Exceeding Industry-Accepted Norms for RCM
While it’s the generation of healthcare revenue that gets a lot of the spotlight, billing and collecting that revenue can be the real workhorse. Radiology groups and imaging centers are facing real challenges as we enter the 2020s, and headwinds are everywhere. Changing and expanding requirements from government entities and insurance companies, new payment models, and RCM issues like rising bad debt and uncollectible amounts leave radiology groups searching for a way forward.
From the macro perspective, maximizing revenue in the healthcare industry’s complex third-party payer system continues to be a challenge. With increasingly elaborate payment models and fee schedules, and escalating payer scrutiny for advanced radiology procedures and testing, it’s never been more critical to stay current with new technological advances in the revenue payment lifecycle.
To add to the complexities, according to the Healthcare Financial Management Association (HFMA), the CDC has released findings showing that 47% of commercially-insured consumers were choosing a high deductible health plan (HDHP) hoping to reduce household health insurance costs by lowering premiums.1 This shift in financial responsibility from government and private insurance payers to consumers has made it imperative for radiology practices and imaging centers to embrace new technology or risk precious margin on the accelerated growth of bad debt.