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Getting paid. It’s one of the biggest challenges that all medical practices face. But it can be especially tough for small practices to collect payments from patients. Once they walk out the door, your chances of getting all the money you’re owed starts to decrease. In this webinar, Rochelle Glassman will talk about some innovative ways to increase your collections from high-deductible and self-pay patients. She’ll also provide simple ways to shorten your revenue cycle. At this event you will learn how: • A deposit from self-pay and high deductible patients can help you get paid • To cut 10 days out of your insurance payment cycle • You can motivate your staff to collect more money from patients • And more! The guest presenter is Rochelle Glassman, President & CEO of United Physician Services. Rochelle brings a passionate, very practical “do it today” approach to making medical practices successful and getting physicians paid more.
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PAGE 1 KAREO | CONFIDENTIAL
3 Innovative Strategies for Increasing Collections
We will begin in just a bit…
PAGE 2 KAREO | CONFIDENTIAL
3 Innovative Strategies for Increasing Collections
Starting Now…
PAGE 3 KAREO | CONFIDENTIAL
Your Hosts Today…
Rochelle GlassmanPresident, United Physician Services, LLC
Terry DouglasDirector Brand Marketing, Kareo
PAGE 4 KAREO | CONFIDENTIAL
How to Participate Today…
PAGE 5 KAREO | CONFIDENTIAL
How to Participate Today…
Type your questions
Arrow opens and closes your panel
PAGE 6 KAREO | CONFIDENTIAL
Social Media for Today…
Follow us on Twitter @GoKareo
We’ll be tweeting live using the hash tag #KareoTip
Join our other social media channels for constant updates!
PAGE 7 KAREO | CONFIDENTIAL
Our Schedule for Today…
1 Introduction & Welcome Rochelle
2 3 Innovative Strategies to Increase Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 8 KAREO | CONFIDENTIAL
Rochelle Glassman
• Nationally-recognized healthcare consultant• Former executive-level consultant for Cigna• Healthcare business entrepreneur• 30 years of healthcare business experience• President/CEO United Physician Services, LLC• Physician Advocate• Trauma-trained RN• [email protected] or 602.685.9500
PAGE 9 KAREO | CONFIDENTIAL
Our Schedule for Today…
1 Introduction & Welcome Rochelle
2 3 Innovative Strategies to Increase Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 10 KAREO | CONFIDENTIAL
Increasing collections without increasing volume
• Collection of co-pays and deductibles
• Electronic Funds Transfer (EFT)
• Collection Strategies
PAGE 11 KAREO | CONFIDENTIAL
Co-pays and Deductibles
• Most practices do not verify insurance benefits prior to each patient’s appointment!
• Most practices do not collect up front!
• Can create huge patient A/R issues!
PAGE 12 KAREO | CONFIDENTIAL
Co-pays and Deductibles
• Patient co-pays and deductibles should be checked PRIOR to patient visits.
• Collect patient balances proactively rather than retroactively.
• Create credit card on file system.
PAGE 13 KAREO | CONFIDENTIAL
Co-pays and Deductibles
Bottom line profit
Less administrative work
PAGE 14 KAREO | CONFIDENTIAL
Electronic Funds Transfers (EFT)
• Not always utilized across the board!
• Consistent cash flow!
• Less room for employee error!
• Reduced theft!
PAGE 15 KAREO | CONFIDENTIAL
Electronic Funds Transfers (EFT)
• Money may be received within 5-10 days.
• Less administrative work – no need to send employee to the bank 1-2 times a week.• No bank deposits!
• Quicker!
• Less liability (Employees traveling to bank, for example)
• Less time to post payment
PAGE 16 KAREO | CONFIDENTIAL
Electronic Funds Transfers (EFT)
Consistent cash flow
Less administrative work
PAGE 17 KAREO | CONFIDENTIAL
Collecting your A/R
• A/R can get out of control very quickly!
• Don’t allow your staff to write off balances.
• Load your reimbursement schedule by payer.
• You’re losing money!
PAGE 18 KAREO | CONFIDENTIAL
What can you do!?
• Make payments easy – create patient electronic payment portal available 24/7/365
• Remind patients of old balances PRIOR to their next appointment
• Setup payment plans for large balances through automatic credit card (Get an agreement signed by the patient!)
PAGE 19 KAREO | CONFIDENTIAL
What can you do!?
Sample credit authorization form
PAGE 20 KAREO | CONFIDENTIAL
What can you do!?
• Develop consistent collection policies• Upfront collection of co-pays and
deductibles• Credit card deposits that are automatically
charged when an EOB is posted• Sending patient statements quickly after
EOBs are posted• Send weekly electronic statements
PAGE 21 KAREO | CONFIDENTIAL
Collect-a-thon Party!
PAGE 22 KAREO | CONFIDENTIAL
Collect-a-thon!
• Work on balances older than 90 days
• Saturday morning – but pay your employees!
• Make it fun!
• Make it a competition!
• Have prizes!
PAGE 23 KAREO | CONFIDENTIAL
Collect-a-thon!
Increased revenue
Decreased A/R
PAGE 24 KAREO | CONFIDENTIAL
Our Schedule for Today…
1 Introduction & Welcome Rochelle
2 3 Innovative Strategies to Increase Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 25 KAREO | CONFIDENTIAL
Discover Kareo’s Role
“…Make Your Practice a Best Practice!”
PAGE 26 KAREO | CONFIDENTIAL
Discover Kareo’s Role
“…Make Your Practice a Best Practice!”
• PAHCOM & AAPC have approved 1 CEU credit.
• To request your credit, reply to the email received immediately following the webinar today.
This program has the prior approval of AAPC for 1 continuing education hour. Granting of prior approval in no way constitutes endorsement by AAPC of the program content or the program sponsor.
PAGE 27 KAREO | CONFIDENTIAL
Discover Kareo’s Role
PAGE 28 KAREO | CONFIDENTIAL
Discover Kareo’s Role
PAGE 29 KAREO | CONFIDENTIAL
Discover Kareo’s Role
Collect Co-Pays & Deductibles• Upon check-in• Credit/Debit/HSA/FSA
PAGE 30 KAREO | CONFIDENTIAL
Discover Kareo’s Role
Collect Co-Pays & Deductibles• Upon check-in• Credit/Debit/HSA/FSA
EFT Payments• EFT confirmation• Transaction ID in ERA
PAGE 31 KAREO | CONFIDENTIAL
Discover Kareo’s Role
Collect Co-Pays & Deductibles• Upon check-in• Credit/Debit/HSA/FSA
EFT Payments• EFT confirmation• Transaction ID in ERA
Patient CollectionReports
PAGE 32 KAREO | CONFIDENTIAL
Discover Kareo’s Role
Collect Co-Pays & Deductibles• Upon check-in• Credit/Debit/HSA/FSA
EFT Payments• Receive EFT
confirmation, transaction ID with your ERA report.
Patient CollectionReports
PAGE 33 KAREO | CONFIDENTIAL
Discover Kareo’s Role
“…make work fun and rewarding!”
• Bell• Easy Button• Bag ‘o Money• Party Hats• Balloons• $50 Domino’s Pizza Gift Card• $50 Amex for Groceries• Kareo Goodies
Kareo Collect-a-thon Party Pak
PAGE 34 KAREO | CONFIDENTIAL
Our Schedule for Today…
1 Introduction & Welcome Rochelle
2 3 Innovative Strategies to Increase Collections
3 Discover Kareo’s Role
4 Answer Questions
PAGE 35 KAREO | CONFIDENTIAL
Let’s Answer Your Questions
Is Kareo a clearinghouse? If not, what clearinghouses do you use?
Questions Right Now
888.775.2736 [email protected]
‐‐ Questions After the Webinar ‐‐
For Kareo…
For Rochelle… [email protected]
PAGE 36 KAREO | CONFIDENTIAL
3 Innovative Strategies for Increasing Collections
Thank you for attending!