Today’s radiology practices grapple with a great amount of economic stress. Physician reimbursements have declined over the past decade, provider salaries have dropped, compliance rules have changed, high-deductible health plans are commonplace, and the costs of employing staff to provide services, such as billing and audits, have increased. All of these factors have squeezed practices’ operating margins.
Because radiology is primarily a referral-based service, the trend towards more bundled charges and grouped providers is complicating and slowing down radiology medical billing. Efficient revenue cycle management (RCM) depends on radiology billing services that code properly and submit claims quickly.
In many cases, the problem with a claim is brought to the attention of department staff when a patient calls to complain about being billed for higher charges than they were expecting, which not only requires more staff time to handle, but also results in a patient who feels their trust has been violated. On top of all that, payers also have requirements about claims being timely, and all the back and forth of trying to get it right can result in missing a deadline.
Outsourcing billing services is one way that a practice can save money in these financially turbulent times. Not only will outsourcing cost approximately 20% less than doing it in-house, as reported by the Radiology Business Management Association, but billing specialists can leverage their expertise to help practices improve their bottom lines. Here’s a closer look at six things a third-party billing service can provide or advise radiology practices on.
Our average billing fee ranges from 2.5% to 7%. We offer add-on services like provider credentialing, old AR clean-up, and patient collection. We don’t have any start-up fee or software setup fee. We don’t use restrictive, long-term contracts. You can cancel your agreement at any time with only 30 days’ notice. You can call us at 888-552-1290 or request a customized quote by submitting the inquiry form below.
Our billing team has great expertise in following billing softwares. If you choose our billing services, you don’t have to change your current billing software. We will continue from the point where your last biller had left. So no claims or denials will remain unattended. In simple words, peace of mind for you.