The following considerations for revenue cycle management can help ensure the maximum revenue stream for your radiology group.
1.) Maintain an up to date fee schedule
As new techniques are developed and the industry as a whole is managed, Medicare and other insurance companies may modify the amount that they will pay for certain procedures. In most circumstances, these companies will pay the lowest amount between what they say they will pay and what they are actually billed for. In this case, billing the insurance for a lower amount will directly reduce the amount of profits that your group will obtain. The simple solution to avoiding this potential loss of revenue is to periodically review the fee schedule of all accepted insurance groups and modify your billing appropriately. In doing so, your radiology group can ensure that you will never be billing for less than the amount that the insurance group is willing to pay.
2.) Carefully document all aspects of the patient visit
Your revenue stream cannot be enhanced if you don't document what services you can actually be paid for. Fortunately, this is one of the simpler ways to enhance your stream, since all you need to do is properly note everything about the visit. You may wish to make use of a transcription device or other recording tool in case you need to reference things later, though you should keep up to date on any privacy notification requirements you may be required to pass out to patients should you choose to record additional information.
3.) Routinely meet and discuss issues with your coder / biller
With major changes coming for medical billing, understanding what's going on is crucial for ensuring a positive revenue stream. Meeting on a regular basis with your coder and/or biller can help you be certain that you know what services you can actually bill for. This ties in with the method above (documenting all aspects of the visit) in helping you know exactly what to look for when you're documenting the patient encounter. Regular meetings as part of your revenue cycle management can also help ensure that you are aware of any changes that are being made to what can be billed for.
4.) Assure that all co-pays and deductibles are being collected and reconcile all cash transactions daily
Much like the way a lack of documentation can prevent billing for services rendered, it's important to be certain that any and all co-pays and deductibles that may be applicable for your services are collected at the right time and place. You may wish to use an electronic receipt system to help confirm payments. Afterwards, reconcile the cash transactions and ensure that all money goes where it should to track where and when money is moving through your business. This will also help ensure that you do not fall victim to employee theft, which in some locations has had a significant effect on the overall revenue stream.
5.) Utilize a revenue cycle management team
Maximizing a revenue stream often involves a certain degree of revenue cycle management through a third-party company. By making use of the services provided by these companies, your radiology group can focus on medicine instead of spending working hours trying to ensure that the business aspects of your practice are operating smoothly and all documentation is available on-time for everyone involved.
For more information on methods to maximize your revenue stream, read 7 Ways to Enhance Your Radiology Group's Revenue Cycle and discover the value of quality, accuracy, speedy processing, and modern collection capabilities.