareo; #KareoTip

Staff + Collecting Payments

Additional Info: Many collection issues can be solved with staff training. Collect at the time of service. Copays + Balance Due Deposits

PAGE 20 KAREO | @GoKareo; #KareoTip

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

PAGE 22 KAREO | @GoKareo; #KareoTip

Credit Card on File

Think of it like starting a tab, basically patients are opening a tab at your office.

PAGE 23 KAREO | @GoKareo; #KareoTip

Credit Card on File

Patients benefit: Pay the bill with no need to go

online/mail a check/wait for a statement

Secure

PAGE 24 KAREO | @GoKareo; #KareoTip

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

PAGE 25 KAREO | @GoKareo; #KareoTip

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

PAGE 26 KAREO | @GoKareo; #KareoTip

Credit Card on File

Implementation Plan:1. Policies created and in place.

2. Staff training

3. Review

4. Roll-out

PAGE 27 KAREO | @GoKareo; #KareoTip

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

PAGE 29 KAREO | @GoKareo; #KareoTip

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

PAGE 30 KAREO | @GoKareo; #KareoTip

Key to doing statements right:

Do them immediately.

PAGE 31 KAREO | @GoKareo; #KareoTip

Patient Statements

Offer optionsClarity is vitalAccurateOffer more optionsTimely refund options

PAGE 32 KAREO | @GoKareo; #KareoTip

Online makes it easy

93% of patients would pay their provider online if given the opportunity

PAGE 33 KAREO | @GoKareo; #KareoTip

Overall themes for improving collections:

Training, training, re-training and more trainingCrystal clarity on policies and proceduresCompassionOptionsTraining

PAGE 34 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 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

PAGE 36 KAREO | @GoKareo; #KareoTip

Discover Kareo’s Role

– Kareo Practice Management• Multi-resource

scheduling• End-to-end claim

management• Patient statements• Integrated credit

card processing• Online billpay

PAGE 37 KAREO | @GoKareo; #KareoTip

ICD-10 Ready

– ICD-10 Ready• ICD-10 Success

Dashboard• Dual Coding

Encounters • Encounter &

Insurance Payer Validation

• Diagnosis Crosswalk

PAGE 38 KAREO | @GoKareo; #KareoTip

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

PAGE 40 KAREO | @GoKareo; #KareoTip

Have a Question?

888.775.2736 x1

[email protected]

Contact Us!

PAGE 41 KAREO | @GoKareo; #KareoTip