Product | Kareo

5010 Enforcement – Are You Ready? Kareo Is!

February 2nd, 2012 by Kathy McCoy

Even though the MGMA has called today for an extension of the 5010 enforcement delay to June 30, 2012, we recommend that you be ready now since many payers are requiring use of 5010. Unless HHS decides to accept the MGMA’s recommendation, enforcement of 5010 will start on schedule on April 1. And if you’re using Kareo, you are ready as long as you’ve taken some key steps.

Unlike traditional medical billing software, Kareo’s cloud-based technology allows for rapid updates to comply with industry changes – like 5010 – with little or no impact on the customer experience. Most of the changes have already taken place behind the scenes. However, there are a few things Kareo customers should have done to ensure their claims are process smoothly. If you haven’t already, check to make sure the items below have been updated in your Kareo accounts:

Update 5 digit zip codes to the full 9 digit zip codes.
Add physical addresses to replace PO Boxes.
Enter a new “Pay to Address” if you currently receive payments at a PO Box or a lockbox.

Please review the Kareo 5010 Compliance Checklist for detailed instructions and the Getting Ready for 5010 blog post for training videos on how to make updates to the three areas mentioned above.

A few questions on 5010 that we’ve received through our blog include:

Q: Does the 9 digit zip code also need the slash after the 5th digit before inputting the last 4 digits and do all of the insurance companies have to have physical address’s rather than PO Box’s?

A: Here is what our 5010 expert advises:
Customers can include the dash but it is not required for the claim to process. Insurance company plan addresses can be a P.O. Box, also the 9 digit zip code requirement is not required for Insurance company addresses or Patient addresses

Q: Do I need to update patient’s address to 9-digit zip codes too?

A: The patient’s addresses do not have to be 9 digits.

Q: Am I correct in my understanding that I do not need to update my zip codes for all my insurance companies?

A: Zip codes for the insurance plans or companies do not have to be 9 digits.

Q: Do I need to change all patient PO box address to a physical address?

A: No, patient addresses are not affected by any 5010 changes.

Q: Will the system eventually populate all zip codes with the 4 digit codes?

A: We are currently doing that right now only for Service Location addresses, Practice Information Addresses, and Provider Addresses. If you don’t see a 9 digit zip in those areas, then our system could not match the zip code with a valid address on file so you would have to manually update in those situations.

Q: It says no PO Boxes. Is that for place of service or does it mean mailing/billing address for providers. We live in a very rural area and only have delivery AT the PO.

A: You cannot have PO Box addresses for Providers in the following areas: Provider Addresses and Practice Information addresses. If you have a PO Box for a location you wish to receive payments to, you must use the new Pay to Provider areas in the Provider records.

Q: Just to clarify: We only get mail at our PO Box. From my understanding I go to each provider and enable pay to address. Do I enter the name of the provider to go with the address or do I use our business name for the name?

A: Customer Support advises that you would have to call the payer if you are not sure. Typically, this would be the same as whatever name you were sending as the Billing Provider.

Q: We just noticed that in the Claims Setting section, under the Override EIN? option, there now appears an option that says Enable Pay to Address. Do we need to check off and complete this option? We’ve watched all the 3 parts of the video series and have made the required updates but this was not mentioned and it does not appear in any of the videos.

A: Under Claim Settings overrides, the “Enable Pay-To Address” is a global setting for Pay to Address, meaning that by default all Payers will have the Pay to Address included. Do not check this box unless you want all Payers to have the same Pay to Address. Pay to Address is per provider. On page 3 of our Kareo 5010 Compliance checklist, it discusses when to use the Pay to Address and how to configure it.

Routine customer communications will keep you up-to-date with our 5010/ICD-10 progress. We encourage customers to ensure they are thinking ahead to the bigger ICD-10 transition by October 1, 2013.

If you have additional questions, please feel free to contact us at Support@Kareo.com, via the Comments section of this blog, or on our Facebook page.

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Improve Your Collections Results with More Patient Payment Options

January 12th, 2012 by Kathy McCoy

Especially now that deductibles have reset, improving patient collections is top of mind for most physician practices. And that is as it should be, because with the increased percentage of fees that patients are responsible for, patient collections are now a noticeable part of any practice’s revenue.

As a recent column from CNNMoney pointed out, the top reasons doctors are going broke include declining insurance reimbursements, increased regulations, rising overhead and flat pay. But failure to fully collect patient payments is also an increasingly common contributing factor—and fortunately, one that can be managed.

Recently at the American Medical Billing Association (AMBA) annual meeting, we heard an expert in collections talk about the expectation for a medical practice to be paid. “You wouldn’t go to the grocery store and expect to get food without paying, would you?,” she asked. “Why would you expect to get medical care without paying?”

This question, as obvious as it may seem to some, represents a shift in thinking for many medical practices. Of course a medical practice’s mission is to serve patients and provide good medical care. But a medical practice that goes under isn’t helping anyone—not patients and certainly not the medical practitioner or staff. That’s why it makes sense to revisit your patient collections strategy periodically and see what you may need to update.

Offer multiple patient payment options

We’ve discussed many of the components of a good patient collections strategy on our Getting Paid blog, and you’ll find a lot of good tips there. But one key point is to offer multiple options for patients so that it’s easy for them to pay their fees. Many practices have expanded their payment options to include a variety of methods such as:

Cash
Check (personal or certified)
Credit Cards (including Visa, MasterCard, Discover and American Express)
Financing (plans such as CareCredit or Chase Health Advance)
And even PayPal

As Sara Larch pointed out in her article “Surviving the Deductible Reset in 2012: How to Collect Deductibles and Improve Self Pay Collections” in Kareo’s latest Getting Paid newsletter, practices should “make it easy for patients to pay the medical practice. Let them know all of their options as early in the conversation as possible. Let patients know the medical practice accepts Visa, MasterCard, Discover, American Express, debit cards, personal checks, and cash. Remind them they can pay over the phone. Look at check-in kiosks and see if those are appropriate in the practice. Add an online payment option to your website or patient portal.”

Kareo recently introduced an online payment patient option, and we strongly encourage you to also consider using this useful tool to improve your patient collections. You can enable your patients to view and pay their bills online through a simple, convenient, and secure payment portal.

Overall, make it as easy as possible for your patients to pay—and manage both patients’ and your staff’s expectation that payment, or a plan for payment, will be made at time of service.

For more tips on improving your patient collections, join us for a complimentary webinar, Let’s Collect Deductibles in 2012: Tips for Improving Self Pay Collections on Jan. 19 with expert Sara Larch.

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Learn to Streamline Your Medical Billing in a Kareo Demo Webinar

December 22nd, 2011 by Kathy McCoy

Considering a switch to Kareo, but want to see how Kareo’s easy to use medical billing solution can help streamline your office and ask questions specific to your concerns? Then you are invited to join us for our next free demo webinars on January 12 or January 26 to learn how Kareo medical billing software will make medical billing easy for you as you improve your profitability. You’ll hear how you can:

● Reduce your cost of ownership with web-based software by eliminating costly software and upgrades
● Save money on your medical billing by paying one affordable monthly fee for software and clearinghouse
● Keep things from falling through the cracks – quickly and easily see what claims need to be followed up on, which insurance companies haven’t responded and more
● Use easy to customize reports to see which procedures are most profitable, which providers are most productive, and much more
● Implement an integrated EHR/medical billing system with Kareo and one of our 8 EHR partners, providing you with freedom of choice in which EHR you use

Starting at just $69 per provider per month, Kareo is the easy, affordable medical billing option that is trusted by thousands of doctors.

We’ll show you why.

During this one-hour webinar, you’ll see in detail how Kareo’s easy to use features help you make your billing more productive. You’ll also have the opportunity to ask questions and learn how Kareo suits your specific needs. Please note that this webinar is designed for those who are not currently using Kareo but are interested in learning more about our easy, affordable application.

Title: Kareo Demo Webinar: How to Streamline Your Medical Billing
Date: Thursday, January 12, 2012 or Thursday, January 26, 2012
Time: 10:00 AM – 11:00 AM PST (1:00 PM – 2:00 PM EST)

After registering, you will receive a confirmation email containing information about joining the webinar.
Space is limited.

Reserve your webinar seat now for the dates indicated below:

January 12, 2012 January 26, 2012
1:00 PM EST/10:00 AM PST 1:00 PM EST/10:00 AM PST

We hope you will be able to join us.

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Top 6 Ways Your Medical Billing Software Could Be Hurting Your Practice

December 5th, 2011 by Kathy McCoy

While most of the press lately has been about EHRs, don’t lose sight of the fact that having and making full use of the latest medical billing software can save your practice a lot of money…in some cases, enough to pay for that new EHR you’re considering.

As mentioned in a recent post on our Getting Paid blog, Tammy Banks of the AMA stated recently at the AMBA meeting that claims-processing waste costs physicians 10 to 14% of gross revenue.

So if you’re not making full use of your medical billing software, or if it doesn’t offer the latest features, your practice is paying the price…literally, since it means you’re missing out on revenue you’ve earned and cost savings in staff time.

How?

No/Poor Code Scrubbing—if your medical billing software doesn’t offer up-to-date code scrubbing, your claims may be rejected for reasons that could be easily solved before the claim is ever submitted. That means payment could be delayed by weeks, or if follow-up processes aren’t as good as they should be, lost completely. Look for software that has a code-scrubbing feature that clearly and quickly tells you if there’s a problem with your claim—before you submit it.

No Eligibility Verification—If your medical billing/practice management software doesn’t allow you to verify insurance eligibility in seconds, as Kareo does, your staff is wasting valuable time on the phone waiting. And if you can’t save that verification to the patient’s record, the claim could be denied in a challenge over the effective date of the verification. And while the amount of information varies depending on payer, the software should provide the maximum amount of information available from the payer, ideally including co-pay amount, deductible, and number of visits authorized/remaining.

No Electronic Remittance Advice (ERA)/Electronic Funds Transfer (EFT)—Electronic remittance advice helps you save time by automatically posting insurance payments based on electronic reports delivered to your practice. You should be able to receive electronic remittance advice (ERA) reports, receive a receipt of an electronic funds transfer (EFT), and use electronic remittance advice reports to automatically post insurance payments and reconcile balances. By receiving electronic payments and automating the payment posting process, you can get paid faster and save time.

Not Web-Based—You and your staff should be able to access your billing information from any computer. Home sick? On a business trip? With web-based software, your team can still manage your finances and get timely answers to patients. Don’t be bound to one computer—it’s not convenient, and in case of a disaster such as fire or flood, can bring your revenue flow to a halt, at least temporarily if not long-term.

Poor Payment Terms—Payment terms requiring a one-year contract and set-up fees are so 1990s. Now, especially with web-based software, you should expect not to have to sign a contract or pay set-up fees. Why? Because companies that are committed to keeping your business will provide excellent service every month, and don’t need to lock you in to a long term. If a company insists on a long-term contract, ask yourself why.

No Contract Management Tools—You should be able to check each of your payers for underpayment, with the option to customize by department, procedure, provider, etc. According to the AMA’s National Health Insurer Report Card (NHIRC), you could be missing out on up to 38% of what you’re owed, depending on the payer. Your software should give you an easy to use tool to protect your practice from underpayment.

Especially as we face the possibility of a significant cut to Medicare and patients are becoming responsible for a larger portion of their healthcare costs, you need to be sure you’re receiving the full amount of payment you’re due from payers. Make sure your medical billing software is reducing the anxiety of running your business, not adding to it.

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Give Your Practice the Gift of Web-Based Medical Billing Software This Holiday Season

November 28th, 2011 by Kathy McCoy

The 2011 holiday season is upon us, and that means you and your staff will be taking vacations, attending holiday parties and functions, and juggling your already busy schedules. It’s also time to start planning for 2012 by looking at ways to improve your practice from an operational perspective. Simple changes to your internal systems can help your billing employees work more efficiently, and this can help keep them as happy as they are productive.

And you don’t need to spend a small fortune to do this

A large number of healthcare practices in the U.S. are increasing their efficiency by making the switch to web-based medical billing software such as Kareo, which is easier to use and costs far less than a traditional billing software setup. So, doesn’t it make sense to give your medical practice the gift of web-based medical billing software this holiday season?

‘Tis the season to improve your collections

Here are some eye-opening statistics: Up to 20% of medical claims are denied or lost, and another 10% are ignored altogether. Keeping track of denied or missing claims is a tremendous burden on your billing employees. Calling insurance companies and resubmitting claims takes valuable time away from their daily responsibilities, and it costs your practice money.

When your billing employees submit accurate claims the first time, the chances of them being rejected decreases greatly. Web-based medical billing software like Kareo helps them do this. Kareo has a clean and easy-to-use interface that makes entering billing and coding information a snap, and Kareo’s on-screen alerts make your billing employees aware of any errors or inconsistencies. This allows your employees to make the appropriate corrections prior to submitting your claims. As you are well aware, accurate claims also mean faster reimbursements for your medical practice.

Outdated billing software causes more than lost productivity

Job security and benefits are the top two things that make workers feel happy at their jobs. And the third most important aspect for workers is job satisfaction. When your billing employees are happy, they enjoy coming to your office each day and work hard to benefit themselves and your medical practice.

Many healthcare practitioners are unaware of the fact that technology plays an important role in employee happiness. Outdated medical billing software systems present problems for your billing employees because they are slow and can affect the amount of work that gets done. Not only that, but outdated billing software can cause your employees frustration because they aren’t processing the number of claims they would with the right technology. Additionally, old medical billing software probably lacks the features needed to help your billing employees work smarter, not harder.

A holiday present your billing employees will absolutely love

Imagine the smiles on your billing employees’ faces when they receive a web-based medical billing software system that will help them get their tasks done quickly and more efficiently than ever before. Thanks to web-based medical billing software like Kareo, your employees won’t need to worry about falling behind at work or dealing with large numbers of rejected insurance claims.

Instead, they can work more efficiently and get more billing tasks done in a shorter amount of time. And, perhaps most important, your employees will enjoy their jobs more, and their happiness will be apparent to everyone at your office. Just look at some of the many ways Kareo web-based medical billing software is a fantastic upgrade from your current medical billing system:

Simple interface with drop-down menus
On-screen alerts to ensure accurate claim submission
Real-time insurance verification, usually in 30 seconds or less
Integrated medical clearinghouse services
Multiple options for an integrated EMR—with one at no charge
Appointment scheduling and calendars
E-mail appointment reminders for patients

“Kareo is easy to learn and use”

Dan Milosevic, CEO and President of a medical billing company in Houston, Texas, spoke about Kareo’s ease-of-use in his recent video testimonial. “Kareo is great because it is easy to learn and use. The electronic claim submission and claim check edit are easy to set up and I can access it anywhere,” said Mr. Milosevic. He adds, “Kareo has met all of our expectations and criteria, which is online-based with an advanced reporting and scheduling system.” Mr. Milosevic has also seen the financial benefits of using Kareo web-based medical billing software. “Kareo helped us increase our productivity and profitability and at the same time to decrease our costs by more than 30%,” he said.

Take advantage of the big tax benefits that are expiring on 12/31/11

With monthly plans starting at just $69 (not including electronic claim fees), Kareo web-based medical billing software will significantly reduce your business expenses. And with all the money you will be saving, you might want to consider adding new computers, computer monitors, furniture or medical equipment to your office. Recently, the Associated Press reported that the IRS Code Section 179 tax provision will be changing after December 31, 2011. Currently, Section 179 allows businesses to write off up to 100% of certain capital equipment purchased and put into use between 1/1/11 and 12/31/11. It is recommended that you check with your accountant to determine if your capital equipment qualifies, and what your tax benefits are.

It’s the holiday gift that keeps on giving

What better way to celebrate the holidays than with faster payment cycles, increased revenue and happier and more productive billing employees? Make the switch to web-based medical billing software and this will be the case now… and for many years to come.

(Please note: We are not suggesting that Kareo be the ONLY holiday gift you give your staff…a personal gift to say thank you for their service is always a good idea! Read tips and ideas for recognizing your medical office staff at the holidays now.)

Learn more about web-based medical billing software or watch a recorded demo of Kareo now. And have a wonderful holiday season!

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