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Revenue Management techniques for your Radiology Practice

A very important aspect of the health care system is the radiology practice. With constantly changing rules and high-deductible plans offered by insurance payers, radiology practice needs to have an aggressive management system along with a steady structure for increasing its revenues; this is absolutely essential for the survival of the practice. Also, the need is to streamline operations and bind with technology.

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Revenue Management techniques for your Radiology Practice

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  1. Revenue Management techniques for your Radiology Practice

  2. A very important aspect of the health care system is the radiology practice. With constantly changing rules and high-deductible plans offered by insurance payers, radiology practice needs to have an aggressive management system along with a steady structure for increasing its revenues; this is absolutely essential for the survival of the practice. Also, the need is to streamline operations and bind with technology. Here's how the radiology practice can anticipate its revenues: Subtitle / Points 1. Optimize collections through patient portal: A secured webpage to make payments must be offered via the physician's or the healthcare center's website, which allows the patient to update/edit his demographic details, and view and pay the outstanding amount. www.medicalbillersandcoders.com info@medicalbillersandcoders.com

  3. 2. Outsourcing: Subtitle / Points The outsourcing company ensures that each charge is captured, and decreases the practices' cost on employees and other costs related to technology, which would have been otherwise necessary. 3. Radiology Benefit Managers (RBMs): Payer contracting necessitates radiology groups to work with RBMs. Many private payers are utilizing the services of RBMs to manage the radiology practice along with providing services through prior authorization. www.medicalbillersandcoders.com info@medicalbillersandcoders.com

  4. 4. Claims: Subtitle / Points Accuracy of registration and billing details is imperative with the apt diagnosis codes and CPT Service codes while charge posting. This will speed up the reimbursement process. Claim postings must also be speedy and error free. 5. A/R Management: This is essential for keeping a tab on the payer contracts and compliances. Also, the A/R team must compare year-to-date totals as against the previous years and cautiously follow A/R that are more than 60 days. www.medicalbillersandcoders.com info@medicalbillersandcoders.com

  5. 6. Collection capability: Subtitle / Points The focus of many practices is shifting to outstanding balances; mainly due to high deductibles and self-pay options for patients. Hence, the billing and coding team must have the appropriate software and processes for appealing low paid claims, tracking denials, carrying out reporting, and regaining reimbursements. Leverage technology, ensure expertise in medical billing, organize data and pursue small balances, vigilantly augmenting the revenue cycle management approach. www.medicalbillersandcoders.com info@medicalbillersandcoders.com

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