Radiology billing can be highly stressful and time consuming. Always remember that radiology billing can be highly challenging because of the different number of procedures needed. It has been observed that there are multiple steps involved in radiology billing. These start with documenting medical necessity, getting the necessary approvals and finally, getting all the payments on time. But do you know where the problem arises? The healthcare staff need to focus on patient care, that’s why they can’t give time to these administrative tasks. That’s where you can get the help of the right imaging centers’ billing company that can take care of the process.
These companies have dedicated experts who know all the complex nuances of the ICD, CPT and HCPCS codes. Apart from that, these experts also know how to streamline the prior authorization process. They know how to use the right technologies to make sure no claim denial occurs. Moreover, these experts are also highly cost-effective than the in-house teams. Furthermore, these outsourced RCM companies also know how to choose the correct modifiers to streamline the claim submission process. Now, let’s dive into detail how these companies help to improve productivity.
Advantages of Choosing Imaging Centers Billing Company
The outsourced RCM companies come with a lot of benefits. These can make or break a clinic’s revenue cycle. There are several advantages of choosing the right company which are stated below:
1) Streamlining the Prior Authorization
Prior authorization is a complex process and also it is a time-consuming affair. It is because first you have to verify patient eligibility. Then collect all the important patient documents and after that, you need to submit prior authorization initiation request. After that, they send the authorization request and finally, they do follow-up. The healthcare staff can do all these things, but they don’t have the time to do this as they have to focus on patient care. That’s why there’s a need for radiology billing solutions that can take care of these processes. These experts know all the complex nuances of the PA process to streamline the claim submission process.
2) Cost-effectiveness
The in-house teams come with a very high cost compared to the outsourced experts. It’s because you need to train them and also buy separate office space for them. On the other hand, the outsourced RCM companies thoroughly train their teams on using the relevant software. Apart from that, these companies also provide them with separate office space which reduces the clinic’s cost of providing office space. Moreover, you can easily scale your business using the help of outsourced experts. When the demand is high, you can get the help of a lot of staff but when the demand is less, you can reduce the number of staff. So, cost-effectiveness is one of the major reasons for which you should hire outsourced RCM experts.
3) Staying Updated with the Latest Regulations
Healthcare regulations are constantly changing because new diseases are coming day by day. Now, as the healthcare staff performs almost all the healthcare operations, that’s why they don’t get enough time to stay updated with the latest regulations. That’s where you need to outsource imaging centers. These experts constantly stay updated with the latest healthcare regulations. Apart from that, they also know all the intricate details of the HIPAA law to protect patient data.
4) Getting Exposure to New Technologies
Technology plays an essential role in streamlining the claim submission process. But if the healthcare staff focus on learning new technologies, then they may not get the time to improve patient care. That’s where the outsourced imaging centers’ billing services comes into the picture. These RCM experts know all the latest technologies to quicken the reimbursement process. Apart from that, they also know how to work with the clinic’s specific EHR system to carefully store data. Furthermore, they know how to do electronic prior authorization to submit claims electronically to make sure no issue occurs.
The Future of Radiology Billing
Radiology billing is very difficult due to the changing coding rules. The outsourced RCM companies will provide support with new patient entry, benefit verification, prior authorization, medical coding, rejection management and many more. Apart from that, these companies will also help with the billing process for MRI, ultrasound, nuclear medicine, XRAY, and interventional radiology procedures. So, before hiring a company, check if they provide customized reporting and free transition process. Furthermore, they will also be able to reduce your operational costs by 80%. They should have quicker turnaround time and have experience of working with different specialties. It has also been observed that these companies also provide dedicated account managers at no extra cost. They also don’t provide any binding contracts or restrictive clauses. These outsourced RCM companies also provide $1 million insurance coverage. So, if you want to streamline your billing process, it may be a feasible option to outsource radiology billing solutions.
