Robotic Process Automation: Two Ways to Bring it Into Your Practice Today
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If mention of bots brings up images of a sci-fi future having little to do with running an independent medical practice think again. Bots are software scripts that work behind the scenes in Robotic Process Automation (RPA) technology, and theyre delivering important efficiencies to practices large and small. They offer simple solutions that are affordable and easy to manage, especially in billing. In this free webinar. Brian Cafferty, Kareos VP of RPA development, describes two RPA bots that are transforming efficiencies at direct practices, eliminating manual tasks involved in unapplied payment posting and ERA processing. He will cover: - What RPA is - How RPA is being used in independent medical practices - RPA solutions that improve efficiencies with minimal investment or effort
Robotic Process Automation: Two Ways to Bring it Into Your Practice Today
- 1. Maximizing Efficiencies in Direct Practices with RPA Technology Bots to the Rescue
- 2. Safe Harbor The information in this presentation is confidential and proprietary to Kareo速 and may not be disclosed without the permission of Kareo. This presentation is not subject to your license agreement or any other service or subscription agreement with Kareo. Kareo has no obligation to pursue any course of business outlined in this document or any related presentation, or to develop or release any functionality mentioned therein. This document, or any related presentation and Kareos strategy and possible future development, product, and/or platform direction and functionality are all subject to change and may be changed by Kareo at any time for any reason without notice. The information on this document is not a commitment, promise, or legal obligation to deliver any material, code, or functionality. This document is for informational purposes and may not be incorporated into a contract. Kareo assumes no responsibility for errors or omissions in this document.
- 3. VP of RPA Development Kareo Brian Cafferty Presenter
- 5. Kareo and PAHCOM Supporting Your Professional Development PAHCOM has approved 1 CEU credit Youll be asked at the end of the webinar if you want a CEU certificate Certificates will be emailed within the next few days Attendees must be logged into the webinar to receive credit
- 6. Kareo and AAPC *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. Supporting Your Professional Development AAPC has approved 1 CEU credit If you would like a certificate, please email webinars@kareo.com Certificates will be emailed within the next few days Attendees must be logged into the webinar to receive credit
- 7. Agenda What is RPA? RPA in medical practices Unapplied payments bot Automated ERA processing bot Q&A
- 8. What is RPA?
- 9. 9 Unleash Your Billers with Robotic Process Automation Robotic Process Automation is a software technology that uses software bots to replace repetitive, rule-based tasks and processes.
- 10. Source: McKinsey & Co, The Value of RPA, 2017 RPA mimics the activity of a human being in carrying out a task within a process
- 11. Automate Decision Making Processes Based on Your Business Rules with RPA Charge Capture Reporting & Benchmarking Claims Processing A/R Follow Up Denial Management Payment Posting Data Validation System Integrations ERA Processing Unapplied Payment Posting
- 12. Increase Efficiency Eliminate the need for paper, faxes, couriers and physical data entry with rules based automation Boost Productivity Reduce manual data entry and enable your staff to focus on activities that drive your business goals Grow Your Business Scale your business quickly and effectively with automation Improve Billing Revenue Cycle Enable more accurate data entry by utilizing rules based intelligent automation Save Time & Gain Speed to Revenue Streamline processes to gain faster A/R turnaround, helping boost your bottom line Benefits of Robotic Process Automation
- 13. RPA in Your Everyday Life Eye candy here Youre already using RPA bots all the time: Banking automation Call center menus Credit card payments Form autofilling Payroll processing
- 14. Eye candy here RPA in Medical Practices Billing Claims and ERA management EHR integration Intake and registration Patient demographics
- 15. RPA helps streamline claims, payments and billing workflows Leverage an integrated data connection between your EHR and Billing Platform Analyze the data for accuracy and eliminate data duplication Generate and upload encounters and patient data based on your unique business rules Migrate patient data from your EHR into your billing platform
- 16. Dramatic Improvements with RPA* 200% faster claims processing 50% boost in revenue/clinical encounter $1,000 bad debt collected in 2 hours *Reported by Kareo RPA users
- 17. Billing: Key Market Challenge Repetitive tasks Error-prone Takes hours every day Staff could spend time more productively
- 18. Automate Your Billing Workflows 1 2 3 4 5 6 Claim is generated from the encounter and sent to the clearinghouse. Claim is adjudicated and accepted by the payer. Once adjudicated, an Electronic Remittance Advice (ERA) is sent back to the practice with payment. Biller reviews incoming ERA and applies payment. Payment adjustments are made to reflect/update outstanding patient responsibility. Reconcile and send invoice to patient for remaining balance, if any. ERA bots help automate this! The Unapplied Payments bot applies any previous payment from the patient.
- 19. Best Bots for Independent Practices: 1. Unapplied Payment Processing
- 20. Unapplied Payments Posting: The Problem Copays go to unapplied bucket Not reflected in patients balance Staff must adjust manually Some copays can cover 4-5 codes Patients call to question bill
- 21. Unapplied Payments Posting: RPA Solution Bot sorts and assigns payments Uses rules customized by practice Updates patient balance Matches dates of service with payment Alerts staff if action needed
- 22. Unapplied Payments Reports Daily summary of applied payments No more month-end reconciliation A/R transparency Happier staff Happier patients
- 23. Best Bots for Independent Practices: 2. ERA Processing
- 24. ERA Processing: The Problem Most ERA are routine Only a few need staff attention Errors lead to delayed payments
- 25. ERA Processing: The Bot Bot reads every line (down to CAS code) Searches for exception claims Alerts staff when action needed Reduces errors Speeds cash flow
- 27. Pain-free Installation No IT expertise needed Bot works transparently behind the scenes Assistance creating custom rules
- 28. Return on Investment (ROI) Nominal set up fee Low monthly subscription Instant ROI Kareos RPA bot paid for itself almost the moment we installed it. Connie Wax President, Medical Claims Solutions
- 29. NEXT STEPS How can I learn more? Meet your RPA consultant Get connected with one of our solution consultants to see how Kareo can help your business grow. Let us know youre interested Let us know youre interested by visiting https://www.kareo.com/robotic-process-automation
- 34. Visit us at https://www.kareo.com/robotic-process-automation to learn more about Robotic Process Automation Thank you.
- 35. 息2022 Kareo Inc. All Rights Reserved.