Kareo Analytics Provides Business Intelligence Across Multiple Practices and Providers Transforming Data into Revenue Generating Opportunities
IRVINE, Calif., May 22, 2018 –Kareo, the leading provider of cloud-based clinical and business management software for independent medical practices, today announced Kareo Analytics, a powerful yet intuitive business intelligence solution designed specifically for billing professionals serving distributed practices. Kareo’s latest offering addresses the need for a comprehensive and cost-effective solution that delivers intelligence and actionable information to optimize billing workflows while enabling the best possible revenue cycle outcomes. Kareo Analytics is designed to help medical billing companies and billing professionals reduce complexity by delivering valuable insights and transparency.
Kareo Analytics is changing how billing professionals work with data, allowing them to recognize the true potential of their information by tracking trends, identifying areas of improvement and communicating billing performance trends across multiple practices and providers concurrently. With Kareo Analytics, data from hundreds of medical practices can be loaded in seconds, while interactions with this data set, such as filtering or updating, is almost instantaneous. This is a substantial improvement over other methods of cross-practice data analysis, which can be extremely time consuming, often involving manual data extraction, consolidation and analysis.
Kareo Analytics users can quickly access in-depth views of accounts receivable — by CPT code, payer, payer scenario, date of service, payment posting, and other filtering options. They can easily identify unrealized revenue opportunities and prioritize activities based on the greatest financial impact.
“To optimize profitability in today’s challenging healthcare reimbursement landscape, medical billing professionals need an advanced revenue optimization strategy. The ability to access and interpret data quickly enables them to intelligently improve revenue cycle management operations,” said Nitin Somalwar, General Manager of the Kareo Billing Company business unit. “Kareo processes almost $20 billion in insurance claims through the Kareo platform annually. Operating at this scale has provided Kareo with in-depth knowledge of the value that business intelligence can play in revenue cycle management optimization. Kareo Analytics puts the power of enterprise-level business intelligence tools in the hands of medical billing professionals.”
For the first time, billing professionals working with independent practices have the same level of insight into revenue performance previously only available to large healthcare networks with dedicated departments for data analysis. Kareo Analytics provides advanced KPI dashboards and real-time customizable reporting functionality all within a streamlined, self-service solution. In addition, Kareo offers extensive support and training, allowing customers to quickly become confident explorers of their own data.
“Kareo Analytics has really helped us,” said Joshua Santillan, CEO and co-owner of Medical Billing Unlimited in El Paso, Texas. “Before, we had to piece different reports together to create our own dashboard manually. There was a lot of room for error or inconsistency — it was very labor intensive. The process is easier with Kareo Analytics. We’re able to develop the reports we need for the dashboard. Kareo Analytics helps me empower a core group of people at my company to help me with these reports. There’s no way I would be able to run all these reports and still manage a growing office.”
Among many advantages, Kareo Analytics provides:
- Self-service data analytics tools that are intuitive and easy to use
- Integrated view of all revenue cycle data for all practices and providers
- Analysis of payer mix to inform which payers are top payers
- Ability to create custom benchmarks, metrics and visualizations
- Quick and responsive user experience
- In-app definitions of the formulas being used
- Access/exporting of source data used in any report
- Ability to curate data stories for further conversations
More information on Kareo Analytics can be found at www.kareo.com/analytics.
Kareo is the only cloud-based complete medical technology platform purpose-built to meet the unique needs of independent practices in more than 45 specialties. Today Kareo helps over 45,000 providers in all 50 states run more efficient and profitable practices, while delivering outstanding patient care. The Kareo technology platform is the first to help independent practices find more patients, manage their care with a fully certified and easy-to-use EHR, and get paid quickly all in one complete and integrated package. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 5000 and Black Book's #1 Integrated EHR, Practice Management and Medical Billing vendor as well as the top of the Leader Quadrant in the Frontrunners Software Analysis of EHR. Kareo's growth further demonstrates the expansion and vitality of the independent practice market in the U.S. With offices across the country, Kareo’s mission is to help independent practices succeed in an ever-changing healthcare market.More information can be found at www.kareo.com.