Are you running a clinic or hospital? If so, then you probably know that medical facilities are doing more than ever when it comes to their patients. From offering new services to implementing new restrictions to protect patients, the world of medicine is always changing. There is always more you could do. One of the most common problems that medical facilities and clinics encounter is medical billing. Regulations are always changing and hiring staff to keep up with the changes can be cumbersome. There is also one area in particular that can cause confusion and wasted resources, radiology medical billing.
Radiology medical billing is an essential part of the medical health billing process that is always being updated as technology moves forward. Radiology equipment is becoming more advanced and providing new services. In turn, the rules and regulations surrounding radiology medical billing have shifted and will continue to shift. Radiology medical billing can also be more complicated than regular medical billing as staff must delineate between billing types.
For instance, a staff member would need to know the difference between a professional component vs. a technical component. Even then, some services incorporate both components. Without the proper knowledge, insurance claims can get denied and this can bungle their entire revenue cycle.
Furthermore, radiology medical billing services can take up a large portion of time as well as revenue. From hiring billing staff to training, many health care entities find that radiology medical billing gets in the way of treating actual patients. If you were looking to save time, money, and provide a better service for your patients then you should consider outsourcing radiology medical billing.
What does Radiology Medical Billing Actually Do?
- Patient Signup and Enrollment
- Insurance Authentication and Verification
- Patients Appointments and Follow-up Reminders
- Identify Between Professional vs. Technical Services
- ICD-10 and Coding Updates
- Updating Services for Regulation Changes
- Claim Submittance, Claim Acceptance, Claim Denial
- Account Collections and Reporting
Outsourcing Radiology Medical Billing
When you invest in outsourced radiology medical billing, radiologist and staff get to focus on what they do best—helping patients live their best lives. Using outsourced radiology medical billing services means that you are working with trained professionals, whose sole job is to stay informed about changing regulations as well as maximize revenue. Instead of trying to stay on top of every new change, you can hire certified billers and medical coders to process claims all day every day. Many radiology medical billing companies also specialize in reducing denial claims. Outsourcing your medical billing maximizes your revenue and provides a more efficient billing service.
Benefits of Outsourcing Radiology Medical Billing
There are many benefits to outsourcing radiology medical billing. When you choose the right radiology medical billing service for you, your staff will be able to provide a better experience for your patients. Not only that, but you’ll spend less time on administrative tasks and feel secure knowing that you are staying compliant with all laws. Here’s a breakdown of some of the best benefits of radiology medical billing.
Stay HIPAA Compliant
When it comes to patient information, all data has to be secured and protected. Because HIPAA is a process, it is often changing. Those policies and procedures need to be updated as technology and patient care evolves. While this may be hard to track as a medical institution, it is a medical billing company’s job to stay up to date about the latest changes. This means the company has to train, review, assess risk, and integrate new policies. You stay protected and can put organizational resources towards other tasks. Radiology medical billing companies are experts in this field to ensure quality service that keeps you running.
Stay Up to Date on Billing Procedures
While HIPAA can make changes about policies and procedures, they aren’t the only ones. Insurance companies routinely change policies. Knowing policy changes is the difference between claim acceptance vs. claim denial. Medical billing companies are in contact with insurance providers on a daily basis. They are one of the first entities to know about changes and how to navigate them. Not only does this save your staff that headache of dealing with insurance providers, but it also saves time. Medical billing companies know the exact policies of insurances and can use that knowledge to speed up the claims process.
Insurance providers also set regulations for time frames and procedure-specific rules. Without an in-depth knowledge of the system, your medical facility could lose out on that potential revenue. This is also applicable to state and federal laws as well.
Optimize Revenue Cycles
One of the most important parts of any medical billing service, especially radiology, is the reduction of denials. According to Change Healthcare, denial claims have risen 11% nationally. Furthermore, it is estimated that about 86% of denials are potentially avoidable as most issues arise in the front-end medical billing services. Think about how much more effective your medical facility could be with 86% more processed claims. A radiologist medical billing company can help walk you through the entire process and optimize the front-end services. You never even have to experience a denial due to the front-end process not being correct. You can stay on top of patient balance sheets from the start.
Eliminate Wasteful Time
Getting documents in order, processing claims, interacting with patients all takes valuable time. Whether you run a small facility or expansive hospital, you always want to give patients the most of your time. When it comes to radiologists, they need to be focused on their patients and documenting important information. Eliminate time wasters for professionals with medical billing services.
Services Radiology Medical Billing Covers
Radiology encompasses a wide range of services. From X-rays to ultrasounds, billing can become complicated fast. As a result, radiology medical billing services makes this easy. They will correctly categorize billing based on the procedure. Specifically, they can handle both Diagnostic and Interventional radiology services. Common services tackled by radiology medical billing may include:
- Computed Tomography (CT Scan)
- Bone Densitometry (DEXA Exam)
- Magnetic Resonance Imaging (MRI Scan)
- Positron Emission Tomography (PET Scan)
- Nuclear Medicine
- Magnetic Resonance Angiography (MRA Scan)
- And More!
While every medical billing service is different, there are certain variables you can account for. Most medical billing services will charge a percentage of your revenue. This can span anywhere from 4% to 10%, depending on the service and the volume of your practice. In the end, when you factor in the cost of hiring in-house billing staff and your own in-house medical billing software, a hospital will typically save time, money, and resources by outsourcing.
Ready for Radiology Medical Billing?
So, if you're ready to check out radiology medical billing for your health care facilities, don't worry we can help. Receive billing quotes from high-quality companies here at 360Connect.
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