End-to-End Solutions From Our Radiology Billing Company Will Help You Minimize Billing-Related Risk and Improve Cash Flow
Radiology services face the same challenges and risks as most other types of medical practices. These include challenges and risks related to medical billing. Billing errors and ineffective medical billing management can lead to unnecessary delays and denials—and they can expose imaging centers to recoupments and other consequences in the event of an audit or investigation.
At Fortis, we provide end-to-end radiology medical billing that helps a radiology group minimize its billing-related risks so you can focus on patient care. Our radiology billing services also help in accelerating cash flow by reducing denials and their average number of days to payment.
By outsourcing radiology billing and relying on our consultants’ centuries of combined expertise, radiology expertise, and other businesses have achieved an average of:
- 15% increase in net patient revenue
- 33% reduction in the average number of accounts receivable (AR) days
- 85% of claim denials overturned
- 88% clean claims rate
- More than 98% of claims submission paid in 90 days or less
If your radiology practice could benefit from these types of improvements, we invite you to get in touch. We will schedule a time for you to speak with one of our expert consultants about the solutions we offer and the specific ways we can help you manage your revenue cycles more effectively.
This initial consultation is complimentary, and we will help you make an informed decision about which services and solutions make good business sense for your practice.
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Our State-of-the-Art Billing Platform
Our state-of-the-art medical billing platform is the heart of our end-to-end solution for radiology. This platform allows large and freestanding imaging centers to fully manage all aspects of their billings in a single application, with automation and artificial intelligence (AI) tools that eliminate the risk of many mistakes while streamlining billing management.
We rely on this same platform when providing consultation and managed billing solutions to our radiology clients. It has consistently proven to be an effective tool to decrease compliance risks, address reimbursement delays and denials, reduce our clients’ days to payment, and improve our clients’ cash flow.
When you choose our medical billing platform, your practice benefits from:
- Billing Automation – Our billing platform automates many aspects of the billing process. This both increases efficiency and reduces the risk of financial loss due to human error from your billing department. With billing automation, you can save time, reduce uncertainty, and increase your practices’ rate of payment without the need for additional collection action.
- AI-Assisted Coding – With AI-assisted coding, you can choose the right billing codes faster and have them filed correctly. Our billing platform is programmed to help radiology practitioners select billing codes based on the pertinent billing rules as well as the most common codes used in an imaging center.
- Cloud Storage and Mobile Integration – Our billing platform is cloud-based, which means that you have access to your radiology practice’s billing data 24/7. Additionally, with full mobile integration, you and your team can access your practice’s revenue on all devices without the need to purchase new hardware.
- Full Customizability – With a variety of customization options, you can tailor our billing platform functionality and interface to your personal preferences and your radiology revenue cycle management needs. Our consultants can assist with setting up our platform in the way that makes the most sense for managing your practice billings on a day-to-day basis for optimal results.
- Enhanced Data Security – With enhanced data security, you can feel confident that your billing for radiology data is in good hands. Our well-versed platform meets or exceeds all relevant industry data security standards.
Our Radiology Billing Services
In conjunction with our billing platform, we offer radiology practices a suite of services that further enhance their billing efficiency and reduce their billing-related costs. Our services for radiology include:
Effectively managing your practice’s billing program and mitigating your practice’s billing-related risks starts at the pre-bill stage. To help you bill correctly, streamline payment, and measure improvement, our expert consultants will assist with the following:
- Credentialing and contracting
- Eligibility verification
- Compliance program assessment and development
Billing and Coding
Billing and coding errors can lead to payment delays and denials. They can also lead to audits and investigations. As a result, billing and coding compliance are both extremely important, and radiologists need to be confident that their billing teams are consistently billing for eligible services with the correct billing codes.
Along with helping your billing team implement our billing platform (or managing the platform for you if you choose our managed billing solution), our coding professionals will also assist with identifying the codes your practice can use and when you can use them.
Posting and AR Management
We can assist with managing your practice’s daily deposits and reconciling your practice’s payments and claims. Through this process, we can also identify any accounts receivable that are past due, and we can address any reimbursement denials promptly. This type of proactive approach to AR management is essential for avoiding unnecessary operational costs and achieving the results listed above.
By tracking your radiology reimbursements throughout their lifecycle, we can identify trends in delays and denials, and we can use this information to help your practice improve its clean claims rate. A variety of issues can cause payors to challenge their reimbursement liability, and understanding—and addressing—these issues is essential for ensuring that payors consistently pay your practice claims on time.
When payors refuse to pay despite liability, taking action to collect is the next step. However, determining the most effective means of collection requires industry knowledge and insights gained from decades of experience.
At Fortis, we know why payors deny reimbursement, and we are able to use our billing platform to demonstrate our client’s billing compliance. Whether we need to pursue an appeal or insurance recovery, we can use our experience and your practice data to collect as efficiently as possible.
As radiology experts, you need to be informed about your practice’s billing efforts, and you need to be confident that these efforts are both effective and compliant. Our experts can provide you with the insights you need to manage your practice with confidence.
Billing and Coding Audits
Before entering the private sector, several of our consultants served as federal agents with the U.S. Department of Health and Human Services Office of Inspector General (DHHS OIG) and other agencies.
In this capacity, our consultants oversaw thousands of federal audits and investigations focused on uncovering billing errors and other forms of healthcare fraud. As a result of this experience, our consultants are uniquely positioned to help radiologists and imaging center owners examine compliance and address any billing-related risks through comprehensive medical billing and coding audits.
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Our Full-Service Managed Billing Solution
Along with these services, we also offer a full-service managed billing solution for radiology. With this solution, we take your practice’s billing program off-site and manage it completely on your behalf. This is a cost-effective option for many radiology practices. If you are interested in having Fortis manage your practice’s billing program for you, we can assess to determine if this option makes sense for you.
With our managed billing solution, we handle all aspects of your radiology billing and coding on an ongoing basis. This includes (but is not limited to):
- Setup and implementation of our billing platform for your practice
- Pre-bill credentialing, contracting, and verification
- Billing and coding compliance
- Posting, reimbursement tracking, AR management, and collections
- Benchmarking, reporting, and recommendations for further maximizing the profitability of your radiology practice
Why to Choose Fortis for Your Radiology Practices Medical Billing Needs
Lots of companies claim to offer billing services for radiology practices. So, why should you choose Fortis for your practice’s billing needs? Here are just some of the factors that set us apart from other companies:
- Our Consultants’ Centuries of Relevant Experience – Our consultants have centuries of experience in billing, healthcare, and academic medical centers compliance fields. This includes experiences as federal agents assigned to healthcare fraud audits and investigations.
- Our State-of-the-Art Medical Billing Platform – Our billing platform provides the functionality, customizability, integration, and security you need to manage your radiology practice’s billings all in one place.
- Our End-to-End Billing Solutions – With our end-to-end solutions, you never have to wonder if your practice is doing enough to stay compliant and maximize its billing efficiency.
- Our Specialty-Specific Billing Services – We tailor our billing services to each specialty, ensuring that our clients receive all of the services they need and none of the services they don’t.
- The Results We Have Achieved for Our Clients – As discussed above, our results speak for themselves. When you choose Fortis, you can be confident that using our systems and following our processes will help reduce your radiology billing-related risk and improve its cash flow and profitability.
Start a Conversation with a Senior Consultant at Fortis Medical Billing
If you would like to know more about our billing services for radiology, we invite you to get in touch. Call 866-808-4160 or contact us online to start a conversation with a senior consultant at Fortis today.