RadNet, an imaging services provider with a network of 251 facilities, and Zotec Partners, a radiology practice management service, have announced an exclusive billing partnership.
“Like many large radiology groups, RadNet is faced with reimbursement and utilization pressures, increased regulatory requirements, and the impending ICD-10 implementation,” said Taylor Moorehead, regional partner with Zotec. “Given the close cultural alignment between Zotec and RadNet, we were confident our business intelligence technology would help RadNet outpace the pressures it continues to face in 2014. Our ultimate goal is to increase and expedite cash flow to RadNet’s multiple U.S. locations in a challenging economic environment.”
According to Howard Berger, MD, RadNet’s president and CEO, the company recently instituted a fiscal savings program to respond to its financial pressures, which included lower than expected utilization. “We recognized the opportunity to generate significant cost savings and improve performance by working with a billing partner who could provide us with the tools and expertise that have not previously been available to us,” said Berger. “Zotec proved to be an ideal partner for our group because of its ability to directly impact our bottom line with undeniably sophisticated and cost-effective revenue cycle management solutions, including billing and business analysis technologies.”
RadNet provides PET/CT, MRI, CT, nuclear medicine, mammography, x-ray, and ultrasound procedures. The company has locations in several states including Calif, NY, and Fla.
