Increase your revenue with expert radiology billing services
Your radiology practice may seem to be prosperous and successful; however it is important to prevent losses due to uncollected bills and reimbursements that never happen. Hence, for your radiology practice to be really successful and achieve all financial targets you need to put in place certain practices that will let you capture all charges by using the services of a professional radiology billing company that is adept at revenue cycle management.
When you leave it at the hands of professionals you can be sure that all procedures are documented leading to account-able revenue. The company knows the importance of implementing automated reconciliation processes and devising comprehensive variance lists coupling the CDM coding of the practice and the physician’s documents.
It is important to participate actively in the future of coding, and as a practice if you have not already transitioned from ICD-9 codes to ICD-10 codes, it is high time you did. Be warned that the new codes are bound to be more complex and demanding when compared to the old ones and you will need to understand current and future patient volumes. Unless you are well-prepared, the new codes may be problematic, and could affect the revenue collection management. All the more reason why you should team up with a professional radiology billing company that understands the new codes better, and has a dedicated team that has been updated about the changes.
Accuracy is very important, and cannot be compromised upon just for the sake of speeding up the submission process. It is only an experienced medical billing company that knows the importance of being accurate as well as prompt in submitting claims that can help achieve better revenues. The claims submission process needs to feature system scrub codes which will be based on payer guidelines and Dx rules, which are essential for your system.
It is equally important to ensure that the data collected and transmitted is of the highest quality in order to ensure an effective revenue cycle management plan is in position. Only data that is error-free can be processed quickly leading to faster reimbursements. One way to ensure that the submitted claims are error-free is to audit at least 5% of the daily pulled data which needs to be subjected to front and back-end audits.
Speeding up the claims submission process by the medical billing company you are teaming up with will make the process a lot leaner and more efficient. The staff assigned to the task needs to manage claims submission with speedy and error-free postings. This is the most important part of revenue cycle management process as it speeds up the reimbursements. Along with this, it is also important to improve accounts receivable (AR) management. This is possible if the radiology billing company implements aggressive denial management measures along with efficient reimbursement tracking tools. These methods help in making you AR management efficient and revenue generating, leading to increased profits. No AR can be allowed to lapse for more than 60 days, which can be prevented by active follow-ups.
Although every radiology practice has its own peculiarities and needs to adopt specific methods, tools and practices to enhance the revenue cycle management process, it is important that all practices have a healthy system in position. It is best to leave it to a professional radiology medical billing company that has the expertise and wherewithal to handle various difficult scenarios.