Revenue cycle management (RCM) is a grueling task, which is why radiology groups and imaging centers outsource their billing for a few reasons. When your revenue cycle is managed carefully, you can maximize profit, decrease insurance denial rates, and increase claim approvals.
Benefits of Outsourcing Radiology Revenue Cycle Management
The effectiveness of 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.
Deductibles and copays must be correctly coded and oftentimes mistakes are made by insurance companies in the process, which go unnoticed, resulting in a loss of revenue. 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 for expert revenue cycle management might feel stressful, but there are many benefits to outsourcing your radiology billing.
- Expert oversight
- Superior service
- Insight into impactful billing industry trends
- Greater control over clearinghouses
Choosing the Right Billing Company
When entrusting the financial health of your business to a third-party, choosing a reputable and well-established billing company is vital.
Five Things to Consider when Outsourcing Revenue Cycle Management
- Customizability of Revenue Cycle Management Services
Selecting a radiology billing company that offers a range of services is very beneficial. Every radiology group is unique, and the services provided should be unique to your needs.
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
- Experience and Dedication to Radiology
Radiology billing and coding are much more complex than other medical specialties. Due to its complexity, radiology specialization is crucial to stay up to date on proper coding, maximize reimbursements, and guarantee quick turnaround time on claims.
- Specifics of Outsourced Radiology Billing Services
Accurate radiology billing and coding requires dedicated employees who have specialized training and billing experience. Be sure to employ individuals who are experienced medical billers and certified coders to 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
- Remote Capabilities
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, look for those that offer remote hosting. This means that the service typically includes system maintenance and performance updates. Removing these tasks from your staff’s to-do list frees time and allows access from anywhere, not only the local office. Choosing software and applications that offer powerful solutions for billing in addition to employing high-quality standards to ensure data integrity is crucial.
- Exceptional Data Security
Since billing data is extremely sensitive, it must be protected while being stored and during transit. If you currently manage your billing in-house, you're aware that IT security is overwhelming, costly, and critically necessary for any radiology group. As employment has adapted towards a virtual workplace, now more than ever, personal information obtained and stored is among the most highly sought after by hackers and cybercriminals. Thus, it is essential to make sure the proper precautions are taken to protect sensitive data.