Radiology groups across America are recognizing a common ‘Achilles heel’: as the Affordable Care Act brings an influx of newly-insured patients into the healthcare system, finding, hiring and retaining a qualified in-house office staff to keep pace with expanded patient demand has become harder than ever. Where most practices once simply hired pleasant individuals eager to learn on-the-job, today’s radiology environment requires a specialized skill set that just can’t be readily filled by an online want ad.
Half The Battle: Efficient Billing
A core function of every practice is accurate, efficient billing, with the particularly difficult demands of radiology billing–including the added coding intricacies of ICD-10. Beyond the costs associated with maintaining a full onsite IT system, every practice’s billing proficiency depends on additional training and continual skill development of office staff, which directly eats into the practice’s bottom line. When increasing patient volumes creates a billing backlog–or a billing specialist suddenly leaves the practice–bringing additional employees up to speed with the same training becomes a redundant burden.
In an effort to minimize that costly overhead, more radiology practices are teaming with a revenue cycle management (RCM) partner to optimize their billing operations. Teaming with the right RCM partner offers several key advantages for radiologists:
- Reliability without the daily hassles associated with in-office staff–recruitment, salaries, training and turnover
- Prompt, end-to-end service from experienced RCM specialists with expertise in solving radiology billing challenges
- Instant internal auditing to ensure error-free results
- Virtual “turnkey” safeguards–administrative and technological–to comply with HIPAA and other government regulations
- Ability to quickly ramp-up volume to keep pace with a growing practice
Is Now the Time to Consider an RCM Partner?
Radiology practices should evaluate RCM options by first evaluating their overall billing-to-cash cycle over the past year. Has incoming cash flow been consistent, or occasionally bottlenecked? Is the existing IT infrastructure adequate, or is there a need for significant upgrades and capital investment? Are your compliance and auditing requirements efficient and “airtight”? Even if your current billing operations look stable and trouble-free, are they reliant on a single “workhorse” who’d leave your office in chaos if they suddenly gave two-weeks notice for another job?
The final assessment for your future billing operations should revolve around an objective cost-benefit analysis. In many cases, choosing a top-quality RCM partner simply offers the best “bang for the buck”–lower costs, fewer hassles and better overall results. Find out more about Infinx’s advanced RCM solutions for your radiology group.