Patient Collections - Preparing Your Technology, Your Staff, and Your Financial Policy
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The task of collecting patient responsibility balances consumes more time and resources than ever before, particularly for independent providers and their staff. Whether your practice handles collections in-house, outsources to a third party such as a billing service or collection agency, or uses a combination of those options, the level of success in collecting these balances depends on having a solid foundation built on some key fundamentals. Most practices have a pretty good idea of what they should be doing, but figuring out where to start and what tools and training are needed can be a daunting task. Even when you have your plan put together, finding the time to execute can be difficult. As with most new habits, taking on the task in smaller manageable steps greatly improves your chances for success. In this webinar, we will cover: -Choosing the tools and technology needed for success -Developing and maintaining a strong patient financial policy -Preparing your team to become collections superstars -Implementing best practices for pre-visit communication -Establishing an on-going review process to maintain your gains
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Patient Collections - Preparing Your Technology, Your Staff, and Your Financial Policy
- 1. Presented by Aimee Heckman June 28, 2017
- 2. Kareo Confidential Agenda 2 Agenda 2 ⢠Introductions ⢠Welcome to the Patient Collections Boot Camp ⢠The Building Blocks of Successful Patient Collections ⢠Patient Collections Assessment ⢠Beefing Up Your Financial Policy ⢠Technology Inventory ⢠Preparing Your Team ⢠How Kareo Can Help ⢠Your Questions
- 3. @GoKareo 33 How to Participate Today⌠Type your questions Download todayâs resources View todayâs presentation
- 4. @GoKareo 44 Connect via Social Media Connect with us via social media How to connect: 1) Follow @GoKareo on Twitter 2) Search for #KareoTip 3) Join the conversation using #KareoTip twitter.com@GoKareo facebook.com/GoKareo linkedin.com/company/kareo
- 5. Kareo Confidential 55 Discover Kareoâs Role ⢠PAHCOM has approved 1 CEU credit. ⢠Each attendee will receive an email today with a link to request certification. Certificates will be emailed within the next few days. ⢠Attendees must be logged into the webinar to receive credit. ⢠Youâll be asked at the end of the webinar if you want a CEU certificate. ââŚMake Your Practice a Best Practice!â
- 6. Kareo Confidential 66 Aimee Heckman CPPM, CPB ⢠Healthcare Business Consultant and President at Ease RCM Solutions. ⢠Certified Professional Biller (CPB) and Certified Physician Practice Manager (CPPM) ⢠More than 25 years experience in Medical Practice Management, Revenue Cycle Management, PM/EHR implementation, and business development.
- 7. Kareo Confidential Agenda 7 Agenda 7 ⢠Introductions ⢠Welcome to the Patient Collections Boot Camp ⢠The Building Blocks of Successful Patient Collections ⢠Patient Collections Assessment ⢠Beefing Up Your Financial Policy ⢠Technology Inventory ⢠Preparing Your Team ⢠How Kareo Can Help ⢠Your Questions
- 8. Welcome to Boot Camp What does patient collections have to do with a boot camp?
- 9. Kareo Confidential 99 Welcome to Boot Camp How to get the most out of this Boot Camp ⢠Set realistic expectations to avoid becoming discouraged part way through the process and giving up. ⢠Pick what seems doable for you right now, give it your best effort and keep moving forward, even if itâs baby steps. ⢠Take the amount of time you need to in order to complete all of the âweeksâ of Boot Camp. ⢠Follow a modified path that you can easily handle all the way through and then repeat the Boot Camp again to implement additional items that you werenât quite ready for.
- 10. Kareo Confidential 1010 Why a Boot Camp? 39.1% 54% 90% 30% Privately insured individuals under age 65 with HDHP HDHPs Increase in HDHPs since 2010 Increase HDHP purchased on exchanges and the open market Bronze/Silver Percent of revenue attributed to patients Patient
- 11. Kareo Confidential 1111 The Patient Collections Journey Bill Payer/Patient Submit claims immediately, post payments promptly and send statements frequently Validate and Collect Confirm all financial information at each visit and collect copay and any balances due Gather Data Collect all demographic info needed to verify insurance and patient responsibility when scheduling the appointment Effective patient collections begins long before the patient sets foot in the office. Each step in the process is an opportunity for success and will directly impact your net collections. Follow-Up Stay on top of patient balances and be pro- active before accounts reach 60 days Before Visit At Visit After Visit Follow Up
- 12. The Building Blocks of Successful Patient Collections Financial policy, technology, staff training
- 13. Kareo Confidential 1313 Patient Collections Assessment Workout Set 1
- 14. Kareo Confidential 1414 Assessing Your Current Financial Fitness ⢠You canât improve what you havenât measured. ⢠Be honest in your answers. It does you no good to overestimate the effectiveness of your current process. ⢠If you canât immediately answer a question without having to think about it, you probably need to answer âyesâ.
- 15. Kareo Confidential 1515 Assessing Your Current Financial Fitness Question 1 Are more than 5% of your rejections and denials due to eligibility? Why it Matters Eligibility is the #1 cause of rejections and denials and it is the most preventable of all denials.
- 16. Kareo Confidential 1616 Assessing Your Current Financial Fitness Question 2 Are more than 50% of your patient responsibility balances greater than 60 days old? Why it Matters Accounts with balances aged greater than 60 days become increasingly less likely to be paid in full without significant effort. If a patient has received two or more statements with no response, they are unlikely to respond to further statements.
- 17. Kareo Confidential 1717 Assessing Your Current Financial Fitness Question 3 Do you collect less than 95% of copays and past due balances at the time of service? Why it Matters Your best chance of collecting from a patient is when they are standing in front of you, especially if they have not yet seen the provider. Collecting becomes exponentially more difficult once a patient walks out the door.
- 18. Kareo Confidential 1818 Assessing Your Current Financial Fitness Question 4 Have your bad debt write-offs increased in the last 12-18 months? Why it Matters Increasing bad debt write-offs mean a decrease in net collections. Repeated bad debt write-offs encourage bad habits in patients.
- 19. Kareo Confidential 1919 Assessing Your Current Financial Fitness If you answered yes to more than one of the preceding questions, you may want to take the full assessment available in the Event Resources:
- 20. Kareo Confidential 2020 Financial Policy Workout Workout Set 2
- 21. Kareo Confidential 2121 Beefing Up Your Financial Policy Your Patient Financial Policy is: ⢠No longer something you simply get signed and file away. ⢠Something that all members of your staff must be familiar with and must be prepared to explain to patients ⢠An agreement between your patients and your practice which outlines the responsibilities of both parties ⢠One of the most important documents for your practice
- 22. Kareo Confidential 2222 Beefing Up Your Financial Policy Best Practices for Creating or Revising Your Financial Policy ⢠Use clear patient friendly language. ⢠Use bullet points and section headings that guide patients through the entire document. ⢠Include multiple places for patients to initial to encourage reading the entire document. ⢠Provide a glossary of terms to ensure that patients understand their true responsibility . Donât assume that patients understand insurance jargon.
- 23. Kareo Confidential 2323 Beefing Up Your Financial Policy Example of a Strong Lead-In to a Financial Policy
- 24. Kareo Confidential 2424 Beefing Up Your Financial Policy Structure the document so that it addresses both self-pay and insurance patients. Begin with items that apply to all patients. Topics for All Patients ⢠No show/cancellation policy and penalties ⢠Collections policy ⢠Dismissal for non-compliance financially ⢠Options for financial assistance ⢠Payment methods accepted
- 25. Kareo Confidential 2525 Beefing Up Your Financial Policy Clearly define patient obligations related to their insurance. Donât assume they understand how insurance coverage works. Topics for Insured Patients ⢠Establish when copays, coinsurance, deductibles and unpaid balances are due ⢠Remind them that ultimate responsibility for their bill lies with them ⢠Explain why copays/deductibles cannot be waived ⢠Encourage patients to review their plan benefits and be familiar with what is and is not covered under their plan ⢠Provide a list of the plans you participate with, not just the payer names, especially if you only participate in PPO, or all but HMO, etc ⢠Instruct patients to notify you of any changes to their benefits immediately
- 26. Kareo Confidential 2626 Beefing Up Your Financial Policy Clearly define patient obligations related to their insurance. Donât assume they understand how insurance coverage works. Topics for Insured Patients ⢠Consider including a patient friendly glossary of insurance terms To get you started, you can download our Glossary of Essential Health Insurance Terms from the Event Resources.
- 27. Kareo Confidential 2727 Beefing Up Your Financial Policy Self-pay doesnât always mean âno insuranceâ. Be sure to address non-covered services in your financial policy. Topics for Self-Pay Patients ⢠Clearly outline what is expected regarding payment at time of service ⢠Include a sample self-pay fee schedule ⢠Offer prompt pay discounts ⢠Provide multiple payment options ⢠Encourage patients with HDHPs to review self-pay policies, as many times they end up falling under more of a self-pay category
- 28. Kareo Confidential 2828 Beefing Up Your Financial Policy Best Practices Tips ⢠Include your billing and front desk staff in reviewing and updating your financial policy. They can provide valuable âreal worldâ insight into where your current policy falls short. ⢠Once you have reviewed your current policy and updated, modified, reworked and finalized it, be sure to run it past your healthcare attorney to make sure that it is legal and enforceable
- 29. Kareo Confidential 2929 Beefing Up Your Financial Policy Establish a protocol to update and review financial policies ⢠All established patients should be asked to review the financial policy at least annually. ⢠If a patient changes from self-pay to insured or vice versa, make it a policy to have them review the financial policy again and initial and date it to make sure they are aware of the differences in their obligations.
- 30. Kareo Confidential 3030 Beefing Up Your Financial Policy Use our Financial Policy Checklist to review your current policy and update it with any missing or inadequate topics. More Best Practices for Making Your Financial Policy Work ⢠Post on you website ⢠Send to new patients prior to first appointment ⢠Give patients a signed copy ⢠Require new patient paperwork to be returned prior to appointment
- 31. Kareo Confidential 3131 Patient Collections Technology Inventory Workout Set 3
- 32. Kareo Confidential 3232 Taking Inventory of Your Technology The Basics ⢠Scheduling and appointment reminder software ⢠Eligibility verification ⢠Billing/Practice Management System ⢠Clear and professional statements ⢠Payment processing system ⢠Patient Portal Access our Patient Collections Technology Inventory in the Event Resources.
- 33. Kareo Confidential 3333 Taking Inventory of Your Technology Features that will take collections to the next level ⢠Credit Card on File (CCoF) ⢠Payment Estimator ⢠Online Payment Portal for both eChecks and Credit Cards ⢠Mobile Bill Pay ⢠Automated Payment Plans ⢠Appointment reminders via text and email ⢠Electronic Statements
- 34. Kareo Confidential 3434 Prepare Your Team Workout Set 4
- 35. Kareo Confidential 3535 Preparing Your Collections Superstars Everyone in the office should be trained to: ⢠Explain the practiceâs financial policy ⢠Provide patients with the payment amount due ⢠List the payment options available ⢠Collect payments at the time of service and over the phone ⢠Provide payment alternatives if full payment canât be made ⢠Offer financial counseling resources Patient collections may not be the primary job of everyone in the practice, but it is the job of everyone to work as a team to accomplish your patient collections goals.
- 36. Kareo Confidential 3636 ⢠Review and revise your current financial policy. ⢠Educate your staff on your new financial policy, payment pathways, and their role in patient collections. ⢠Identify technology you may need to upgrade or acquire to improve time of service collections. ⢠Set a goal to collect greater than 95% of copays at the time of service. Remember, collecting just two more copays a day can result in thousands of dollars a year in increased patient collections.
- 37. Kareo Confidential 3737 Patient Collections Webinar: Part 2 Optimizing Collections Before, During and After the Visit Free Live Webinar Thursday, July 13, 2017 10:00 AM Pacific | 1:00 PM Eastern Register Today!
- 38. Kareo Confidential Agenda 38 Agenda 38 ⢠Introductions ⢠Welcome to the Patient Collections Boot Camp ⢠The Building Blocks of Successful Patient Collections ⢠Patient Collections Assessment ⢠Beefing Up Your Financial Policy ⢠Technology Inventory ⢠Preparing Your Team ⢠How Kareo Can Help ⢠Your Questions
- 39. Kareo Confidential 3939 Awards and Rankings Growth awards The speed at which medical practices are moving to Kareo and referring it to other providers. Analyst reviews 3rd party recognition, driven by direct customer feedback, equals trust and credibility. Best places to work Happy, engaged employees stay longer, have more experience and offer better customer service.
- 40. Kareo Confidential 4040 Kareo Platform Kareo Clinical ⢠Comprehensive dashboard ⢠Simple charting ⢠Easy ePrescribing ⢠Convenient eLabs ⢠Specialty templates ⢠Electronic Superbill ⢠Integrated Patient Portal ⢠Secure messaging
- 41. Kareo Confidential 4141 Kareo Platform Kareo Billing ⢠Centralized A/R Management ⢠Intuitive Billing Analytics ⢠Easy & accurate charge capture ⢠ICD-10 Ready ⢠Smarter billing/patient collections ⢠Secure messaging ⢠Powerful scheduler/appt. reminders
- 42. Kareo Confidential 4242 Kareo Platform Kareo Managed Billing ⢠Dedicated team of specialists ⢠Simple scheduling/calendar ⢠Charge Capture (web/mobile) ⢠Nationwide Billing Rules Engine ⢠Claims tracking ⢠Billing Tasks ⢠Billing Analytics
- 43. @GoKareo 4343 Kareo Platform Kareo Marketing ⢠Marketing and front office automation ⢠Online visibility and SEO ⢠Online appt. scheduling ⢠Email, text & voice recording appt. reminders ⢠Post visit patient reviews ⢠Practice analytics for ROI ⢠Patient communications
- 44. @GoKareo 4444
- 45. @GoKareo 4545 How to Participate Today⌠Type your questions -- Questions After the Webinar -- 888.775.2736 x1 sales@kareo.com
- 46. Connect with Kareo Stop by and say hi! Kareo @GoKareo GoKareo Kareo 3353 Michelson Drive, Suite 400 Irvine, CA 92612 (888) 775-2736