Five Ways to increase your Radiology Practice Collections
Several factors influence
your radiology practice collections and improper management of collection
measures that may lead to lose revenue of your in-house practice. Therefore, it
becomes important to evaluate your radiology A/R and collections regularly so
as to observe any gaps in your collection strategy.
To improve your
radiology practice collections, here are some key factors you need to take into
account.
Make
your patients know their payment responsibility
For smooth flow of your
Radiology practice collections, it is important to keep your patients aware of
the insurance process and their responsibility towards insurance payment. In
fact, not every insurance will offer the same coverage to patients. Therefore,
it is significantly required to make your patients know what diagnosis and
treatment their insurance will cover and what not.
This will ease out your
radiology collection process ensuring consistency in collections and improving
your practice’s revenue.
Enhance
collections with leveraging technology
Automate accounts
receivable with effective collection payment system software which helps you
reduce follow ups and keep collections up-to-date. This will not only help you
with regular cash flow but also gives your patients a positive impression
towards your radiology practice management. Using high-end technology through
software sends automated reminders to patients for their insurance payment.
This reduces your concern of regular follow-up with patients through emails,
outbound phone calls and messages.
Moreover, accepting
payments through IVR technology in
phones and online processing improves patient experience along with making
them understand the importance of paying for insurance.
Train
your staff to interact with patients regarding payments
Sometimes, emailing the
balance bill amount to patients apart from the insurance amount claimed may not
play an effective role in improving collections. Train your accounts receivable
team to call up every patient after sending an email about their balance bill
amount to be cleared and explain the break up. This will not only develop
transparency between your practice and your patients but also creates a good
will along with reminding them to make the payment.
Based on age of the
pending payment, your staff should regularly follow up with patients to clear
their payment. But this should not be in a disrespectful manner, since majority
of the amount is cleared by their insurance providing company.
Manage
your denials in a better way
Controlling denials of
patient claims can improve your collection process way better and faster than
ever. In order to make sure that your patients’ insurance coverage is
reimbursed on time, you should have a strong medical billing system in place
and up-to-date information on claims should be notified to your patients along
with the bill amount they should pay. With proper medical
billing and coding, it is possible to speed up your A/R collection process
as well.
Concentrate
on strategic growth planning
A radiology practice to
grow heights should be able to identify growth opportunities and maximize their
practice’s value. Keep the market information always handy to understand how
uniquely your practice is performing compared to other radiology practices.
Just streamlining collections alone cannot make you stand out from your
competitors. You should have proper strategic planning for your business growth
that helps keep all your practice activities intact and helps improve your
revenue as well.
Conclusion
Along with the changing
technology, it is a good decision if you are able to adapt to that technology.
If capability of staff and size of your radiology practice is a major concern,
then think of outsourcing
your radiology medical billing services to a renowned medical billing
company that is highly qualified to handle end-to-end collection process and
revenue cycle management for your radiology centre.
If you are one of the
practices struggling to improve your collections, you can follow the solutions
provided above. Still if you require assistance for collections enhancement,
get in touch with 24/7 Medical Billing Services, the best medical billing
partner for quick results and improvement at +1-888-502-0537.
About 24/7 Medical
Billing Services:
We are a medical billing
company that offers ‘24/7
Medical Billing Services’ and support physicians, hospitals, medical
institutions and group practices with our end to end medical billing solutions.
We help you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow physicians to attract
additional revenue and reduce administrative burden or losses.
Contact:
24/7 Medical Billing
Services
Tel: +1 888-502-0537
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