Radiology Revenue Cycle Management and Billing Services
Healthcare Information Services (HIS) is an industry leader in revenue cycle management, providing radiology practices with billing services for over three decades. The unique aspects of the specialty can pose specific challenges for radiologists. Often there are new additions to the CPT codes or payor policy changes required for billing radiology services, which demand constant attention. When you choose to outsource your billing and revenue cycle management to HIS, we will help you to reduce discrepancies and delays, eliminate denials, and increase reimbursement for your practice.
The Complexities and Challenges Facing Radiology Practices
Radiology consists of two billing components – the professional component and the technical component (or a third if billing globally). According to a study by the Radiology Business Management Association, the industry’s standard denial rate for radiology practices is nearly 30% — and radiologists typically collect just 79% of the revenue they’ve earned. HIS partners far outperform RBMA and other national benchmarks. The most common issues with radiology billing are related to the actual number and type of views in a study. The sheer volume of exams means that errors are going to occur, however it’s
important to have a formal policy in place for a complete and accurate charge capture methodology and quality assurance procedure in place to ensure you are not leaving revenue on the table .handling them. HIS provides end-to-end radiology billing solutions for a variety of
procedures, customized to your company’s practice’s specific needs. HIS is more than just a billing company. We offer a variety of related services for radiology practices so you can meet the needs of your healthcare patients.
HIS is more than just a billing and revenue cycle management company. We offer a variety of related services for radiology practices so you can meet the needs of your healthcare patients.
How much can we improve your revenues? Schedule a free consultation today to find out.
Our Expertise for Radiology RCM and Billing Services
HIS brings more than three decades of experience to help your radiology practice function as efficiently and as profitable as possible. We specialize in revenue cycle management and billing
services, and our team will work with you to optimize your coding process so you don’t leave money on the table. Our staff of 225 healthcare professionals includes 65 Certified Professional
Coders (CPCs), who are ready to set your practice on the path to increased profitability and success. At HIS, we always stay up to date with changes in compliance guidelines.
Benefits of Revenue Cycle Management and Billing Services for Your Radiology Practice
The effectiveness of your radiology practice’s billing and revenue cycle management services can determine its survival. You want to be a profitable practice and HIS can help you get there. There are many benefits to outsourcing your billing and RCM services to our team, including:
- Enhanced CashFlow
- Increased profitability
- End-to-end customized cutting edge billing technology and solutions
- Reduced billing errors
- Optimized coding for maximum reimbursement and compliance
- Seamless integration with existing systems
- Reduced administrative duties
- Improved patient satisfaction
Revenue Cycle Management and Billing FAQs
Our goal is to provide our clients with a comprehensive understanding of what a partnership with HIS entails and that value we bring when you trust HIS with your revenue cycle management and billing services. When you work with us, we’ll give you the tools and resources you need to be successful. Get detailed answers to your questions about medical billing with HIS below.
Bling radiology claims is a complicated and nuanced process, even for those skilled in medical billing and coding practices. At HIS, we want our clients to feel confident in the services they receive and how to get the best out of them. Below you’ll find some frequently asked questions.
Why is outsourcing my revenue cycle management and billing to HIS better than hiring an in-house team?
Simply put, it’s a smart way to improve your practice’s revenue and profitability. Your practice can reduce overhead fixed costs by outsourcing with an expert team whose fees are directly tied to revenue. This variable cost will decrease if you were to see any hits to your patient volume compared to a high fixed costs of employed billing staff. At HIS, our partners typically see an increase in their reimbursements by 7-15% while eliminating the burden high fixed staffing costs inclusive of salary, benefits, technology, continuing education and real estate all necessary to maintain a highly competent billing department.
What makes HIS different from other revenue cycle management and billing companies?
HIS is not your just billing company. In fact, we do a lot more than submit claims. Our team manages the entire revenue cycle, providing your radiology practice with the expertise needed to maximize reimbursements, increase efficiencies, and boost profitability. We go beyond the typical billing company and provide expert coding education and training from leading industry professionals with decades of specialized experience and training. Our ultimate goal is to position your practice for a more profitable and efficient future. In addition to our more than 3 decades of experience in radiology revenue cycle management and billing, HIS has real word experience that very few can other firms in our space can claim. We’ve built and ran practices, lead almost a dozen mergers, provide practice management and coding consulting, interim management, and continue to provide executive leadership to practices all across the US. We have also build proprietary technology providing physicians and practice executive leadership with the necessary tools and actionable data to properly manage and strategically operate their business.
How can you improve my cash flow?
We take a holistic approach to each partnership to ensure that all functions of your revenue cycle are covered leading to an effective and efficient revenue improving billing process. Some of the leading factors that lead to enhanced cashflow are improvements in clean claim rate, reduction in denied claims due to proper documentation, optimal coding, robust charge capture, claim submission, and claim scrubbing process. HIS strategic Charge Capture process takes into account the necessary checks and quality assurance that needs to be in place to properly and accurately capture all charges and reads (or procedures) from the disparate systems inherent to the radiology workflow. Our rigorous denial management and collection team will speed up time to payment while collecting on claims that internal teams may have simply written off after the initial denial. Combined these attributes of our revenue cycle management and billing services result in increased cashflow and greater profitability.
Expert Radiology Revenue Cycle Management and Billing Services at HIS
If you’re looking for a dedicated partner to handle your radiology billing and revenue cycle management, contact us today to speak with a member of our team. We look forward to hearing from you!
Healthcare Industry Updates and Articles
Read our most recent blogs and news from the world of medical billing and practice management.
