10/4/2011 How to Grow Your Billing Service: Having a Successful Sales Conversation Paul Bernard, Broadleaf Health Jim Sholeff, ECCOHealth Scott Cramer, Kareo 5 Purpose of Today’s Session    Planning for a Successful Sales Conversation Understanding Your Prospect and Their Problems Positioning Your Business as the Solution to a Doctor’s Problems 6 Sponsored by © Kareo, Inc. | 2011 6 Who is Kareo      Web-based Medical Billing Platform Built for Billing Companies Started in 2004 Significant Growth Positioned for the Future Sponsored by © Kareo, Inc. | 2011 7 1 10/4/2011 How to Grow Your Billing Service: Having a Successful Sales Conversation Planning for a Successful Sales Conversation Paul Bernard, Broadleaf Health 8 You’ve Got the Lead… Now What?  "If you don't know where you are going, you will wind up somewhere else.“ Yogi Berra  You only get one chance to make a first i impression… i d do your h homework k  When setting up the appointment… learn as much about the current situation as you can 9 Sponsored byby Sponsored ©Kareo, Kareo,Inc. Inc.||2011 2011 © 9 Gather “Intel” – Set Up the Meeting Appointment     Declare your intentions… “I’d like our meeting to be as informative and productive as I can, may I ask you a few questions?” If you only had time to ask one question… what question would you ask? Prioritize Focus questions on what’s motivating the desire to switch… keep them open ended Don’t “lead” the lead… let them talk Sponsored by © Kareo, Inc. | 2011 10 2 10/4/2011 Asking Good Questions  “Why have you decided to look at different billing options, is it performance, is it cost?”  Better – “Why Why have you decided to look at different billing options?”… then wait for the answer(s) Practice demographics are interesting (# of docs, # of claims, insurances, etc.) but most of that info is available on the web  Answer.. “Yes, it’s both”… next question please  Sponsored by © Kareo, Inc. | 2011 11 Asking Good Questions   Getting a good idea of what’s causing them to look is the most important piece of information you can get Avoid the temptation to list your resume over the th phone… h answer questions ti if asked but try to use your time to get information to help you prepare Sponsored by © Kareo, Inc. | 2011 12 Filling in the Blanks   Use the web – check their website, vitals.com, Angie’s list, etc. Look for:  Patient feedback  Insurance(s), I ( ) office ffi locations l i  If they have a website, look through their FAQs, read their financial and insurance policies (if those forms are on-line) Sponsored by © Kareo, Inc. | 2011 13 3 10/4/2011 Benchmarks and Specialty Info  Understanding financial benchmarks and using them wisely can add value during the meeting.  MGMA, AMBA, AMA and similar associations typically have some benchmark data available  Specialty-specific associations will have a wealth of information regarding current trends impacting their membership Sponsored by © Kareo, Inc. | 2011 14 Your Own Benchmarks  If you have existing clients  Can you effectively talk about the before and after? A/R before and A/R after, aging, etc?  Do you have references at the ready?  Can/will your references speak to specifics about your competencies? Patient care, coding competency, follow-up processes… have you set that expectation with them? Sponsored by © Kareo, Inc. | 2011 15 Your Own Benchmarks (Cont’d.)  Just starting out?  Can you point to specific improvements you made at your previous employer?  Same process for the references… have you discussed what you you’d d like them to emphasize? Sponsored by © Kareo, Inc. | 2011 16 4 10/4/2011 Takeaways There’s no substitute for preparation… do your homework  In setting up the meeting, use the time you have with the prospect wisely. Understand your prospects’ motivation(s) as much as possible  Be creative in gathering your info info. Lot’s of information is available… choose wisely and don’t forget to keep it contextual  It gets easier, once you’ve done a couple of times you’ll develop your own rhythm and process  Sponsored by © Kareo, Inc. | 2011 17 How to Grow Your Billing Service: Having a Successful Sales Conversation Understanding Your Prospect and Their Problems Jim Sholeff, ECCOHealth 18 Keys to a Successful Meeting       Ask, Listen and Inform Avoid “selling” - aim for “solving’ Be a matchmaker Learn to handle tough questions Know your strengths and be yourself Follow up Sponsored by © Kareo, Inc. | 2011 19 5 10/4/2011 The Art of Listening Listen to what is said and what is meant. A good listener is constantly evaluating  How did the doctor answer? Learn to read between the lines   If you d do nott understand d t d an answer, ask k for clarification Let the doctor answer your questions. It may not be the answer you want but every answer will inform   Sponsored by © Kareo, Inc. | 2011 20 Asking Questions: Start With the End in Mind Know your goals: Discover and evaluate  Find the “Pain Points”  “What’s your collection/denial rate? What should it be?” “What are your patients saying about you online?”   Ask follow up questions  Don’t be afraid to ask “why” You should ask questions throughout the meeting and be prepared to get the same questions back at you Take notes like your life depended on it   Sponsored by © Kareo, Inc. | 2011 21 Answering Questions Be direct with your answers.       We all can spot phony a mile away Let your “yes be yes and your no be no” Avoid answering a question with a question but don’t be afraid to ask a follow up question K Keep your audience di in i mind. i d D Doctors t are trained t i d to t rely on experts If you don’t know an answer, say you will find out and get back to them Use examples whenever possible   Highlight your expertise with examples. “Another client of mine had that issue and this is what we did” Sponsored by © Kareo, Inc. | 2011 22 6 10/4/2011 Handling Tough Questions Don’t avoid tough questions, be prepared to answer them.     What is your rate? Do you have experience in my specialty? Are you a big company? Small Company? Answer directly but add context when needed. needed     “My rate is 8% and that includes everything; software, postage, customer service line, etc.” “We don’t currently have a customer in your specialty so I will have to work a little harder in the beginning.” We are big and can handle your volume or we are small and you will get a lot of personal attention.” Sponsored by © Kareo, Inc. | 2011 23 Become a Matchmaker After you get to know each other, determine if your billing company and the doctor are a good match   You are asking for a long term relationship. It better be a good match or both will be unhappy Sponsored by © Kareo, Inc. | 2011 24 Become a Matchmaker (Cont’d.) If you want to sell ice cubes to Eskimos, you’re in the wrong business    Find out what is important to your customer and what they will expect from you Be brutally honest and determine if your company can fill those needs Sponsored by © Kareo, Inc. | 2011 25 7 10/4/2011 Be Yourself… Sooner or Later You Will Have to Be Know what you’re good at and lean into your strengths Be genuine, sincere and helpful. Show the prospect that you want to take on this responsibility There is no “one size fits all” personality that leads to success. You don’t have to be the world’s greatest salesperson    Sponsored by © Kareo, Inc. | 2011 26 Wrap Up and Follow Up Establish the next steps        Ask for a follow up meeting if needed Ask to provide any info needed Try to set times, dates and expectations Answer any questions that you didn’t in the meeting Tell the prospect how and when you meeting. plan to get back to them Use your follow up as a demonstration of how you would perform after the contract is signed Send a thank you card, text or email Sponsored by © Kareo, Inc. | 2011 27 How to Grow Your Billing Service: Having a Successful Sales Conversation Positioning Your Business as the Solution to a Doctor’s Problems Scott Cramer Kareo 28 8 10/4/2011 Utilize Industry Reports  Retention Conversations (CESAR) 1. Provide Transparency 2. Solidify Value 3. Engage Referrals  P ospecting Disc Prospecting Discussions ssions 1. Identify Pain 2. Create Doubt/Fear 3. Position for Strategic Advisor Sponsored by © Kareo, Inc. | 2011 29 2009 AMA Contracted Fee Schedule Match Rate Sponsored by © Kareo, Inc. | 2011 30 2010 AMA Contracted Fee Schedule Match Rate 2009 2010 Aetna Anthem CIGNA 87.51% 77.77% 90.61% 86.27% 62.08% 86.37% HCSC Humana Regence United Medicare 93.88% 88.63% 89.86% 98.26% 85.76% 88.51% 86.28% 92.26% 98.91% Sponsored by © Kareo, Inc. | 2011 31 9 10/4/2011 Report Card       http://www.amaassn.org/resources/doc/psa/2011-nhircresults.pdf Payment Timeliness EFT Adoption Rate Fee Schedule Match Rate Percentage of Claim Lines Denied Prior Authorization Frequency Sponsored by © Kareo, Inc. | 2011 32 Prior Authorization Frequency 7.00% 6.15% 6.00% 5.20% 5.00% 4.00% 3.50% 3 00% 3.00% 4.92% 3.28% 3.10% 1.68% 2.00% 1.00% 0.04% 0.00% Sponsored by © Kareo, Inc. | 2011 33 Other Areas to Explore  High Denial/Rejection rates  Timely Filing Errors  Prior Authorization  Integrated Clearinghouse  Dashboard D hb d To-Do’s T D ’  High Appointment and cancellation rates  E-mail Reminders Sponsored by © Kareo, Inc. | 2011 34 10 10/4/2011 Other Areas to Explore (Cont’d.)  High Days Revenue Outstanding (DRO)  Confusing Patient Statements  Mi Missed dD Dollars ll  “No-response” notification  Automate and Outsource  Missed Co-Pay Report  Missed Encounter Report Sponsored by © Kareo, Inc. | 2011 35 INSANELY EASY Scott Cramer Senior Sales Executive Medical Billing Made Easy™ 36 $0 Sponsored by 37 11 10/4/2011 No LongLong-term Contracts Sponsored by 38 No Cancellation Penalties Sponsored by 39 1 Month Free Sponsored by 40 12 10/4/2011 www.kareo.com/pricing Promo Code: 1111-10BCW 30 days d free f When you subscribe by Friday, October 21 Sponsored by 41 Questions? Sponsored by 42 Thank You! www.Kareo.com Sponsored by 43 13