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
How to Participate Today…
Type your questions
Download today’s resources
View today’s presentation
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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 Twitter2. Follow @LeaChatham on Twitter3. Search for #KareoTip4. Join the conversation using #KareoTip
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Discover Kareo’s Role
• PAHCOM has approved 1 CEU credit.
• Each attendee will receive an email today with a link to request certification. Certificates will be mailed within the next few days.
• Attendees must be logged into the webinar to receive credit.
• You’ll be asked at the end of the webinar if you want a CEU certificate.
“…Make Your Practice a Best Practice!”
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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
PAGE 7 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 8 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 9 KAREO | @GoKareo; #KareoTip
Plan for Today’s Talk
Why use a billing service? Choosing well 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 it’s too hard to learn.”
“It’s just billing. How important can it be?”
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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 it’s too hard to 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
Shortage of local talent Great service options available Solo/small practice—low volume, no redundancy Time to upgrade technology
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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?
Add-on tech? Who’s on the team? Who trains your team – and
theirs? Average metrics?
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Experience, Location Matter
Billing/coding patterns, 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,
processes matter more).
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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.
EHR integration simplifies superbill sharing, bolsters 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 many• 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 …
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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Payments and Internal Controls
EFT : who sets it up? Checks in the mail: lockbox Patient portal increasingly essential
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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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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
Denial reasons (patterns?) Recurring coding problems Code utilization—especially E/M Receivables aging (biller or front desk performance?)
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Remember Where the Revenue Cycle Starts
Front desk collections=30%+ of your revenue KFF: half of patients couldn’t pay $2,500 today KFF: patients frequently misunderstand insurance terms Consumer Reports: medical bills “surprised”1/3 of Americans
Simplify: payment plans, card-on-file, kiosks, apps, portals No more waived copays
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Revenue Cycle Touchpoints
Website, Phone
Scheduling
Reminders
Time-of-service
Statements
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Dedicate a Liaison and a Team
Dedicated contacts on both sides: partners Analyze reports, mobilize your internal team as needed Keep in touch about technology options Growth opportunity for staff?
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Reports Support 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
Manage and team up with your service for best results Above all, don’t lose interest – stay engaged!
PAGE 32 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 33 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
PAGE 35 KAREO | @GoKareo; #KareoTip
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
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Kareo Billing Partners
Looking for a service in your local area? You’ll find our billing partner network is a great resource. For a list local billing services powered by
Kareo visit http://www.kareo.com/marketplace/billingcompanies.
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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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ICD-10 Survival Plan
• New Kareo Medical Billing customers receive:• 4-week step-by-step plan• Customer Success Coach &
training• ICD-10 & specialty-trained
billers• Assisted payer enrollment &
data import
PAGE 40 KAREO | @GoKareo; #KareoTip
Discover Kareo’s Role
• PAHCOM has approved 1 CEU credit.
• Each attendee will receive an email today with a link to request certification. Certificates will be mailed within the next few days.
• Attendees must be logged into the webinar to receive credit.
• You’ll be asked at the end of the webinar if you want a CEU certificate.
“…Make Your Practice a Best Practice!”
PAGE 41 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 42 KAREO | @GoKareo; #KareoTip
How to Participate Today…
Type your questions
-- Questions After the Webinar --
888.775.2736 [email protected]
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