Today in 2023, radiology practices face unique challenges due to the ever changing healthcare landscape. For example, starting this year in January 2023 if you perform certain advanced imaging studies on Medicare patients without the order being first verified by the referrer using a certified clinical decision support mechanism (CDSM) there will be punishment.
Moreover, reduced reimbursement rates, increasing infrastructure costs, and shifts in the payer mix put a significant pressure on every radiologist to ensure their practices remain profitable and so an efficient and effective radiology billing is extremely essential in order to optimize revenue.
So here are a few best practices tips that can help the producer maximize reimbursements and maintain financial sustainability. As by adopting best practices, such as clear differentiation between professional and technical components, focusing on denial prevention, maximizing reimbursements, and utilizing business intelligence, radiology practices can overcome billing challenges and achieve financial success.
5 Best Practices for Radiology Billing:
Understand the Clear Differentiation: Expert billers and coders should recognize the importance of distinguishing between the professional and technical components of radiology while billing. They should ensure the appropriate codes that are used to bill for each aspect of the radiology service accurately.
Work on Denial Prevention: Rather than simply managing denials after they occur, radiology billing experts should solely focus on preventing denials by improving the claim submission process. Clear and accurate claim submissions lead to reduced denial rates and improvements in your collections.
Focus on Maximizing Reimbursements: Skilled billers compare payments received against contracted rates to identify underpayments. In fact, you need to work closely with third-party payers to pursue and resolve cases of underpayments, ensuring the practice receives the rightful reimbursement faster and efficiently.
Have complete billing reports: by utilizing data analytics, you need to create custom reports that provide valuable insights for better decision-making and issue identification. This approach enables practices to work on all the loopholes, implement improvements and optimize the revenue cycle.
Have operational extension support with years of Experience: Billing companies with a proven track record of supporting interventional and diagnostic radiology clients can offer invaluable expertise based on their experience with reputable hospitals and academic medical centers. in fact, today in 2023 more than 73% of radiology providers are looking out for alternatives like outsourcing.
Sunknowledge - the ideal Billing Experts:
With decades of industry experience and expertise in managing and developing revenue cycles for radiology practices, Sunknowledge for years has been delivering state-of-art solutions.
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