Kareo has announced that Brown-Wilson’s Black Book Rankings Survey has again ranked Kareo as the top integrated electronic health records, practice management, and revenue cycle management software vendor. Kareo was the only company to receive a top 4 ranking in every one of the 18 evaluation criteria measured, achieving the top spot in 12 of 18. The Black Book survey also uncovered rapidly changing technology adoption plans and priorities of independent medical practices.
The Black Book Rankings surveyed 21,079 qualified users and asked their opinions on 455 different software vendors between November 2013 and April 2014.
“Kareo’s vision is to provide independent medical practices with cloud-based technology solutions that significantly reduce the burdens of running a medical practice, enabling providers and their staff to maintain their focus on delivering outstanding patient care,” said Dan Rodrigues, CEO and founder of Kareo. “Our entire team at Kareo is honored to again be recognized by Black Book’s study for our intuitive, affordable, and fully integrated EHR, practice management, and revenue cycle solution.”
Black Book’s survey found that private practices are increasingly looking to integrate an EHR with a practice management or outsourced billing service with the same vendor. When they do, the results are encouraging.
“We’ve used Kareo’s EHR and practice management systems since we opened our practice. When we decided to outsource our medical billing, we chose Kareo because they already understood the relationships that we have with our patients,” said Erick Wicker, Business & Clinical Operations Manager at the Brain and Spine Institute for Children in Orlando, FL. “As a neurosurgery practice that is growing exponentially, it was important to choose a company that was on the cutting-edge of EHR, practice management, and medical billing. It was a virtually seamless integration and a decision we would make again.”
Results from Black Book’s 2014 survey highlight three critical themes regarding medical practice operational priorities over the next few years. These themes emphasize the growing recognition on the part of practice providers and staff that technology must fulfill a larger role in meeting the demands of running a practice and delivering patient care. They are:
Urgency to Upgrade Outdated Software
- 89% of all physician practices agree that their billing and collection systems and processes need upgrading.
- 90% of those seeking and RCM/PM upgrade or system change out are only considering and EHR centric platform.
- 87% of business managers are certain their old practice management and revenue cycle management cannot accommodate upcoming regulatory requirements and updates.
Trend Toward Seamless Software Integration
- 90% of managers in independent practices confirm their belief that an innovative, seamless EHR/PM/RCM system will ensure long-term practice independence and greatly improve productivity and profitability.
- For solo and small practices planning to retain in-house billing functions, 82% aim to integrate physician practice management, billing services and EHR into a single vendor solution if possible by January 2016.
- 90% of physicians currently replacing their EHRs are seeking a seamless single source vendor, and prefer vendors that offer software, outsourcing, and consulting options in their EHR/RCM/PM transformation.
Plans to Outsource Billing Functions
- 42% of all small physician practices (1-5 practitioners) with employed billing staff hope to move billing to an outsourcer in the next 12 months.
- 90% of solo and small practice physicians with in-house billers & collectors expect to outsource most or all of the billing functions in the next 24 months.
- 64% of physician practices are considering a combination of new software and outsourcing services to improve their RCM systems.
In total, these three themes from Black Book’s study highlight the rapidly growing recognition by private practice providers and managers that technology and technology-enabled services are the key to long-term practice viability and quality care delivery. For years, smaller practices have been forced to consume complex and over-engineered applications designed for much larger organizations, resulting in cost and efficiency challenges and intense user and patient dissatisfaction. Now, however, private practices can take advantage of cloud-based solutions from Kareo built specifically for their clinical, business, and usability needs.