New payment solution provides clear, optimized patient payment experience and increases patient collections
IRVINE, Calif., November 9, 2020 – Kareo, the leading provider of cloud-based clinical and business management software solutions for independent healthcare practices, today introduced Kareo Patient Collect, a new patient payment collections solution designed specifically for independent healthcare practices and medical billing companies. Kareo Patient Collect is a fully integrated patient collections solution that improves the payment experience for patients and maximizes patient collections for providers, helping solve some of today’s toughest patient collections challenges.
High deductible healthcare plans are becoming more common every year, resulting in patients covering more of their healthcare costs out of pocket. Statistics show that the average annual family healthcare deductible is over $8,0001, and self-payers can default on patient balances at a rate of 30% or more. In addition, patient statements and outstanding patient balances are often unclear. Increasing patient payment responsibility and inefficiencies in the billing process have made getting paid significantly more challenging for independent practices.
Unlike traditional payment solutions, Kareo Patient Collect provides multiple payment options, payment reminders and concise billing statements. Reminder methods include unlimited e-mails and texts, in addition to mailed statements, to ensure patient responsibility is clearly communicated and payment options are easily accessible. Billing statements are easy to read, so that patients can understand exactly what they owe and then respond through their preferred payment option, including online portal, mobile or in person. At the same time, Kareo Patient Collect reduces the workload of front office staff as well as lowers postage costs by 15%.
“Independent practices are experiencing an increase in outstanding patient collections and a decrease in net revenue, and a major factor is the confusion caused by the outdated patient collections process that practices have in place.” said Dan Rodrigues, founder and chief executive officer of Kareo. “Kareo developed Kareo Patient Collect to make it easier for practices to provide what patients want and expect, a progressive and easy payment experience.”
One Kareo customer, Brittany Lawler, vice president and office manager of ABS Business Solutions, said, “Our collections revenue increased 25% the very first day we started using Kareo Patient Collect. When we send out a text, we can get as many as 100 payments within the hour.”
Kareo Patient Collect provides:
- Full, secure integration with the complete Kareo platform including Kareo Clinical EHR, Kareo Billing, Kareo Engage, Kareo Telehealth and more, improving workflow and ease of use.
- Multiple payment options, including online through the patient portal, by mobile device, over the phone, or in-person.
- Card-on-file to minimize manual data entry, free up resources and store credit cards on file to easily capture patient balances.
- E-mail and text reminders to patients free of charge, with scheduling options.
- Reports on the status of ongoing reminders and reconciliation of incorrect mobile numbers and e-mail addresses.
- Highly simplified mailed statements along with a fixed per month allowance for printed and mailed statements.
More information on Kareo Patient Collect can be found at https://www.kareo.com/patient-collect.
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 75,000 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 ranking at 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.