At the April 14 – 17 Radiology Business Management Association (RBMA) PaRADigm Conference in Las Vegas, Rebecca Farrington and Sandy Coffta presented Positioning Your Radiology Group For Success. Their talk was a dive into a captivating exploration of real-world case studies from radiology groups that rode the waves of change. Whether the group soared to success or stumbled along the way, there's a story behind every strategic decision. Rebecca and Sandy unveiled the common pitfalls, the surprise twists, and the must-focus areas for crafting a winning strategy, including the informed choices that helped the groups navigate the intricacies of strategic planning.
They described the many pressures on radiology practices today, and how those conditions developed. A study reported that Medicare reimbursement, which ultimately drives reimbursement from commercial sources as well, has declined over 40% since 2005, after adjustment for inflation. At the same time there is a shortage of radiologists to fill the open positions available, with the result that the existing pool of radiologists are working harder for that lower reimbursement and facing life-impacting burnout. The three case studies take a look at how different practices have successfully dealt with these pressures.
Sandy Coffta spoke at the Society of Interventional Radiology (SIR) Business Institute about The Ins and Outs of IR Revenue Cycle Performance on March 23rd. She identified areas of the IR revenue cycle that have potential for deficiencies, proposed methods to enhance IR coding accuracy and documentation to optimize reimbursement, and reviewed strategies for using non-physician practitioners (NPP) in IR settings. In addition, she discussed reimbursement changes over time in the various practice locations and noted that the professional component for IR physicians has been steadily declining. An opportunity for enhanced profitability exists in outpatient physician-owned facilities like Office-based labs (OBL) and Ambulatory Surgery Centers (ASC).
Sandy covered many important aspects of the IR revenue cycle, including credentialing, payer enrollment, proper use of Advance Beneficiary Notices (ABN), and important aspects of the No Surprises Act. Read our article on IR Coding and Billing Strategies for Enhanced Reimbursement, including the top 3 under-documented IR procedures, here.
Presentations at conferences such as these only uncover the tip of the iceberg of knowledge that our team at HAP possesses. Our clients get the benefit of that knowledge every day as we serve their individual revenue cycle and practice management needs. We work hard to educate ourselves so we can be trusted source of knowledge for our clients and the radiology community.
Our team is ready to help you tackle your radiology revenue cycle management challenges. Feel free to contact us with your billing and coding needs, and be sure to subscribe to this blog for the latest radiology RCM news.
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