Kareo is a software system used by medical practices and physicians to manage billing. The system allows medical professionals to schedule patients, confirm insurance, manage delinquent accounts and the collections process, store patient documents, develop customized reports and more.
Kareo Medical Billing also comes with a patient portal, which facilitates secure communication between patients and providers. It helps practices meet patient compliance requirements and minimize billing errors.
Features of Kareo Medical Billing Software
Kareo is a cloud-based medical billing system designed to meet the needs of small practices. Its flexible platform lets you schedule appointments, confirm insurance, manage delinquent accounts and the collections process, store patient documents and develop customized reports.
Its practice management features and electronic medical record (EMR) tools are some of the most intuitive we reviewed. These include text shortcuts, "Same As Last Time" charting functionalities and centralized screens for most tasks.
This platform also includes tools for capturing charges immediately after a patient encounter ends, which can speed up your collection process and increase revenue. It can also auto-generate patient statements and send them via email, postal mail and text messages.
Managing Patient Information
Managing patient information is a key aspect of medical billing and Kareo has a robust suite of features that help ensure that claims are processed quickly. For example, you can capture charges at the time of a patient encounter and auto-generate statements for patients to facilitate payment.
Kareo also provides a centralized calendar that lets you easily filter and classify appointments by date, provider, office location and medical equipment. Additionally, the software’s drag-and-drop tool makes it easy to reschedule appointments.
To further improve your RCM workflow, Kareo offers managed billing (also known as outsourced billing) where it matches you with a third-party medical biller. The company assesses your needs and matches you with a partner that will optimize reimbursements based on your specialty, practice size, claim volume and billing complexity.
Reporting and Analytics
Kareo offers a comprehensive suite of reporting and analytics features for evaluating the performance of your practice. These tools can provide you with a complete picture of your revenue performance and allow you to identify missed opportunities, trends and inefficiencies.
This information can then be used to determine how to improve your revenue. It also provides you with a way to track billing performance across multiple practices and providers at the same time.
Kareo also includes a patient portal that allows patients to access their health records online. This makes it easier for them to schedule appointments and make payments.
Payment Processing
Kareo Medical Billing Software provides a suite of payment processing features to help medical practices accept electronic payments in the office or online. It also offers an integrated patient self-pay solution that helps patients pay at the time of service, reducing days in accounts receivable and increasing collections.
A unique feature is that Kareo doesn’t charge clearinghouse fees. This can save you a significant amount of money.
Another key benefit of Kareo’s medical billing software is that it allows you to manage your insurance claims electronically, which can reduce delays and errors in the insurance verification process. It also helps you get paid faster by eliminating denials and rejections.
Kareo’s medical billing software has a color-coded dashboard that makes it easy to follow claim status from charge submission to payment posting. It also offers tools to address denied and rejected claims, enabling you to learn the ins and outs of each denial and identify recurring reasons for it.
Conclusion and Final Thoughts
Kareo is a software solution for independent healthcare organizations that offers a variety of features and services. It enables practices to manage patient scheduling and intake, automate bi-directional reminders and maintain engagement with regular patient communications like re-care messages and satisfaction surveys.
Kareo also equips practices with a clinical workflow guide that provides best practices for improving workflows from top to bottom. It engages external certifying bodies and independent auditors to ensure that policies, processes and controls are in line with applicable regulatory requirements and industry best practices.
Another unique feature of Kareo is that it allows you to outsource certain parts of the revenue cycle management process to third-party medical billers. This is a great option for practices that need help with coding and denial management, but can’t afford to hire in-house billing personnel.
