Black Book finds that 89% of practices agree their billing and collections systems/processes need upgrading, and 90% are only considering an EHR centric module
IRVINE, CA – May 15, 2014 – Kareo Inc., the leading provider of cloud-based medical office software and services for small medical practices, announced today that Brown-Wilson’s Black Book Rankings Survey has again ranked Kareo as the top integrated electronic health records (EHR), practice management (PM), and revenue cycle management (RCM) software vendor. Kareo was the only company to receive a top 4 ranking in every one of the 18 evaluation criteria measured, achieving the top spot in 12 of 18. The Black Book survey also uncovered rapidly changing technology adoption plans and priorities of independent medical practices.
The Black Book Rankings surveyed 21,079 qualified users and asked their opinions on 455 different software vendors between November 2013 and April 2014. To receive a copy of the report, visit kareo.com.
“Kareo’s vision is to provide independent medical practices with cloud-based technology solutions that significantly reduce the burdens of running a medical practice, enabling providers and their staff to maintain their focus on delivering outstanding patient care,” said Dan Rodrigues, CEO and founder of Kareo. “Our entire team at Kareo is honored to again be recognized by Black Book’s study for our intuitive, affordable, and fully integrated EHR, practice management, and revenue cycle solution.”
Black Book’s survey found that private practices are increasingly looking to integrate an EHR with a practice management or outsourced billing service with the same vendor. When they do, the results are encouraging.
“We've used Kareo's EHR and practice management systems since we opened our practice. When we decided to outsource our medical billing, we chose Kareo because they already understood the relationships that we have with our patients," said Erick Wicker, Business & Clinical Operations Manager at the Brain and Spine Institute for Children in Orlando, FL. "As a neurosurgery practice that is growing exponentially, it was important to choose a company that was on the cutting-edge of EHR, practice management, and medical billing. It was a virtually seamless integration and a decision we would make again”.
Results from Black Book’s 2014 survey highlight three critical themes regarding medical practice operational priorities over the next few years. These themes emphasize the growing recognition on the part of practice providers and staff that technology must fulfill a larger role in meeting the demands of running a practice and delivering patient care. They are:Urgency to Upgrade Outdated Software
- 89% of all physician practices agree that their billing and collection systems and processes need upgrading.
- 90% of those seeking an RCM/PM upgrade or system change out are only considering an EHR centric platform.
- 87% of business managers are certain their old practice management and revenue cycle management cannot accommodate upcoming regulatory requirements and updates.
- 90% of managers in independent practices confirm their belief that an innovative, seamless EHR/PM/RCM system will ensure long-term practice independence and greatly improve productivity and profitability.
- For solo and small practices planning to retain in-house billing functions, 82% aim to integrate physician practice management, billing services and EHR into a single vendor solution if possible by January 2016.
- 90% of physicians currently replacing their EHRs are seeking a seamless single source vendor, and prefer vendors that offer software, outsourcing, and consulting options in their EHR/RCM/PM transformation.
- 42% of all small physician practices (1-5 practitioners) with employed billing staff hope to move billing to an outsourcer in the next 12 months.
- 90% of solo and small practice physicians with in-house billers & collectors expect to outsource most or all of the billing functions in the next 24 months.
- 64% of physician practices are considering a combination of new software and outsourcing services to improve their RCM systems.
In total, these three themes from Black Book’s study highlight the rapidly growing recognition by private practice providers and managers that technology and technology-enabled services are the key to long-term practice viability and quality care delivery. For years, smaller practices have been forced to consume complex and over-engineered applications designed for much larger organizations, resulting in cost and efficiency challenges and intense user and patient dissatisfaction. Now, however, private practices can take advantage of cloud-based solutions from Kareo built specifically for their clinical, business, and usability needs. By providing technology that solves rather than creates medical practice challenges, Kareo is helping practices manage through an unprecedented time of change, ultimately enabling the efficient delivery of better patient care.
Kareo is the only cloud-based medical office software and services platform purpose-built for small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated solution of products and services designed to help physicians get paid faster, run their business smarter, and provide better care. Our practice management software, billing services, and free, award-winning fully certified EHR help more than 25,000 medical providers more efficiently manage the business and clinical sides of their practice. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Forbes Top 100 Most Promising Companies, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor. Headquartered in Irvine, California, the Kareo mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.
About Black Book
Black Book Rankings, a division of Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors, and prospective software system buyers, pharmaceutical manufacturers, and other interested sectors of the clinical technology industry with comprehensive comparison data of the industry's top respected and competitively performing technology vendors. The largest user opinion poll of its kind in healthcare IT, Black Book collects over 400,000 viewpoints on information technology and outsourced services vendor performance annually. For methodology, auditing, resources, comprehensive research and ranking data see http://www.blackbookrankings.com.