Several factors influence your radiology practice collections and improper management of collection measures that may lead to loss of revenue of your in-house practice. Therefore, it becomes important to evaluate your radiology A/R and collections regularly so as to observe any gaps in your collection strategy.
To improve your radiology practice collections, here are some key factors you need to take into account.
1. Make your patients know their payment responsibility
For smooth flow of your Radiology practice collections, it is important to keep your patients aware of the insurance process and their responsibility towards insurance payment. In fact, not every insurance will offer the same coverage to patients. Therefore, it is significantly required to make your patients know what diagnosis and treatment their insurance will cover and what not.
This will ease out your radiology collection process ensuring consistency in collections and improving your practice’s revenue.
2. Enhance collections with leveraging technology
Automate accounts receivable with effective collection payment system software which helps you reduce follow-ups and keep collections up-to-date. This will not only help you with regular cash flow but also gives your patients a positive impression towards your radiology practice management. Using high-end technology through software sends automated reminders to patients for their insurance payment. This reduces your concern of regular follow-up with patients through emails, outbound phone calls and messages.
Moreover, accepting payments through IVR technology in phones and online processing improves patient experience along with making them understand the importance of paying for insurance.
3. Train your staff to interact with patients regarding payments
Sometimes, emailing the balance bill amount to patients apart from the insurance amount claimed may not play an effective role in improving collections. Train your accounts receivable team to call up every patient after sending an email about their balance bill amount to be cleared and explain the break-up. This will not only develop transparency between your practice and your patients but also creates goodwill along with reminding them to make the payment.
Based on age of the pending payment, your staff should regularly follow up with patients to clear their payment. But this should not be in a disrespectful manner, since the majority of the amount is cleared by their insurance-providing company.
4. Manage your denials in a better way
Controlling denials of patient claims can improve your collection process way better and faster than ever. In order to make sure that your patients’ insurance coverage is reimbursed on time, you should have a strong medical billing system in place and up-to-date information on claims should be notified to your patients along with the bill amount they should pay. With proper medical billing and coding, it is possible to speed up your A/R collection process as well.
5. Concentrate on strategic growth planning
A radiology practice to grow heights should be able to identify growth opportunities and maximize their practice’s value. Keep the market information always handy to understand how uniquely your practice is performing compared to other radiology practices. Just streamlining collections alone cannot make you stand out from your competitors. You should have proper strategic planning for your business growth that helps keep all your practice activities intact and helps improve your revenue as well.
Along with the changing technology, it is a good decision if you are able to adapt to that technology. If capability of staff and size of your radiology practice is a major concern, then think of outsourcing radiology medical billing services to a renowned medical billing company that is highly qualified to handle end-to-end collection process and revenue cycle management for your radiology centre.
If you are one of the practices struggling to improve your collections, you can follow the solutions provided above. Still if you require assistance for collections enhancement, get in touch with 24/7 Medical Billing Services, the best medical billing partner for quick results and improvement at +1-888-502-0537.