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Radiologists Help Patients Understand Radiology Expense and Increase Revenue With RadiologyBill
Date:12/4/2013

Richmond, IN (PRWEB) December 04, 2013

RadiologyBill is a resource now easily accessible to patients for helping them learn about the process of medical costs and billing. This effort stems from the desire to shrink healthcare revenue shortfalls by identifying valid insurance claims and government benefits. With diminished insurance coverage, higher deductibles, and government benefit cuts on the rise —it is becoming considerably more important for Radiology Professionals to provide innovative solutions that clearly communicates to patients their expenses.

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 for the patient is what generates the problem. Furthermore, medical facilities’ office operations can become overwhelmed, and physicians are often unable to educate patients about their financial responsibilities. Currently, up to 12%* of patients are billed for accounts that should have been covered by a benefits plan. These errors frequently occur due to unintentional administration mishaps or incorrect patient information. Radiologists usually assume losses on accounts resulting from miscommunication as bad debt.

Statistically, this issue triggers a huge hit to the industry. The Medical Imaging and Diagnostics Industry generated $21 billion in revenue with losses of nearly $1 billion in 2012**. This dilemma can also result in a 3-10%* overall loss for a radiology practice regardless of a billing company’s reconciliation process. This deficit increases the general imaging diagnostic cost for all patients across the United States.

RadiologyBill identifies shortfalls occurring in the revenue cycle to grow
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