It is quite difficult to maintain the radiology center whether it is associated or independent practice. Just like the medical aspects, it’s also quite difficult to manage the administrative responsibilities of a radiology practice. But a well-established radiology billing company can improve their reimbursements in a handful of ways. 

Nowadays, radiology practice is suffering from excessive economic stress. The sudden outbreak of coronavirus has made physicians suffer from reduced salaries, completely evolved compliance rules and high deductible plans. Therefore, it has become extremely difficult for physicians to collect maximum reimbursements to reward their medical practice. 

As a result, it has reduced profit margins for several radiology practices. Therefore, in order to deal with these challenges practitioners should always prefer creative ways to manage these dynamics. Outsourcing radiology billing services allows practitioners to acquire help from professional medical billing specialists that strive to bring more revenue into your accounts. 

Although, it can also happen with the help of in-house billing services as well. However, when we sum up the expenditures of an on-premise billing department and compare it with the fixed fees of a radiology billing company.  Certainly, the earlier one seems more expensive than the latter option. 

While considering this, practitioners should make more informed decisions to align better opportunities for their business. 

Apart from being less expensive, a radiology medical billing company can add value to your business in the following way; 

Focus on pre-authorization:

It is the primary step of a well-organized healthcare revenue cycle management to perform pre-authorization of the patient’s information as soon as he/she comes to visit the doctor. 

Pre-authorization or verification allows the registration staff to realize actual co-pays and deductibles of the patient. With accurate insights, they can direct physicians and back-end with better precision. Also, if the patient has an in-network insurance plan for these services, the front desk staff should also verify that the patient is still eligible for the particular healthcare service. 

If there would be everything accurate right from the start, then there are fewer chances of such errors that can cause your medical claims to end up in the form of denial and being unpaid. 

However, sometimes due to excessive patient flow across the imaging center might cause the front desk to stay extremely busy in dealing with registration tasks. In such a case, they hardly find time to answer the phone calls of patients and resolve their payment-related issues. That also impacts the capability of the staff to accurately ensure patients’ data enrollment into the system. 

Unlike office-based staff, a radiology billing company focuses mainly on the administrative responsibilities to precisely streamline your medical billing procedures. They provide reliable customer support services to provide a customized solution to resolve all of your revenue cycle management related-problems. 

Especially, an advanced billing agency always integrates automatic solutions to process your patient’s demographic information.  In this way, they can proceed with information verification, credentialing and insurance eligibility verification all at once. Although, if you have preferred to keep these services on-premise then you have to afford the expenses all by yourself. Also, it would bound you to closely study the system and upgrade according to real-time changes in the industrial norms. 

Doesn’t it seem like an expensive option, does it? Then you should better search for a medical billing company that offers a complete suite of medical billing and coding solutions at the fraction of your existing IT expenses. Ultimately, it’ll help practitioners to ensure that they are taking advantage of cutting-edge solutions with greater insights and cost-savings. 

Perform Medical Coding Audits:

Certified medical coders are uniquely qualified to perform reviews, implement changes in the medical coding classification system and upgrade the system accordingly. So if you want to make sure that you are preparing accurate claims in order to receive reimbursement. Then it is essential that you should allow an expert medical coder to assess the quality of your medical billing and coding system. When you partner with a reliable radiology billing company then you can drive increased revenue growth with the help of qualified expertise. 

Integrate Business Intelligence Tool:

Although a typical radiology practice doesn’t have the budget to hire a well-qualified and certified billing staff. So most of them just hire any individual and train them from the entry-level. Although, it is a very common practice and effective to some extent as well. 

But when it comes to deal with the legal changes in the medical billing environment then it certainly becomes difficult for practitioners to learn and then educate their staff with nuances in the medical billing and coding system. But when you partner with a well-experienced and radiology billing company then you can collaborate with a quell-educated workforce that has years of experience and in-depth knowledge of this field. 

With great expertise, they not only help you identify the trends but also forecasts measures to ensure accuracy through the healthcare revenue cycle management. So when you’ll have reliable solutions to resolve the problems upfront in real-time. Then you can successfully prevent your practice from administrative delays and costlier appeals down the road. As a result, you will become better able to collect more reimbursements in a timely manner. 

Want to excel your revenue stream this year? Medcare MSO is the nation’s most reliable medical billing company that offers a wholesome solution for medical billing and coding across a multitude of specialties in the medical field. Request a free demo of innovative medical billing solutions for your radiology practice. 

Cite this article as:
Editorial Staff, "How Does A Radiology Billing Company Increase The Growth Index Of Your Practice? ," in Medicalopedia, January 13, 2021, [Permalink: https://www.medicalopedia.org/9511/how-does-a-radiology-billing-company-increase-the-growth-index-of-your-practice/].