When it comes to radiology, it is a conventional thought that the scope of this specialty is narrow. The reason behind this is simple - a limited interaction of radiologists with their patients. However, the importance of radiology comes from the functions it performs for patient care. Most of the tasks of radiologists are in the background as they carry out imaging procedures to diagnose injuries and disorders. Almost all other physicians work with radiologists to make accurate diagnosis.
In the case of radiology medical billing, numerous specialties and subspecialities make billing a complex task. Using various tools for the imaging of injuries like X-rays, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET) and ultrasound increases the chances of errors that lead to revenue leakage. The three divisions of diagnostic, interventional radiology and nuclear medicine add to the intricacy of medical billing.
Handling the billing for all this is a burden for healthcare providers but it is vital for the profitability of the practice. An outsourcing partner can prevent errors and carry out timely claim submission to get maximum reimbursement. With tailor made services, radiology medical billing companies can provide benefits that are hard to achieve individually.
In this blog, we will explore the advantages that a medical billing company can provide to a radiology practice.
The efficiency of a radiology practice is dependent on the accuracy of billing and coding. From claim processing to receiving reimbursement, the medical billing process is essential to give quality patient care. The intricacies of billing procedures are the core reason behind errors that lead to claim denials and rejections. Managing a multitude of CPT codes along with detaining ICD 10 codes is a hard task to handle. Making time for healthcare practice and medical billing is difficult and an outsourcing partner can be of great help. In the long run, an outsourcing partner can provide benefits that can elevate financial performance and enhance the bottom line of your healthcare practice.
Here are the key benefits of an outsourcing partner that make the process of radiology medical billing trouble free:
Every specialty of medicine has different medical billing requirements. What leads to errors in the billing and coding is the lack of complete knowledge in the specific field. Radiology billing is subject to thousands of CPT codes that require accuracy to prevent any revenue leakage. For a streamlined revenue cycle management, any healthcare practice needs an expert approach that can tackle the challenges effortlessly.
An outsourcing partner who is knowledgeable and skillful in the branch of radiology is the perfect solution to various challenges related to medical billing. Apart from that, a professional partner will also take care of the operational workflow with proactive measures at the right time.
One of the challenges of radiology billing that hinders the overall financial performance is the ever-changing regulatory guidelines and standards. These guidelines are not just necessary but also mandatory to safeguard patient data. The protection of patient information is vital to prevent healthcare practice from legal consequences that can cause revenue losses.
A radiology billing partner is HIPAA compliant and uses PHI (Protected Health information) to maintain the security and privacy of valuable data. With this protection, billing company reaps benefits like boosted reimbursement for the healthcare practice.
The complex CPT and ICD codes have a direct impact on the final result of radiology billing which is revenue. Other than codes, successful billing also depends on applicable modifiers that are professional or technical. But the scope of errors is not limited to this, issues like under and over coding lead to unreceived reimbursement. When it comes to over coding, healthcare providers become liable to legal action.
The outsourcing partner addresses this complexity by eradicating the errors with tailor-made solutions to radiology billing. The expertise of billing professionals prevents coding mistakes to improve the financial posture of radiology practice.
All the weight of getting revenue is on the step of claim submission. Receiving complete compensation is totally dependent on the accuracy and timing of claims. Medical billing companies make sure that to follow all the steps carefully and not miss any details. They ensure that claims are accurately filled and submitted to avoid financial flow inefficiency and loss to bottom line.
The outsourcing partner performs this essential part by filing error-free claims and submitting them within the timeline. It focuses on maximizing efficiency with customized solutions to improve revenue cycle management.
The overall process of analyzing, rectifying and preventing claim denials is known as denial management. Proper denial management showcases sincerity towards achieving deserved reimbursement. Even after making the best efforts, radiologists can suffer revenue losses due to denials and rejections of claims. With effective denial management these denied and rejected claims can be rectified and resubmitted to get the overdue reimbursement.
The medical billing partner maximizes profits by planning structured management strategy. This strategy identifies the drawbacks in the filling process to prevent further errors.
A balance between cash inflow and outflow is vital to maintaining the financial position of a radiology practice. We can say that radiology practice is successful when it starts receiving an effortless flow of cash. Adequate revenue is not just important for the healthcare provider, it is also essential to improve the quality of patient care.
It is the duty of an outsourcing partner to utilize the resources properly and optimize the performance when it comes to revenue cycle management. With comprehensive solutions, the medical billing company understands the loopholes in medical billing and takes measures to keep the practice profitable.
The outsourcing partner can take away the stress of radiologists by handling the medical billing process completely. Medical billing is the main reason for healthcare providers’ stress as a multitude of tasks contribute to their hassle. Once this burden is lifted, radiologists can focus on their priority that is patient care. Further, they can utilize this time to create a bond with patients and an elevated experience.
Radiology is a unique branch of medicine. Its various specialties and subspecialties are so vast that they make the medical billing procedure complex. Mishandling the administration process not just leads to poor financial state but also affects the quality of patient care. However, an outsourcing partner that can help your practice in getting maximum revenue is Eminence RCM.
Eminence RCM understands the nuances of radiology billing and provides best in class services to enhance the bottom line of your practice. Get an array of customized services for reduced operational cost, increased revenue cycle and maximized efficiency.