Success Story: Customer Grows Efficiencies and Profits with Deep Data from Kareo Cloud
Coronis Health, a major medical billing company based in Maryland, discovered a solution and it’s making them more efficient in-house. It’s also improving offshore operations. Profits are up. Best of all, they’re boosting their clients’ efficiencies and profits – leading to significant growth.
What’s their secret? Kareo Cloud allows Coronis Health to do a deeper dive into their data. With the raw data, they are able to manipulate the information themselves – exactly the way they want – so that it becomes usable intelligence.
Here’s the four-step process they followed:
1. Exported Their Kareo Data
First, Coronis Health implemented Kareo Cloud, a mass data export tool. This gave them access to their raw Kareo data -- everything from adjustment reason codes to remittance remarks to claims payment status and much more. With Kareo Cloud, they could easily download any data element they needed directly onto their own operating system. Now they were free to use it however they chose.
2. Identified KPIs
Coronis Health is lucky to have a robust and talented internal IT team. Once senior management decided precisely what type of financial and operational intelligence they needed, the team went to work. They created custom dashboards and reports, tracking key performance indicators (KPIs).
“We built A/R summary reports to monitor four essential metrics,” says David Julien, senior vice president of Coronis Health. “They were: days in A/R, Insurance A/R greater than 90 days, A/R backlog, and denials backlog. With these metrics in hand, I now meet every other week with our offshore and onshore teams to review the results. We’ve found that when these KPIs are under control, A/R improves dramatically.”
3. Uncovered Actionable Insights
Using Kareo Cloud, Coronis Health capitalizes on the information it collects. “We have precise control over how data is segmented, calculated, and reported. This means that it’s much easier to identify potential reporting gaps and areas for improvement. For example, we had been wanting to expand both our onshore and offshore coding and billing teams, so that we could increase our business volume. The analytics now available to us is helping us to do just that, plus locate areas where we can become more efficient with existing resources,” explains Julien.
4. Capitalized on Findings
Medical practices want extra efficiencies too. So, they take note when their billing company can offer insights that were never available before.
“Our proprietary provider-facing dashboards based on Kareo Cloud have been a big selling point when we talk with prospective clients,” says Julien. “We’ve developed an app using Kareo Cloud that lets users see charges, payments, and adjustments at a glance. It’s easy for them to monitor A/R status on the go, for better management.”
Coronis Health’s system can filter out a client’s own information, or can run reports across the entire company, looking for trends and potential areas for improvement. The system serves as a collaborative tool. Clients are more on top of their own operations. And Coronis Health can give them better advice as consultants.
Working with Kareo Cloud has been a game changer for Coronis Health. As Julien puts it, “The goal is complete data transparency across the business. We’re achieving this, making more intelligent data-driven decisions, thanks to our Kareo Cloud application. That’s a win for everyone.”
To read more about the power of the Kareo Cloud, visit us here.