The financial health of a radiology practice can be assessed by the level of overall reimbursement and the status a practice's accounts receivable. It is extremely difficult to continue to provide high quality patient care if you are constantly worried about the revenue cycle and how it may impact the practice's income and profitability levels. Choosing the right revenue cycle management company is essential to a stable and profitable future of your practice.
Here are three key qualities to look for in a revenue cycle management company:
Contract Compliance to Ensure Correct Reimbursement Levels: Radiology practices cannot afford to loose money on uncollected bills or lost reimbursements. Tracking how your practices is doing is key. HIS measures every client against industry benchmarks to see how they match up. We track all payments against our client's contracts to ensure that they are being reimbursed properly, and properly adjudicate when they are not. In 2011, we collected over $1 million in under-payments on behalf of our clients.
Knowledge & Experience: As we stated in Revenue Cycle Management: Benchmarking Your Radiology Practice, what you don't know can hurt you. It's important to partner with a revenue cycle management company that helps keep you up-to-date with all industry news. HIS is the leader in healthcare reimbursement and technology. We are setting the standard in the industry for revenue cycle management by focusing beyond reimbursement in order to optimize your bottom line and profitability. One key way we do this, is by keeping our clients informed with industry updates.
Complete and Accurate Charge Capture: Inputting accurate registration and billing information is a critical first step to improving your revenue cycle. Posting the charge with the proper diagnosis code and CPT Service code is the next part of the process. By improving accuracy you are able to speed up your billing process, maximize revenue and ensure proper reimbursement more quickly! By having a complete and comprehensive charge capture process your practice will make sure that all charges are documented and submitted for reimbursement. With HIS we have an exceptional clean claims rate, and with our partnership we will help you speed up your billing process with increased accuracy.
At Healthcare Information Services (HIS) we are committed to the specific needs of your radiology practice. We are pleased to offer excellent service to our partner practices in an effort to streamline operations and increase reimbursement levels.