Medical Billing Service has never been simple and easy to handle. Every specialty of the Medical Industry has its own nuances and specifications when it comes to handling Revenue Cycle Management (RCM). Comparatively, Radiology Billing can be considered as one of the specialties susceptible to claim errors and denials. Let us understand the reason for Radiology Billing Challenges before we discuss the methods to handle them in this article.
Radiology Billing Challenges
- Demand for experienced Radiology Coders
- Lack of complete and accurate documentation
- Lack of communication between Physicians and Radiology Coders
- Constant Payment policy changes from Insurance
- Incorrect Modifiers
- Claim denials or Rejections
- Payment delays or loss of revenue
Above mentioned are the major challenges in Radiology Billing which can be definitely fixed with a strategic approach and a streamlined process in place resulting in quality billing and higher financial benefits.
Leveraging on a standalone Medical Billing and RCM partner can serve as one-stop solution for all of the above-mentioned challenges. Offshore outsourcing guarantees greater profit as it also includes the benefit of time advantage, experienced resources at your disposal and cost-effective services. Research has proved that Medical Billing Outsourcing is the best option for Radiology Billing.
Recent Research* on “Medical Billing Outsourcing Market” reports Medical Billing Outsourcing has increased by 16% growth in comparison to 2021. A deep analysis report from this research also predicts the Medical Billing Outsourcing Market Revenue is expected to reach the highest revenue of US $ 23.4 Billion by the end of 2032 with a CAGR of 15.6%.
Another research** on “Healthcare BPO market” projected 9.49% CAGR growth between 2022 and 2030, which amounts around USD 755.76 Billion.
Looking at these analytics and research data it is unquestionably proven Off-shore Outsourcing to be the best choice for Medical Billing Services. Specifically for medical specialties such as Radiology which involves greater vulnerability affecting claim quality and reimbursement. Read through the below list to understand the benefits of Offshore Outsourcing Radiology Billing Services:
- Access to certified and ICD 10 experienced coders
- End to End Medical Billing and Coding support
- Highly skilled and trained billers and coders.
- Cost Effective and High-Quality RCM services
- HIPAA Compliant and Secured PHI
- Less Administrative Burden as the Medical Billing Company ensures faster claim submission
- Increased Reimbursement
- Support with additional services such as Insurance Eligibility Verification, Prior Authorization, Denial Management, AR Follow up and Appeals.
About e-care
e-care is a 23-year-old Medical Billing Company with expertise working on Top Radiology Billing Companies across U.S. Our team is highly skilled in handling Radiology Billing understanding the difference between Professional and technical components and guaranteeing the maximum out of each claim. See below a quick fact sheet on e-care to know the benefits of partnering with us.
- e-care ensures to assign specialty-specific coders and billers and has certified coders to handle Radiology Coding efficiently
- e-care ensures 96% claim first-pass rate and 95% collection ratio.
- We guarantee average AR days to be kept under 34 days with a Quality SLA of 98% for billing and Coding
- Competitive and flexing pricing models for better financial growth
To know more about Ecare and our services, call 1-813-666-0028 or log on to www.ecareindia.com
Source:
*Medical Billing Outsourcing Market Size, Industry Share & Trends – 2032 (futuremarketinsights.com)
**Healthcare BPO Market Size to Worth Around USD 755.76 Bn by (globenewswire.com)