The billing and coding process in a radiology practice is usually more cumbersome than other practices; they have a high volume of tests, and the documentation specifications are precise and accurate. According to a Radiology Business Management Association study, the industry-standard denial rate for radiology billing is approximately 30%—and radiologists collect merely 79% of the revenue they’ve earned. To cut it off, it takes around $30 on average to serve a denied radiology claim.
These statistics highlight the significance of taking proactive measures to reduce the number of rejections and write-offs covering the leading end. Also, even if you outsource your radiology billing, you can do things in your practice to improve economic outcomes.
Accelerating your reimbursement process by selecting an appropriate medical billing company is the best way to anticipate the necessity to go back and add or change information to the report in the event of a denial.
Outsourcing your radiology billing service to the 24/7 Medical Billing Services company has several benefits for your department. Radiology billing is a time procuring process, and if you intend to outsource the work, you are thinking in the right direction. Outsourcing releases a lot of time so you can focus on core activities. Once you outsource your radiology billing service, you will improve your healthcare practice’s overall capability and bring down your team members’ workload so they can concentrate on more critical tasks.
Relying on us, you can have the following benefits that can help you improve your practice:
- No Investment – If you own an in-house radiology billing team, you will have to absorb many things – some as a component of a one-time setup and some recurring. Even if there are no patients, you will possess to pay a fixed cost. When you outsource your billing service, you don’t have to bother about the expensive software. Even if the work volume rises, you don’t have to worry about adding extra employees to handle the workload.
- Agreement standards – Radiology billing has its collections of compliance parameters which every organization has to follow. The standards are updated periodically. If you outsource your radiology billing service, you don’t have to worry about the compliance changes and modify your system.
- Save your time – As a radiology department, you now need to manage many things. Hiring a medical billing company will allow you to concentrate on things that you do the best – treating patients. You don’t have to bother about the pharmaceutical bills and the claims.
- Decreased error – There are a lot of things in radiology billing – making correct insertion to claims. The billing staff has to handle a lot, and to do it with 100 percent efficiency requires expertise. If you outsource your work, you know the job is going in expert hands and on your essential work.
Radiology is high risk and high-volume practice, and if you intend to outsource the services, you should ensure you check the reviews of the shortlisted firms. To discover, they have expertise in the variety of services you are outsourcing and, if feasible, speak to any of their existing customers to receive real-time feedback. If you are looking for a trustworthy and distinguished firm to outsource your radiology billing, we at 24/7 Medical Billing Services experts can provide you with the right advice and supervision. For more details, call us at +1-888-502-0537.
Read More: How to keep radiology claims denials at bay?