Today’s imaging centers face numerous challenges considering the changes in clinical and administrative protocols due to the advent of technology and transformations in technologies. This altogether has brought multiple hurdles in imaging center billing and coding processes.
Fortunately, poor billing practices can be improved with the implementation of effective practices within your facility. Not only will these practices improve the revenue cycle workflow but also enhance your practice’s overall performance.
Let’s have a deep dive into the strategies which in no time can improve your imaging center billing services.
1) Leverage technology benefits:
Reimbursements are not just about collecting reimbursements from the insurers, but also from the patients. You can schedule the account receivable follow-up activity to execute it automatically. You can tailor the services as per your practice needs. Ensure that it is well-defined and that your staff completely understand the implications of this.
2) Timely claim reimbursements:
The financial stability of your imaging center is critically linked to the timely claim submission. Every payor has its claim submission guidelines along with the timeline. If you miss out on the payors’ deadline, then your claim will get rejected and your revenue will be stuck within the cycle.
3) Accurate coding and documentation:
Missing or inadequate information within documents or any missing document disrupts within imaging center billing workflow. Insufficient patient information, absence of medical history, and proof of medical necessity can result in claim denials and revenue loss. Efficient imaging center billing services demand a precise coding system. An incorrect or missing code is unable to explain the services rendered. Furthermore, issues of up coding and down coding lead to revenue loss as well as adverse legal consequences. To eliminate these challenges, review the documentation requirements of the payor and coding requirements within the processes before submitting the claim.
4) Set clear payment terms:
With the changing administrative environment and government protocols, patient’s financial responsibility within the care process is increasing and it keeps changing as well. Whenever you are about to start a procedure or treatment, along with the treatment plan you need to clarify the patient’s part within the reimbursement process. Also, you can collect the out-of-pocket payments (co-pays and deductibles) upfront to ensure accurate reimbursements. Multiple payment methods like net banking, UPI, and credit card payments are small tricks that can make your patient payment collection easier.
5) Establish denial management system:
A well-defined denial management system is essential to monitor and analyze the claim denial rates and patterns and solve the issues. Consider a dedicated staff for consistent follow-up and monitoring of denied claims and monitor the billing process to identify the loopholes and an informed decision-making.
Maximize Your Imaging Center Billing Revenue with Outsourcing
With the changing industry, increasing competition, and economic turmoil, it is difficult for providers to retain an in-house staff. To sustain an in-house staff, you not only have to invest time and resources in hiring, training, and retaining employees but also you have to consider the costs and resources required for infrastructure and software systems. Instead of that outsourcing your imaging center billing solutions is a wiser decision. They will work as an operational extension of your practice while you focus on patient care.
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