Billing Financial Management

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BILLING FINANCIAL MANAGEMENT 4

Module 5 – Billing Financial Management

H320/HSA3170 SECTION 02 FINANCIAL MANAGEMENT OF HEALTHCARE ORGANIZATIONS

The facility selected is the primary care because the Kareo billing company supports the small practices and small billing institutions, which places the Kareo Company at a better place to keep the primary care facilities. Kareo Company takes over the medical billing process entirely and manages every element regarding the customers’ needs. Its painters with small and independent practices across all the specialties (Hare et al.,2020). From the begging to the end, the Kareo billing company ensures that its team captures charges. They enter the costs into the claims, and they code the claims by the aid of coders who are satisfied with staff, and make submissions through a clearinghouse to the required payers as they make the follow-ups of the claims that remain unpaid. In case the claims are denied, the Kareo billing company makes the revision, and then they resubmit the denied claim until they ensure that the request is ultimately paid.

When they have received the cash, then they deposit the money into your practice’s accounts. Kareo Company uses a rules engine in scrubbing each claim that it gets before they submit to the payer to catch errors, which usually leads to denial of cash (Davey & Davey, 2015). The rule engine will leverage the client’s entire network so that it can identify the possible issues and the claims that might be problematic and can be subject to reviewing and revision if the need arises. In case the payers deny the claims, Kareo relies on the organized worklist, which ensures that the claims that were rejected by the billing team in Kareo puts it as the priority and place it on top of the queue. The critical review is then done, and resubmission is done to the relevant payers. The company stood up because they deal effectively with the calamities they make. On top of that, the rates they charge are competitive to their related companies of the same kind.

Kareo offers a relatively competitive rate for both billing services that it undertakes in terms of the cost. They take a percentage of the net collections they have made on behalf of their clients, which is generally 4% to 7% of the money collection. The special rate they charge depends on many factors, such as the practice size, specialty, and several claims made, not forgetting the billing process’s complexity in each request of the customers, On top of percentage collection. Kareo earns a setup fee of the $500 per each provider for new practices. And the clients are required to have a contract which lasts for one year at a minimum. Kareo medical billing company is the most reliable in the United States. It is most suited in the small practicing, and billing canister billing company can be relied upon because it can schedule patients. They can confirm insurance to the clients, manage delinquents’ accounts, and the process of collection. They also store the patients’ documents and make a regular report (Date et al.,2020). The Kareo Company can manage the complications that will be existing in the insurance billing. On the other hand, medical staff can enter the information concerning the patient and then and make their verifications of the insurance claims instantly. Kareo also provides the schedules and reminders for an appointment to help practitioners schedule appointments with the patients. They can send them reminders, which reduces no-shows.

References

Date, F., Tanjung, A. S., Lemmen, J. J. G., & van den Hauwe, S. (2020). Studying Market Reactions to Fintech Acquisitions in North America and Europe: The Impact of Fintech Classification of Target Firms on the Acquirers’ Cumulative Abnormal Returns.

Davey, S., & Davey, A. (2015). Effect of practice management softwares among physicians of developing countries with particular reference to Indian scenario by Mixed Method Technique. Journal of family medicine and primary care4(2), 208.

Hare, N., Bansal, P., Bajowala, S. S., Abramson, S. L., Chervinskiy, S., Corriel, R., … & Rupp, M. R. (2020). COVID-19: unmasking telemedicine. The Journal of Allergy and Clinical Immunology: In Practice.

Last Updated on September 23, 2020 by Essay Pro