Payments and Collections
Posting payments and reconciling accounts
Improve your cash flow and save time by posting payments and reconciling accounts with Kareo. You can post insurance payments automatically, post patient and insurance payments efficiently, and manage insurance contracts. Kareo helps you reconcile payments and ensure prompt and proper reimbursement by patients and their insurance companies.
Auto-Post Insurance Payments using Electronic Remittance
Over the past few years, the healthcare industry has agreed on a standard for electronic insurance payment and reconciliation. This standard is commonly referred to as electronic remittance technology and is comprised of two components. First, Electronic Funds Transfer (EFT) enables insurance companies to deliver electronic payments to healthcare providers upon adjudication of valid and payable medical claims. Second, Electronic Remittance Advice (ERA) is an electronic report in a standard, computer-readable format sent by insurance companies to providers as an explanation of payment and adjudication of medical claims. These standards expedite the delivery of insurance payments and simplify the reconciliation of patient accounts.
You can unlock the full potential of this technology with Kareo by automatically posting insurance payments using electronic remittance reports. Kareo's automatic payment posting engine properly handles even the most advanced electronic remittance scenarios, including denials, underpayments, overpayments, multiple adjustments, automatic cross-over, secondary remittance, reversals, and more. You can review detailed adjustment reason and remark codes and save payments once processed. You can view and print all of your remittance reports in a standardized format. You can also save to your computer in ANSI-835 format and export your ERA reports for use with other programs, such as Medicare's Remit Easy Print software.
Post Insurance Payments Using Explanation of Benefits (EOB) Reports
If you are using Explanation of Benefits (EOB) reports to post insurance payments manually, Kareo offers a streamlined, keyboard driven workflow to maximize your productivity. You can post payments using unique encounter numbers, also known as Patient Control Numbers (PCN), which Kareo submits on claims and payers return on explanation of benefits reports. You enter the allowed amount, paid amount, and patient responsibility information, and Kareo automatically calculates the contractual adjustments and posts the appropriate transactions to the patient's account. As you are posting payments, you can view a full transaction history on each charge and drill-down into the encounter for more details. Finally, you can post your insurance payments by batch and generate batch reports to reconcile to bank deposit slips.
Manage Insurance Contracts
Kareo helps you manage contracts between your physicians and government payers or commercial insurance companies. You can set up practice standard fee schedules or insurance-specific contracts. Simply enter the standard fee, expected allowed amount, and expected reimbursement for every charge on your fee schedule. As you are posting payments, Kareo presents the expected allowed and expected reimbursement and flags any overpayments or underpayments.
Post Patient Payments
We've also made it very easy to post your patient payments. Your front-office users can accept patient payments during the check-in or check-out process. Kareo automatically matches up patient payments accepted in the front-office to encounters entered in the back-office in order to automatically apply copays during charge entry. You can also post payments manually and automatically apply payments to patient responsibility. If patients have overpaid, you can easily refund overpayments back to patients.
