When it comes to profitability in healthcare, billing is only one part of the big picture. There are steps any radiology practice must take in order to ensure financial success. Effective revenue cycle management is key to profitability and financial health.
Here’s a cheat sheet covering steps your practice can take in order to optimize the entire revenue cycle management and radiology billing process, which can lead to a healthier bottom line…
Coding:
___Take pains to be sure that all coding is correct.
___Be up-to-date on coding practices – especially with the mandatory change to ICD-10.
___Have all studies and dictated reports read by a certified coder to catch potential mistakes and optimize coding.
Claims:
___Submit claims in a timely manner.
___Be sure all claims are clean – have been scrubbed – and are complete.
Quality of Work:
___Assure accurate encounter documentation.
___Periodically review coding to ensure correctness – highest level of reimbursement appropriate to the level of care provided.
___Perform regular audits, including random claim samples.
___Encourage strong communication throughout the organization to clear up confusion or concerns promptly.
Efficiency:
___Periodically review the claims submission process with an eye to improving efficiency.
___Invite a trusted colleague to review the process to look for ways to streamline it.
___Promote a culture of openness so staff feel comfortable suggesting improvements.
Manage Accounts Receivable:
___Compile an effective accounts receivable team for management and collection of outstanding balances.
___Oversee this accounts receivable team to ensure nothing falls through the cracks.
___Implement proper claims denial measures are in place and periodically review their use.
___Create a reporting structure to stay updated on accounts receivable issues.
Collections Team:
___Compile a team to review and collect unpaid balances from patients as well as unpaid claims.
___Create a list of patients with unpaid balances for the receptionist to refer to when scheduling appointments. The receptionist can then ask the patient if they need help in satisfying their obligation.
___Pursue smaller balances as ardently as the larger balances.
___Utilize software systems which alert the team to pertinent information regarding outstanding balances.
There must be an aggressive management, tracking, and reporting structure in place for optimal, profitable radiology biling. It is key that best practices are adhered to in every stage of the revenue cycle and billing process. When this is the case, increased efficiency and profitability will follow.