Improve cash flow by managing insurance and patient accounts receivable
Collections management helps you improve cash flow by managing your collections process and following up on accounts receivables quickly. You can track and enforce insurance contracts, manage patient collections, and use advanced accounts receivable reporting. By tightly managing your patient and insurance collections process, you'll get paid faster and improve your practice's cash flow.
Manage Insurance Contracts
Kareo helps you manage contracts between your physicians and government payers or commercial insurance companies. You can set up insurance contracts with your standard fee and the insurer's contractual allowed amount for each procedure code. You can also set up the expected response time for both electronic claims and paper insurance claims (e.g. 5 business days). Kareo will alert you to claims that are not paid within the expected response time. Kareo will also show you the expected allowed amount and the expected reimbursement amount when you're posting payments and then flag any overpayments or underpayments for appeal.
You can track insurance claims claims through the entire claim submission and reimbursement cycle. You can see a list of claims that have been submitted and pending adjudication by the insurance companies. Kareo reconciles claim processing reports and automatically tracks rejected or denied claims that require correction and resubmission. If an insurance company does not respond to a claim submission within the expected response time, Kareo will automatically flag the claim for follow-up. Finally, Kareo provides advanced reporting and workflow tools to review your unpaid insurance claims by status and age so that you can prioritize the collections work to maximize cash flow.
Due to the increase in high deductible and high coinsurance policies, it is now more important than ever to closely manage your patient collections process. Kareo helps you improve patient collections with various tools. You can track patient copay and deductibles, collect and post patient copays during the check-out process, and bill for missed copays concurrently with the insurance billing process. You can use Kareo's patient statement printing and mailing services to prepare a batch of patient bills for mailing within 24 hours. You can also categorize patients by collection status and apply different patient billing rules by status.
You can use advanced reporting to track your accounts receivable. Kareo's accounts receivable reporting lets you drill-down from patient and insurance summary reports to detailed reports with a specific list of claims. You can run your accounts receivable aging by service date, post date, first billed date, and last billed date. Your can run accounts receivable by balance range and sort accounts by balance. Kareo provides some of the most powerful and flexible accounts receivable reporting solutions on the market.