How to maximize the revenue of your radiology practice
1/27/2022
Did you know that 10% of outpatient radiology services are underpaid or denied?
According to our internal research, services performed by radiologists are among those for which insurances request medical records most frequently. Why wouldn’t they, considering how complex and costly many imaging scans are. Besides, large out-of-pocket expenses for such services are extremely common, and they are not always easy to collect.
Are you sure that your radiology practice is not experiencing unnecessary revenue losses? Our billing experts have come up with a 5-step approach that can help you ensure that you are paid what you deserve.
1) Work on your coding and billing patterns
With hundreds of new payment and clinical policy updates issued every year, it is extremely important to be on the same page with them. The majority of claim denials for radiology services occur because of an incorrect diagnosis code or a modifier applied on procedures. Even a seemingly insignificant typo can cause an entire claim to be denied. Therefore, it’s worth hitting the books before it’s too late.
And remember, We Can Help you to be in the loop with the most important policy updates. Each month, we publish and reflect upon all major reimbursement policy changes. Just click on "WCH Insights" at the top of this page to check it out.
2) Deal with denials and rejections swiftly and efficiently
Some healthcare providers prefer to work on their underpaid claims only as soon as there are too many of them. For example, some of you may not want to deal with each denied claim on a single basis, and instead you work on a bulk of such claims at once. We assure you, this is not a good strategy! Each claim denial or underpayment should be worked on instantly upon identification. Insurance payers tend to be tentative when it comes to reprocessing several claims at once. Besides, the sooner you start working on a denied claim – the quicker you will receive payment for it.
3) Automate and digitize your out-of-pocket collection
As a healthcare provider, you definitely have many more important things to worry about, rather than calling your patients and asking them to pay their deductible. Did you know that you can automate this process and make it work with almost no involvement on your end? There are dozens of software solutions that detect & keep record of deductibles and coinsurances, automatically sending an SMS notification to your debtors. Besides, in 2022, you are losing your patients’ trust if you do not have a website that allows patients to pay their expenses online.
4) Enroll with as many payers as you can
Commercial insurances rarely cover out-of-network radiology services. Sometimes you may not be aware that you do not participate with a certain insurance plan, consequently causing claim denials. Therefore, it is extremely important to be active with at least several major insurance companies. Not only do you make your practice more “attractive” to various patients, but also secure yourself from unnecessary revenue losses.
5) Outsource your medical billing to the professionals
While you can always bill, check, and submit claims on your own, there is always a better option! By delegating your insurance claims billing to a third party, you will have more time & effort that you can dedicate to treating more patients. At WCH Service Bureau, our billing experts can ensure that at least 97% of your claims will be paid in full. We bill, check, submit, and collect payments for each of your claims. Moreover, we provide the following features to our clients:
• Practice analytics & reports
• Online patient billing tool
• Real-time eligibility verification
• Electronic superbill
Why wait? Start implementing any of the above-mentioned steps now to maximize your reimbursement as soon as possible.
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