Welcome!

Open Source Cloud Authors: Yeshim Deniz, Liz McMillan, Elizabeth White, Pat Romanski, Zakia Bouachraoui

News Feed Item

Independent Physicians Achieve Patient Care, Income Goals With Innovative Practice Models, Kareo Study Shows

Physicians in Practices Using Innovative Care and Payment Models Spend More Time With Patients and Increase Their Potential to Achieve Practice Income Goals; Services Cost Less Than Most Patients Expect

IRVINE, CA -- (Marketwired) -- 09/08/16 -- According to a recent Private Practice Model Perspectives Study by Kareo, the leading provider of clinical and business management software to independent practices, approximately 24% of independent physicians are using some form of innovative practice or payment model. The study, completed in partnership with the American Association of Private Physicians, also found an additional 46% are considering a similar strategy within the next three years. The primary motivations for those who've changed their payment model are:

  • 64% want to spend more time with patients
  • 46% would like to reduce reliance on insurance companies
  • 42% seek to improve their work/life balance
  • 26% believe they need to earn more income

The innovation and experimentation with new practice and payment models appears to be working for both doctors and patients. This includes providing concierge, direct pay or subscription plans to offer patients more choices in how they receive care and how they pay for it.

  • 72% of survey respondents who have concierge or membership models spend 30-60 minutes per patient visit as compared to 30 minutes or less for 89% of practices without subscription models
  • At the same time, the subscription costs of 69% of respondents were $2,000 or less per year and 87% were $3,000 or less per year

Most physicians surveyed offered monthly and quarterly payments. This suggests that subscription-based models, sometimes presumed to be very expensive, can actually be affordable for a wider range of patients. They provide an excellent solution for patients with a high-deductible insurance plan or who want a higher level of physician engagement.

Dan Rodrigues, CEO and founder, Kareo, said, "It's gratifying to see independent practices reaching their clinical and business goals through the application of helpful technology and an openness to new practice models. Adopting a subscription model is a great example of how independent practices are innovating in order to thrive in a challenging healthcare environment. By offering a range of services and flexible payment methods, physicians are increasing the quality of care, improving patient satisfaction, and maintaining an affordable cost structure."

Specialized practices are also branching out to adopt new practice models. For example, Dr. A.R. Scopelliti, Monmouth Functional Neurology Center in New Jersey, specializes in functional neurology and offers an a la carte service model.

"I used to participate in every managed care network available, but after a four-year legal battle with an insurance company, I seriously considered changing professions. Then I received an e-mail from a patient who had been suicidal due to his neurological issues. He thanked me for literally saving his life. I realized then that I love being a physician, but I needed to make my practice work for everyone."

Continued Dr. Scopelliti, "Just as before, my practice continues to see about 150 new patients a year, plus ongoing care of existing patients. I always spend a long time on patient visits, 30-60 minutes on average, and now I feel happy about it because I get paid for the time and can focus on the patient. I'd say the biggest challenge for a direct-pay practice is getting patients to see that they have choices beyond simply doing what the insurance company says, but for me, my change of model saved my love of medicine."

To learn more about results of the 2015 study, a private practice study infographic is available.

About Kareo
Kareo is the only cloud-based complete medical technology platform purpose-built to meet the unique needs of independent practices. Today Kareo helps over 35,000 providers in all 50 states run more efficient and profitable practices, while delivering outstanding patient care. The Kareo technology platform is the first to help independent practices find more patients, manage their care with a fully certified and easy-to-use EHR, and get paid quickly all in one complete and integrated package. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 5000 and Black Book's #1 Integrated EHR, Practice Management and Medical Billing Vendor. Kareo's growth further demonstrates the expansion and vitality of the independent practice market in the U.S. With offices across the country, Kareo's mission is to help independent practices succeed in an ever-changing healthcare market. More information can be found at www.kareo.com.

Contact:
Lindsay Thompson
Strategies
[email protected]
714-656-0141
Cell: 949-280-5854

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.