March 06, 2013
Radiology collections, which have been far from being impressive in the recent years, may further go down amidst a host of issues likely to surface throughout 2013. Significant of those issues is the reimbursement cuts, which is supposed to lead to a reduction of almost 19% in the collections of radiology practices. Further, a 25% cut in payments for imaging services has not gone down well with providers, who may eventually be discouraged to comply and continue with revised guidelines.
Closely on the heels of this monumental cut in reimbursements, radiologists seem to be overwhelmed by the demands of Meaningful Use (MU) requirements. While the stage 2 of ‘meaningful use’ promises to be lot easier to comply by, it is highly impossible to predict whole-hearted participation – as much as 40% of radiologists are reported to have stayed from the MU bandwagon, citing reasons such as lack clarity in the program and seemingly unbearable costs associated with it. Therefore, we might as well see radiologists losing collections on account being non-compliant with MU requirements. While the absence of mandatory penalties might seem to be reason for their reluctance, other priority tasks too may have limited their financial and entrepreneurial abilities.
Other than these compliance, lowered payments and Radiology Billing issues, the core clinical issues often seem to consume most of radiologists’ time and resources. As a result, despite the heavy investments, they may continue to have reduced radiology collections. Therefore, it is important that radiologists have or source the expertise to balance clinical as well business side of their practices. The utility of having such expertise is that radiologists will be able to:
Successfully adapt to meaningful use guidelines
Better appreciate changing regulations
Manage radiology collections better despite the reimbursement cuts, and
Qualify for financial incentives under Meaningful Use criterion and PQRS reporting standards
If the expertise is hard to come by internally, Radiology Billing Outsourcing may possible have answers to every clinical and operational issue, and save radiology practices going into further clinical and financial crisis. The significant advantage of outsourcing is that they come at a price far less than what they would cost if carried out internally. Moreover, it gives ample scope for concentrating on more important aspect – evolving with clinical standards for diagnostic and imaging services. With financial incentive schemes not likely to be stretched beyond 2016, time may be running out for radiologists who have not preparation as yet.
And, those radiology practices that are willing try out Outsourced Radiology Billing Practices to offset the implication of reform measures, Medicalbillersandcoders.com offers the right platform to source radiology billing services from chosen pool of radiology billing specialists. With an in-depth expertise and substantial experience in mediating change-over and adaptation to clinical and operational reforms, these experts may well be crucial in keeping your radiology collections as healthy as possible.
Revenue Cycle Management