SANTA CLARA, California, June 20, 2018 /PRNewswire/ -- Based on its recent analysis of the United States ambulatory electronic health record (EHR) market, Frost & Sullivan recognizes Kareo with the 2018 United States Enabling Technology Leadership Award.
In a marketplace, where the current rip and replacement rate for various health IT solutions, especially EHR, is estimated to be as high as 50%, Kareo's market presence continues to increase—reporting double-digit revenue growth for the last decade and expanding to serve 45 different medical specialities, in addition to primary care providers.
Kareo strengthened its market leader position over the last 14 years by offering a highly progressive and growing portfolio of digital health solutions. Today, it offers a diverse range of HIPAA-compliant clinical (EHR), financial (billing, managed billing, and patient collections), patient engagement and practice growth (patient reviews; provider profiles; online patient intake, appointments and reminders) solutions to over 45,000 ambulatory healthcare providers across all 50 states.
Frost & Sullivan applauds how Kareo has revolutionized the cloud-based EHR market for US-based physician practices with its modular EHR solution that can be custom configured based on end-user preferences. The platform remains faster than legacy EHRs, with convenient accessibility via Internet connection. Kareo is 2015 Edition certified for MACRA and Meaningful Use reporting. And the easy to use technology helps both physician and non-physician providers to optimize practice productivity by allowing clinical documentation, e-prescribing, patient charting, secure messaging, patient portal integration, consolidation of lab reports, and dashboard-based analytics. Additionally, all Kareo IT products are fully interoperable with each other, so customers can transfer procedure and diagnostic codes to Kareo Billing seamlessly (without having to log into separate portals).
Kareo Billing, Kareo's flagship revenue cycle management solution, digitizes the entire billing workflow and provides virtual billing support, paperless billing transactions and hassle-free patient collections for ambulatory practices.
"Many US-based physician practices cater to patient populations that represent a diverse payer mix. These patients - coupled with others who are enrolled with either co-pay or high-deductible health plans - pose critical challenges to practices that often fail to manage and collect patient dues on time. Kareo properly solves this problem for practices that currently manage in-house billing teams who are in dire need of third-party support. The firm effectively reduces practices' operational burden specific to record keeping, accounts receivable (A/R) management, charge capture, and collection," said Koustav Chatterjee, Industry Analyst, Transformational Health.
"Since practice leaders can access comprehensive reports that Kareo Billing's built-in analytics engine generates within a fast turnaround time, it allows those key opinion leaders to prioritize patient reach-out strategy (for collection) and ensure reduction of average A/R timeline for the enterprise," noted Chatterjee.
The latest product innovation from Kareo is a virtual healthcare delivery solution called Kareo Telemedicine, which provides the US telemedicine industry with a secure and HIPAA-compliant video consultation tool for remote visits between patients and their physicians. The tool is supported by an experienced customer service team and powered by agile cloud-based software that can be implemented, operated, and managed remotely via Internet connection. Frost & Sullivan acknowledges that Kareo's ability to guarantee private payer reimbursement for virtual patient visits is truly unique among its top competitors, as lack of reimbursement for telemedicine has restricted many providers from adopting the technology in the past.
"More importantly, pricing for both clinical and financial products can be bundled on request so that practices establish cost competitiveness when compared against other ambulatory providers that dedicate separate IT investment for EHR, RCM and PM software systems," said Chatterjee.
"Overall, these cloud-based IT features grant impressive convenience to physicians, establish cost transparency for management leaders, and improve the practice's efficiency at an enterprise level," noted Chatterjee.
Each year, Frost & Sullivan presents this award to a company that has developed pioneering technology that not only enhances current products, but also enables the development of new products and applications. The award recognizes the high market acceptance potential of the recipient's technology.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Kareo is the only cloud-based medical technology platform purpose-built to meet the unique needs of independent practices in more than 45 specialties. Today Kareo helps over 45,000 providers in all 50 states run more efficient and profitable practices, processing more than 60 million patient records through the Kareo platform. Kareo 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 platform. 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 as well as the top of the Leader Quadrant in the Frontrunners Software Analysis of EHR. 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.
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SOURCE Frost & Sullivan