We all want to make more money next year, right? Unfortunately, making more money typically requires putting in more work. Same goes for radiologists. Not a single one of them will make more money next year unless they put in longer hours. The payors aren’t going to pay more and it’s doubtful that hospitals are going to entertain kicking in more subsidies.
There is one exception to make more money in 2018; however, and that is to improve radiology billing practices.
Importance of Net Collection Percentages
The amount of money you can collect from work, the net collection percentage, has traditionally hovered around 94% for imaging centers and 80% for hospital-based groups. This means that most radiologists have an income upside of between 6% to 20% per year if their billing was done perfectly.
Think of it this way—one out of twenty studies in an imaging center environment and one out of five studies in a hospital-based environment are not being paid. Now, that’s a lot of work for free.
Related: How radiology practices lose control of billing operations
Let’s say your average radiologist makes $450,000 per year. A 10% increase in Net Collection Percentage would be a $45,000 bump in pay without working a single additional RVU.
Remember, this doesn’t mean you change your fee schedule. This doesn’t mean you are going through Machiavellian measures with your patients. All this means is your billing is done professionally without cutting corners and without writing off the harder to collect monies.
Learn which radiology billing solution is best for you
There is no magic to how this is done. There are no smoke and mirrors. It is good, old-fashioned billing done with the leverage of state-of-the-art technology and crisp processes. It is using well-trained employees to work the system and making payers pay the money due for services rendered.
The Dexios Difference
Dexios offers radiology practices—from small groups to imaging centers to large hospital-based groups the following, and more…
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- Highly-skilled radiology billing experts
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- US-based billers and coders
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- Tailored solutions to improve billing performance
- Award-winning ImagineSoftware
If you would like a raise this year without having to work harder, contact Dexios. We’d love to perform a free billing analysis and see what, if any, improvements can be made. We may be your ticket to making more money in 2018.