January 22, 2014
As the federal government is finding ways to control Medicare cost growth, radiology practices are experiencing serious payment cuts. CMS has reduced radiology payments 12 times since 2006 and these cuts are likely to increase in 2014.
Even though Medicare reimbursement rates are fixed for 2013, Congressional cuts that target imaging will cause hindrance in patient access to quality imaging care. Beginning next year, radiologists will be seeing a 10-45% reduction in reimbursement for 47 codes used routinely.
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These cuts have not gone down well with radiologists and they are getting discouraged to continue or comply with revised guidelines. Radiology practices are also getting overwhelmed with the demands of Meaningful Use requirements. Chances of full participation on part of providers are less even though the stage 2 of ‘meaningful use’ will be easier for complying.
Lack of clarity and high costs associated with the program have kept approximately 40% radiologists away from the meaningful use bandwagon. This will see radiologists losing collections due to non-compliance to MU requirements.
A significant amount of time and resources of radiologists is often consumed due to low payment and medical billing issues. This has led to reduced radiology collections, making it important for providers to outsource the billing functions to ensure steady cash flow.
Can outsourcing solve payment problems for your radiology practice?
Radiologists are facing cut in payments and lack of time and skilled staff can affect billing procedures that will bring down cash flow to a great extent. So, why take the risk? Radiologists can seek expert help from a billing partner for striking a balance between business and clinical side of their practice.
Outsourcing will also help providers in successful adaptation to the guidelines of meaningful use. It will make them qualified for financial incentives under PQRS reporting standards and Meaningful Use criterion. Seeking help from a billing partner will also help them appreciate regulation changes in a better manner and manage collection despite payment cuts.
Hiring a billing partner will save you from clinical and financial crisis. They have a team of expert coders and billers who are have the required expertise to help practices maximize revenue and minimize claim denials. Some of the advantages of outsourcing include:
Your practice will be able to keep reimbursements as per the fee schedule with Medicaid, Medicare and other commercial insurance carriers
AR days will be minimized as charge capture will be done in time
Risks related to compliance programs will be averted
Payment accuracy will be enhanced
If you are a radiology practice, looking for expert assistance to uplift revenue
Medicalbillersandcoders.com can offer effective solutions. We are the largest consortium of coders and billers who have been helping radiologists across the US improve the financial health of their practice. Our team is well-trained in radiology coding and billing requirements and we make use of the latest technology to keep the cash flow of your practice as healthy as possible.
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