“When it comes to radiology billing, tiny mistakes lead to enormous revenue loss and a disrupted workflow”
Radiology is a unique medical branch that specializes in imaging procedures to diagnose injuries and ailments. Usually, radiologists are behind-the-curtain practitioners as they are the advisors to a patient’s healthcare provider. This limits their interaction with patients, but it doesn't narrow the scope of their practice. The range of radiology as a specialty is beyond what a common man can expect. It is closely linked among multiple subspecialties making the task of radiology billing a complex one.
What sets radiology medical billing apart from other healthcare services is the intricacy of the specialty. Radiologists bring the injury or ailment to notice with X-rays, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET) and ultrasound. Along with the bifurcation into Diagnostic and interventional radiology, nuclear medicine is also a part of it.
The process of medical billing is essential for the profitability of the practice leading to better revenue cycle management. A practitioner can personally carry out the billing process, but errors can have adverse effects on the practice. Moreover, it is a time-consuming process that poses a burden on healthcare providers. However, an outsourcing partner can take away this hassle with customized solutions to specialty-specific requirements.
Here are the 7 key benefits of an outsourcing partner for your radiology practice.
Benefits of Outsourcing Radiology Billing Services
The process of medical billing involves claim submission and receiving revenue for the services provided to patients. This sounds simple but there are numerous reasons that make this process challenging. It starts with errors in the recording of vital information during the first step of the process. After that, mistakes in coding result in claim denials and rejections. This is due to thousands of CPT codes for different subspecialties of radiology. Other than that, limited knowledge of ICD 10 codes also causes disruption in the flow of revenue.
An outsourcing partner can effortlessly handle the coding and billing process with the following benefits:
Team of Expert Professionals
A medical billing service has a team of experts specially trained to handle the billing intricacy of the specialty. The professionals are well-equipped with steps in the medical billing process and areas that need more attention. The question here is to choose a company that holds expertise in radiology. Once that is done, your partner will manage all of the other billing tasks with precision. The billing company will take necessary measures to enhance workflow and improve revenue cycle management. The process will start with insurance verification and flow through proactive documentation and finally reach reimbursement.
Up-to-date Security Standards and Compliance
The medical field is ever-evolving; hence the guidelines and regulatory standards keep changing in the domain of radiology. The outsourcing partner stays updated with all the required guidelines and standards. This eases the radiology billing process as it prevents the practice from making minor mistakes that lead to revenue loss. One compliance standard that is mandatory for all healthcare providers and billing services is HIPAA Compliance. It safeguards patient information with (PHI) Protected Health Information where the focus is on the security and privacy of data.
Elimination of Coding Errors
Coding is one of the biggest challenges in radiology billing. The complexity of CPT and ICD codes affects the revenue outcome. For successful billing, radiologists need to use relevant modifiers that are either professional or technical. Also, there are chances of over or under-coding where revenue is not received at par with the services provided. In the case of over-coding, medical professionals are under the threat of regulatory violation leading to fines and legal action. An outsourcing partner will take care of all these aspects and eliminate coding errors with the best solutions.
On-time Claim Submission
Medical billing companies have been in the business for a long time, handling claims of multiple healthcare providers. They realize the requirements of the billing process and ensure timely revenue. They do this by streamlining every step in a structured sequence to not miss even the tiniest details. This makes timely submission a free-flowing activity. This is vital to avoid revenue leakage due to submission delays.
Efficient Denial Management
The process of radiology billing doesn’t end with receiving revenue. It ends when the rejected claims are effectively rectified and resubmitted to get overdue reimbursement. Every healthcare provider needs effective denial management to get the compensation they deserve. Denials and rejections are inevitable, but outsourcing services can maximize profits with an action plan to prevent further rejections. A team will identify, analyze and resolve the denied insurance claims with the help of the best medical billing experts.
Improvement in Cash Flow
The core reason behind partnering up with an outsourcing partner is to improve the revenue cycle and enhance the financial posture of the practice. This is essential for the radiologist as well as the patients. Adequate revenue will keep healthcare providers satisfied and will have a positive effect on the quality of patient care. An outsourcing partner will utilize resources productively and optimize the billing process to boost the cash flow.
An outsourcing partner will take full responsibility for the radiology billing process and reduce the burden on healthcare providers. Radiologists can utilize this stress-free time to focus more on the quality of patient care. This not only benefits the providers, but the patients will also be satisfied as better care is extended. Healthcare providers will have more time to enhance patient experience along with an added clean claim rate.
Radiology medical billing is not easy as handling it can disrupt the quality of practice, making the situation more stressful. However, with an outsourcing partner, you can rest assured that your claims are accurately prepared and submitted. Unify Healthcare Services provides the best radiology billing solutions to maximize reimbursement and streamline workflow. Optimize your practice with the best tools and techniques and boost revenue while reducing administrative costs.