Radiology Billing Services
Are diminishing reimbursement rates, skyrocketing infrastructure costs, and the shifting payer mix hurting the revenue prospects of your radiology practices? Look no further! Our HIPAA-compliant radiology medical billing services will help you reduce claims denials and increase revenue.
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How We Streamline Radiology Medical Billing for Your Practice
Our team consists of certified professional coders (CPC) and billers (CPB) who are fully aware of the complexities of radiology medical billing. The AAPC-certified experts submit clean claims electronically to the clearinghouse, minimizing errors and maximizing first-pass acceptance rates. Here’s how they do it for you:
- Integrate Electronic Medical Records (EMR), Electronic Health Records (EHR), Electronic Data Interchange (EDI), and Practice Management Systems (PMS) with radiology-specific billing software to facilitate electronic claims processing and electronic payment processing.
- Gather patient demographics (medical history, physician referrals) and insurance details (coverage upfront, preauthorization requirements, effective dates, expiration dates, claims addresses) to verify eligibility for claims processing.
- Delegate professionals with niche expertise in value-based billing, telemedicine billing, capitation billing, and episode-of-care billing processes.
- Segregate bills as per radiology cost components such as technical components (TC), professional components (PC), and global billing.
- Pay particular attention to using the correct radiology CPT code, ICD-10 code, HCPCS Level II codes, modifiers, and Dx-codes. The assigned codes are evaluated for quality to ensure accurate reporting of imaging procedures, proper documentation, adherence to radiology coding guidelines, etc.
- Align with the American Medical Association (AMA)-specified 70010-79999 code range for radiology procedures to handle the proposed changes and continue to provide top-notch services.
- Cover billing for interventional radiology procedures (X-rays, CT scans, and MRI), radiation oncology treatments (external beam radiation therapy, brachytherapy, and stereotactic radiosurgery), diagnostic imaging, nuclear medicine, cardiology procedures, and more.
- Align with the guidelines of Medicare, Medicaid, workers' compensation insurance, Tricare, other private insurance payers like Humana, Aetna, etc, and fee schedules relevant to each entity to ensure zero-error claims file documentation.
- Identify and address any contractual adjustments required by your payer agreements.
- Obtain EOBs from the insurance payers to verify any uncovered services or disputes. If any, we resolve it and initiate the appeals process.
- Generate transparent reports detailing charges, allowed amounts, deductibles, co-payments, and co-insurance for each patient with the help of EOB. Notify patients about their payment responsibilities to prevent unpaid claims.
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During your consultation, some of the issues we can discuss are:
- Overview of your current radiologist billing services and underlying challenges
- How can our end-to-end billing services help you overcome claims denials and increase efficiency?
- Specific measures in place to ensure accurate coding and documentation for improved bottom line.
- How we monitor significant billing and claims metrics to improve efficiency and boost revenue for your practice.
Why Choose Invensis as your Radiology Medical Billing Company?
We have 25 years of experience in offering comprehensive radiology billing and coding services to diverse clients across the globe. Our clientele includes radiology practices, multispecialty healthcare institutions, imaging centers, university medical centers and teaching hospitals, teleradiology, and mobile radiology service providers. We are home to specialists such as radiology billers certified with CPB and coders certified with CPC, certified medical reimbursement specialists (CMRS), insurance specialists, quality assurance specialists, medical transcriptionists, etc., with the necessary certification from the Radiology Coding Certification Board (RCCB). Their expertise and efforts have created visible results for our clients, including a decrease in claims denials to maintain less than 8%, up to 98% clean claims rate, and managed average AR days between 25 to 40 days. Also, our team helped our clients achieve a net collection rate of up to 95%. These results underscore our deep industry knowledge and our client's trust in us, leading them to choose our services consistently.
Benefits of Outsourcing Radiology Billing
- Maximize Revenue:
Managing radiology medical billing services can be complex and time-consuming for healthcare providers. Incorrect or incomplete billing can result in revenue loss, delayed payments, and penalties. Healthcare providers can outsource radiology billing services to specialized billing companies to avoid these challenges and maximize revenue.
By outsourcing billing to Invensis, one of the top radiology billing companies, healthcare providers can focus on providing quality patient care. We ensure that all bills are accurately prepared and submitted on time, helping reduce claims denials and increase revenue collection. Our specialized knowledge of medical billing codes and regulations ensures compliance with industry standards, which helps in mitigating risks and avoiding penalties. - Improving Efficiency:
Managing the revenue cycle in healthcare can be daunting, especially for providers who lack specialized knowledge in radiology medical billing. Inefficient billing practices can lead to revenue loss and negative patient care impacts. Healthcare providers can outsource their radiology medical billing services to expert billing firms to address these challenges.
Outsourcing it to Invensis helps healthcare providers streamline their revenue cycle management. Our team of expert billers helps improve the accuracy and efficiency of the billing process. It results in faster reimbursement and increased revenue. By outsourcing radiology billing services to Invensis, healthcare providers can improve their operational efficiency and bottom line. - Reducing Costs:
Medical billing and coding can be costly and time-consuming for healthcare providers. Handling billing in-house can lead to inefficiencies, errors, and decreased revenue, resulting in lost profits. Healthcare providers can significantly reduce their costs by outsourcing radiology medical billing.
Invensis provides cost-effective and reliable radiology medical billing services that help maximize revenue for healthcare providers. Our team of expert billers ensures that all medical bills are accurately coded and submitted on time, leading to faster payments and reduced denials. Outsourcing to Invensis also reduces the need for costly in-house infrastructure and staffing, allowing healthcare providers to focus on their core business operations. - Enhanced Patient Satisfaction:
Radiology practices are increasingly facing pressure to streamline their billing processes. While maintaining consistently high levels of patient satisfaction. Healthcare providers often lack the specialized knowledge and resources to efficiently manage their medical billing processes. It leads to delays in reimbursement, claims denials, and unsatisfied patients.
Outsourcing radiology billing services to Invensis can help healthcare providers improve their financial performance and enhance patient satisfaction. Our team of expert medical billing professionals ensures accurate and timely billing, reducing the risk of errors and delays in claims processing. Outsourcing to Invensis allows healthcare providers to free up valuable time and resources, allowing them to focus on delivering high-quality patient care.
Trends in Radiology Billing
- Automation and AI:
The trend toward automation and AI in radiology billing transforms how healthcare providers manage their billing processes. Automation and AI-powered solutions can help improve billing accuracy, reduce denials, and accelerate reimbursement. Invensis, with its leading radiology billing services enables healthcare providers to stay ahead of the curve. And benefit from the latest technological advancements without investing in costly infrastructure and staffing. - Integration with EHRs:
Integrating electronic health records (EHRs) is a growing trend in radiology medical billing. By integrating EHRs with billing systems, healthcare providers can streamline billing processes, reduce errors, and improve revenue cycle management. We at Invensis offer EHR integration services. It ensures accurate capturing of patient data and prompt billing. - Outsourcing to Offshore Companies:
The number of healthcare providers outsourcing their radiology billing services to offshore companies has increased in recent years. By partnering with expert billing service providers, healthcare providers can tap into the specialized expertise and cost savings that offshore companies offer. We at Invensis ensure accurate and timely submission of medical bills, leading to faster payments and increased revenue. Our expert billers care for the complex billing process while enabling healthcare providers to focus on providing high-quality patient care.
What Our Customers Say
We have been working with Invensis for the past two years, and they have helped us overcome many revenue cycle management challenges. The team often walks the extra mile to ensure that our needs are met.
Invensis has been our revenue cycle management healthcare outsourcing partner for the past 5 years. They have always delivered on their commitments, whether it is meeting our Service Level Agreement (SLA) or improving our billing process.
Invensis has been a great partner providing quality medical coding and billing services. The team is extremely responsive to every query we pose, and the turn-around time for deliverables is always as committed.
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