Are you dealing with numerous claim denials and poor revenue generation in your imaging center? You are not alone!
While technological advancements are doing wonders for the industry, imaging center billing and coding intricacies are pounding the providers.
Studies have suggested that over a 5-year period, the claim denials have increased at a 20% rate.
The main reason behind this is increased pressure on resources. In fact, experts have suggested that an increased workload leads to greater instances of billing and coding errors, making practices prone to claim denials.
According to the Bureau of Labor Statistics, the hourly wage of a professional biller ranges from $17.55 to $22.60. Thus, maintaining an in-house billing team for your imaging center makes it quite difficult to stay aligned with industry standards.
This is why engaging an expert imaging center billing service provider in your practice becomes crucial to optimize revenue and operational efficiency.
However, you need to be sure onboarding the right billing partner that fits your needs.
To streamline your search, we compiled a list of factors that you should consider before choosing an outsourced imaging center billing partner.
5 Tips to Choose the Best Imaging Center Billing Company
1) Determine practice needs:
This is the first step towards choosing a billing company. Analyze whether the company can extend its services as per your scalability. To determine your account size, you need to consider three things- your practice’s size, budget, and contracted insurers.
2) Analyze expertise and experience:
It is one of the most important questions to ask before partnering with an outsourced company. How long a company has been in business and how effective their solutions are the two things to consider here.
3) Look into cost-effectiveness:
This is nothing new and sustaining an in-house billing team is tough considering the inflation and labor costs in the market. An outsourced imaging center billing partner should bring more benefits than cost. It is important that the company offers great value at a competitive price. Ask for their pricing structure and the services they offer. Make sure there are no hidden charges.
4) Check for compliance and security:
Regulatory compliance and confidentiality of the information are paramount when it comes to efficient revenue cycle management. Make sure the company is backed by top-tier certifications like HIPAA and cybersecurity which reflects their ability to safeguard you from financial and legal consequences.
5) Look for client references:
Making sure the company you hire has a good reputation is crucial. Just like purchasing any other product or service, check their online reviews and ask for client references.
A medical billing company providing solutions for years should have-
- An error-free process that reduces your claim denials
- Clients must have a positive experience
- And must’ve delivered the services as promised
Key Takeaways
Finding the right outsourced imaging center billing partner is a crucial decision as it can make or break your practice.
A team of trained RCM experts can significantly improve your cash flow, minimize denials, and enhance your patient experience by working as an operational extension of your practice.
Read and re-read the contract before you sign up for outsourcing. Make sure you are clear on the terms of termination. For instance, who will be responsible for patient data once the contract ends? How will the data be returned?
You deserve a billing partner with a track of excellence in providing imaging center billing solutions and who will advocate for your practice by improving the bottom line of your practice.
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