RadiologyBill is a radiology bill collections firm that helps patients learn about the process of medical costs and billing. Confusion over billing can lead to enormous losses in radiology practices—by one count nearly $1 billion in 2012—which rads must then write off as bad debt. RadiologyBill can not only help cut these losses, but support imaging practices seeking to address a climate of diminished insurance coverage, higher deductibles, and shrinking government benefits.
Typically, the Radiology Revenue Cycle allows 30-60 days before a patient receives an imaging or x-ray bill. In many cases, individuals don’t understand why the bill wasn’t covered by insurance or government benefits. This unexpected expense can generate problems receiving reimbursement. Medical offices can become overwhelmed, and physicians are often unable to educate patients about their financial responsibilities. Many patients are billed for accounts that should have been covered by a benefits plan due to unintentional administration mishaps or incorrect patient information.
RadiologyBill identifies shortfalls occurring in the revenue cycle to grow revenue for diagnostic imaging centers. “We are the last stop in the Revenue Cycle for radiologists,” said Chris Coleman, vice president of RadiologyBill. “If a bill is unpaid and a patient has a dispute, we seek to understand why and identify the right party payer. Sometimes the patient is responsible for the outstanding radiology bill and simply needs an explanation why it was not covered by their benefits.”
According to the company, educating patients about billing and offering payment options reduces losses for radiology practices by 34%, while RadiologyBill’s focus on efficient communication, accurate billing, and working with patients helps build trust between the practice and the patient.
For more information, visit RadiologyBill.