Common Trends That Will Improve Your Bottom Line in Your Radiology Practice

By Infinx
November 2, 2018

Radiology practices are focused on patient experience, and rely heavily upon on efficiencies. An inefficient revenue cycle management (RCM) process will leave money on the table. In an effort to combat reimbursement challenges and eliminate human error inefficiencies in the front office, radiology groups need to stay ahead of the curve.

How can your radiology practice improve your patient access and RCM processes?

  • Improving your prior authorization process. The payment lifecycle for a radiology company starts with prior authorizations and is the bane of every physician’s existence. The only way to survive the burdens of prior authorization is to optimize performance and maximize revenue through automated prior authorizations, the result is more accurate claims and fewer denials. Best practices are built on software that delivers timely and accurate preauthorizations at the time of patient scheduling, accurate preauthorization details for accurate claims, and tools that will streamline your workflow.
  • Optimizing reimbursement with error-free coding. Many practices lose a significant amount of revenue due to incorrect coding. With 144,000 ICD-10 code sets, medical coding requires speed, accuracy, and expertise. Industry error rates average around 5%, which translates into massive losses in revenue. When a code is incorrect, it guarantees denial and stops the payment lifecycle. You need a team that is consistent and accurate with minimal errors and unpaid claims, allowing you to move directly to billing.
  • Submitting accurate and timely billing. Medical billing depends upon timely completion and skilled handling of charge entry and payment posting tasks. Your billing needs to meet payor guidelines expectations. When untimely month-end closures delay the process, a short staff can quickly fall behind, and often leads to more errors. A scalable solution for managing your charge entries, payment postings, and credit balance resolutions are needed, which will result in timely revenue cycle optimization.
  • Use of artificial intelligence (AI) tools to help automate your workflow. AI is gaining a lot of attention, is becoming a key enabler for the radiology sector, and is changing the patient access workflow. Some of the most opportune tasks for automation lie in your revenue payment lifecycle. The ability to automate your workflows which are based on repetitive, high-volume tasks, pre-programmed rules, is the best solution versus workflows that are prone to human error. The ability to automate tasks that once took significant human resources changes the game for imaging centers.

Where does your practice need help?

Now is the time to do a self-evaluation of your practice’s front office. What does your staff do well, and where do they need an added “boost” to help you become more profitable?

Infinx has developed RCM solutions developed around the unique needs of radiology groups–to streamline your prior authorization and claims process to capture you more revenue:

  • The Infinx Patient Access Software is an automated preauthorization workflow solution, driven by AI and exception handling by preauthorization specialists. Our solutions help you get ahead of the revenue cycle problem by quickly authorizing and confirming every procedure rendered, and can be billed with near certainty to its accuracy and propensity to collect. Our experience working with payors nationwide, allows you to receive STAT approvals in as little as 20 minutes.
  • Infinx finds and extensively trains the highest level of certified medical coding specialists at a fraction of the cost. Our expert team of medical coders review each patient claim for coding accuracy before it’s submitted to the payor and is double-checked by our in-house auditors.
  • We guarantee that medical bills reflect patient treatments and services, are accurate entries, and that payments are posted within 24 hours. We reduce errors to less than 0.01%, improving patient and physician referral satisfaction, and ensuring a solid, steady cash flow.

Contact us to find out how Infinx can deliver the perfect solution for your practice’s revenue problems–and give you a competitive edge in the fast-paced world of radiology.

Request a demo of the Infinx Patient Access Software at sales@infinx.com.

About the Author

Infinx

Infinx

Infinx provides innovative and scalable payment lifecycle solutions for healthcare practices. Combining an intelligent, cloud-based platform driven by AI with our trained and certified coding and billing specialists, we help clients realize revenue, enabling them to shift focus from administrative details to billable patient care.

Leave A Comment