Irvine-based Kareo Inc., a provider of cloud-based practice-management and medical-billing software for physicians, has launched a new portal designed to help small medical practices increase self-pay collection.
Powered by InstaMed’s Healthcare Payments Network, Kareo’s system equips practices with integrated tools that help to accelerate cash flow with credit card, debit card and check processing through Kareo’s secure electronic patient-statement-delivery software.
Since the economy is shifting toward more patient-funded healthcare, medical practices are running into more instances of high-deductible plans, greater co-insurance and under-insured patients. Practices are more dependent on patient revenue to stay afloat; currently, patients account for more than 30 percent of an average practice’s income.
An aggressive, technologically advanced management system is just what the doctor ordered, according to Kareo, and it’s something that practices can’t afford to pass up.
“The rapid increase in medical costs paid out-of-pocket by patients is now resulting in a cash flow crisis for small medical practices,” says Dan Rodrigues, CEO of Kareo. “By making it easy and affordable to accept credit and debit card payments, send electronic patient statements, and give patients the option to pay online, we are helping medical practices take control of their growing patient receivables in order to get paid faster and more efficiently.”
The implementation of Kareo’s new system is simple: After a patient’s insurance company is billed, medical practices can then email patients for any remaining balance, where recipients can view their bill online and conveniently make a payment. If the practice doesn’t receive a payment, the patient is automatically sent a printed statement with options to pay online, by phone, by mail or at the office. kareo.com