Revenue cycle management (RCM) is an arduous task, which is why many radiology groups and imaging centers are outsourcing their billing to top radiology billing companies. Which brings us to the main question, how will your radiology group decipher which radiology billing company is the best choice? There are many factors to consider while making this important decision for your practice, but here are a few key components to consider.
Outsourcing To Top Radiology Billing Companies
As with any type of business, revenue cycle management is important.
The effectiveness of a radiology establishment’s billing operations can determine its survival. Dealing with radiology billing codes, claim submittals, rejected claims, and supplying additional information to the insurance company when requested are all time-consuming processes.
In addition, deductibles and copays must be addressed. It is the complexity of these issues that have led many practices and imaging centers to outsource their radiology billing.
However, handing over your billing to an outside company might feel stressful, but there are many benefits to outsourcing your radiology billing. Some of the primary benefits of radiology outsourcing include:
- Expert oversight
- Larger economies of scale
- Superior service
- Insight into impactful billing industry trends
- Greater control over clearinghouses
Choosing Between Top Radiology Billing Companies
Since you are entrusting the financial health of your business to a third-party, choosing a reputable, well-established billing company to partner with is vital.
Furthermore, the radiology billing company you choose must have the ability to meet all of your company’s revenue cycle management needs.
Here are a few things to look for when comparing top radiology billing companies.
1. Service Cost
When considering a radiology billing company, one of the first things most people ask about is cost.
This is understandable; however, choosing a vendor based on price is not necessarily the best idea because sometimes low-profile billing services will entice companies by offering reduced pricing.This lower price may reflect inferior service and while not always the case, this should be considered.
Analyze the services offered by several top radiology billing companies to determine which provider will meet your needs the best. Once you know which companies fit the bill, you can begin comparing costs to find which offers you the most affordable pricing for services rendered.
2. Customizability of Services
Top radiology billing companies should offer an array of services. Every radiology group is unique and your radiology billing company's services should be customized to accommodate your specific needs. For example, Dexios Corporation tailors the services we offer to fit the needs of your imaging center, radiology group, or hospital:
- Practice management
- Cloud billing
- Software sales and service
- Supplemental services
Custom Service Options
When considering service costs, you need to know exactly what you will receive for the price of the service. The top radiology billing companies won’t offer a one-size-fits-all package.
If there are parts of the service that you do not need, can they be excluded to reduce costs? Can a custom-designed plan be created for your radiology group or imaging center? These are important considerations that your radiology group should discuss with your future billing partners.
3. Experience and Dedication to Radiology
Radiology billing and coding is much more complex than other medical specialties. Due to the complexity, choosing a billing company that specializes in radiology is crucial. By choosing a billing company that is dedicated to radiology, you know that the staff will have the experience necessary to provide a quick turnaround time on claims.
Furthermore, a billing company specializing in radiology will remain abreast of the continually-evolving advancements within this industry.
4. Specifics of Outsourced Radiology Billing Services
Accurate radiology billing requires dedicated employees who have specialized training and billing experience. Therefore, the radiology billing company you choose must employ individuals who are certified medical billers and coders so their staff can efficiently file claims and collect payments from insurance companies as well as from patients.
Hiring qualified individuals are essential to a quick turnaround on claims and accurate posting.
Outsourced billing for radiology should include:
- Filing of claims and management of rejected claims
- Working denials as well as patient collections
- Checking contracts to ensure correct payments
- Accurate posting of payments
Radiology coding services should include:
- Working addendums, and charge audits
- Coding for the Merit-based Incentive Payment System (MIPS)
- Creation of interfaces to the Radiology Information System (RIS), the Picture Archiving and Communication System (PACS), and the Hospital Information System (HIS)
- Carrier reimbursement analysis as well as reporting and data analytics
- Physician credentialing
- Working with collection agencies and refund management
5. Current Automation Software and Revenue Management Applications
The top radiology billing company you choose must use software and applications that offer powerful solutions for billing in addition to employing high-quality standards to ensure data integrity. Learn more about the best medical billing software for radiology.
6. Exceptional Data Security
Since the data your billing company will handle is extremely sensitive, they must be capable of protecting your data while it is being stored and during transit. If you currently manage your billing in-house, then you are aware that IT security is overwhelming, costly, and critically necessary for any radiology group. The personal information obtained and stored is among the most highly sought after by hackers and cybercriminals so it is essential to make sure the radiology billing company you choose has taken the proper precautions.
If you are curious about the IT precautions your radiology group should be taking, learn more about the best tips to keep your radiology billing organization secure.
7. Cloud Access
Cloud access is extremely beneficial because it keeps your establishment from needing its own server, which can be costly. Having your own server also puts your data at risk.
Instead, when you choose among top billing companies look for those that offer remote hosting. This means that the service includes system maintenance and performance updates, which removes these tasks from your staff’s to-do list.
Choosing Among The Top Radiology Billing Companies
A radiology billing service is designed to keep your revenue flowing through quick claim submission and fast follow-up on unpaid claims.
When you choose a top radiology billing company you should expect to receive the aforementioned services and options as part of your service agreement.