Reasons Why Radiology Practices Need a Revenue Management System?

For any business to thrive, revenue management is a critical element, and running a medical practice is no different. There are few sectors in the American economy, which are more complex than healthcare sector revenue management. The ever-changing landscape in the medical field in the USA makes everything from providing care to collecting reimbursement after a tedious process.

Unfortunately, due to the hectic schedules and stress of running such a personal service company, it can be easy to either miss opportunities to gain new revenue channels or even put processes in place that can hinder the growth of new revenue.

Great radiology billing partners are hard to find; We at GreenSense Billing Inc. manage your revenue cycle to speed up cash flow, maximize reimbursements, and boost overall profitability of your practice. The complexities intrinsic in radiology billing and coding and will ensure clean, correctly coded claims are submitted in a timely manner, resulting in maximum reimbursement.

So, what happens when your Radiology practice implements a Revenue Management System?

1. Increases practice profitability

Radiology revenue management system focuses more on reimbursements that make your practice’s bottom line profitable. It reduces billing and coding errors, the revenue management system can easily identify and correct improperly coded procedures, increasing reimbursements for providers. Along with accurate patient data increases the accuracy of the reports generated, resulting in greater insight.

2. Coding expertise

Radiology practice’s revenue management coders hold some of the highest designations in their field. All coders have attained at least a CPC from the American Academy of Professional Coders. Additional coding certifications include RCC from the Radiology Certification Board, ACS-RA and Certified, Interventional Radiology/Cardiology Coder.

3. Guaranteed Accuracy

Revenue management system providers have a 99.99% accuracy rate which leads to fewer denials, quicker payments, and an increase in reimbursement per case.

4. Highest level of compliance

The revenue management system provides timely communication on changes in regulations and guidelines as ongoing training for your medical billing team to ensure that they are updated and informed.

5. Maximizes collection of patient payment

The growing prevalence of high deductible health plans means many patients bear additional financial responsibility for their treatment. Collecting payments while the patient is still in your office is a vital first step in any effective revenue collection strategy. It will increase cash flow, decrease accounts receivable days, and reduce billing and back-end collection costs. To bill at the time of service, your staff will need to know the correct amount to charge. Revenue management systems provide an electronic eligibility check before the appointment. It will also provide information about patient cost. Use this information, along with the health plan’s current fee schedule, to calculate the amount the patient needs to pay.

Conclusion

The strategy for revenue cycle management is to tightly control detailed management of the entire process to make sure that your practice is paid accurately and promptly for services provided. GreenSense Billing Inc. will make your practice more profitable and will provide your practice with the necessary tools and information so you’re equipped to make informed decisions. The more that you integrate this system into your billing function, the stronger influence you’ll have over your financial outcomes.