Effective medical billing software helps healthcare providers avoid the potholes of the process
that can lead to serious cash flow problems within their medical practice. With Kareo, healthcare
providers can manage their process with ease while getting paid faster from insurance companies
and patients. That's because Kareo is the most user-friendly, easy-to-buy, and fast-to-deploy
medical billing software on the market offering immediate benefits with reduced risk and cost.
The billing process starts when a healthcare provider makes a physical examination and provides
medical care to a patient. The diagnosis and medical services that are rendered by the healthcare
provider to the patient are then translated into numerical codes drawn from the International
Statistical Classification of Diseases (ICD-9) and the Current Procedural Terminology (CPT) code
databases. Kareo’s software enables a medical biller to transmit a medical claim to an insurance
company using an electronic claim (using the ANSI 837 electronic format) or a paper claim (using
the CMS-1500 paper form). The insurance company processes the claim and delivers reports to a
healthcare provider's billing software. Approved claims are reimbursed at a percentage of the
billed services based on pre-negotiated rates between the healthcare provider and the insurance
company. Failed claims are rejected and a notice is sent to the provider in the form of an
Explanation of Benefits (EOB) or Electronic Remittance Advice (ERA) report. Any copayment,
deductible, or coinsurance amounts on approved claims or non-covered services on failed claims
are then billed to the patient on a patient statement (also known as a "medical bill"). The
frequency of rejections, denials, and over payments by insurance companies is high (often
reaching 50%) and many healthcare providers also carry large accounts receivable (for an average
of 75 days).
Traditional medical billing software is being increasingly replaced in recent years by web-based
software. Why? The billing process is more complex than ever and you need software that simplifies
your practice and reduces the costs of your healthcare business. With web-based software, you don't
need to make a large up-front software or hardware investment that's expensive to install and maintain.
With Kareo's pay-as-you-go model, the price of success is dramatically lower.
Not all medical billing software is equal. It's important that the software you select for your
business is able to effectively manage the entire billing process in a way that simplifies your
medical business and helps you get paid faster by insurance companies and patients. With Kareo,
you'll manage the entire process from scheduling and pre-visit patient registration, to the
doctor-patient encounter, to the insurance and patient billing and collections process, and finally,
through the reporting on key performance metrics on the success of your business.
Medical billing solutions from Kareo are available for many types of users, medical specialties,
and insurance companies. With thousands of healthcare providers in 50 states and 36 medical
specialties, Kareo provides solutions that are right for your business. Kareo supports all types of
users including physicians, office managers, medical billers, and medical billing services. Kareo
also supports all types of specialties including anesthesia, cardiology, chiropractors, dermatology,
family practice, internal medicine, mental health, obstetrics and gynecology, ophthalmology, pain
management, pediatrics, physical therapy, radiology, surgery, and more. Kareo supports billing
scenarios that include patient billing, Medicare billing, Medicaid billing, Blue Cross, Blue Shield,
and other commercial payers.
To wrap it all up, medical billing software is used to manage the process between healthcare providers,
insurance companies, and patients. Effective software should simplify your healthcare business and help
your doctors get paid faster by insurance companies and patients. Web-based software is superior to
traditional medical billing software because it's more convenient, faster to setup, easier to learn,
and lower cost. Kareo's web-based software provides all of the features and functionality that you need
for your practice. Kareo's proven solutions work for different types of users, medical specialties, and
insurance payment situations. Finally, with Kareo's pay-as-you-go model, there is no reason not to try
Kareo for your healthcare business. You can sign up online, pay a low monthly subscription fee, and
cancel at any time if you don't see the immediate benefits.
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