IRVINE, Calif.--(BUSINESS WIRE)--Kareo, the leading provider of cloud-based solutions for independent medical practices, today announced the results of a survey, in partnership with the American Academy of Private Physicians (AAPP), measuring the perceptions and benefits of various practice models. Kareo joined efforts with AAPP on this survey in part to raise awareness of its agile medical practice model. The model exists to empower independent practices’ success by helping them incorporate various payment modalities to solve contentious issues associated with a traditional practice model.
The survey measured common practice challenges, motivations for considering direct pay or concierge practice models, as well as the most important technological needs in direct pay, concierge and insurance-based practice settings.
The survey revealed that 46% of primary care physicians would consider transitioning to direct pay, concierge or other membership models in the next three years, citing the desire to spend more time with patients and to separate from the insurance payer system as their primary motivators. In fact, 81% of private (direct pay or concierge) practices reported that, on average, they spend 30-60 minutes with patients, whereas the majority of traditional insurance-based practices stated that they were only able to spend 15-20 minutes with a patient on average.
Respondents also detailed the primary challenges of each of their respective practice models. For conventional, insurance-based practices, the most commonly faced challenge is staying financially viable. For concierge and direct-pay practices, recruiting new patients was the top concern.
“As this survey showcases, there are challenges and benefits for both private and conventional practice models,” said Rob Pickell, Chief Strategy Officer of Kareo. “However, despite varying workflows and processes, providers are assessing the environment and making changes to better serve patients and ensure the success of their practices. As independent providers look to become more agile, it is Kareo’s mission to support the enhanced payment and practice marketing demands of all care models.”
“The insights gleaned from this survey show the shifting mind set in small practices working to remain independent ahead of changing patient expectations,” said Tom Blue, Chief Strategy Officer of AAPP. “These results reaffirm the need to make medical care more accessible and convenient to patients, reinforcing AAPP’s mission and supporting Kareo’s innovative philosophy around the benefits of becoming an agile medical practice.”
Results of this survey are based on feedback from 682 respondents, which include clinical providers, billing managers and practice managers in primary care and specialty practices. To view the full survey results, please visit Kareo’s Agile Medical Practice page.
Kareo is the only cloud-based medical office software and services platform purpose-built for small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated solution of products and services designed to help physicians get paid faster, find new patients, run their business smarter, and provide better care. Our practice management software, medical billing solution, practice marketing tools and free, award-winning fully certified EHR help more than 30,000 medical providers more efficiently manage the business and clinical sides of their practice. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Red Herring Top 100 Company, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor. Headquartered in Irvine, California, the Kareo mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.
About American Academy of Private Physicians
The American Academy of Private Physicians (AAPP) is a nonprofit organization founded in 2003 for the purpose of supporting and fueling the growth of medical practices that provide “concierge” and other forms of personalized, value-based medical care. AAPP members are united by their common efforts and dedication to making medical care more accessible and convenient to patients by redefining and re-pricing medical services in ways that are not possible for medical practices that rely solely on insurance payers for their revenue.