Radiologists are currently pushing against multiple headwinds that impact their business. The No Surprises Act, sequestration cuts, and PAYGO will deliver 9 to 11 percent cuts to radiologists. Due to the changes in credit reporting, patients are no longer heavily incentivized to pay their bills, and medical debt under $500 will not be reportable in 2023. The increases in postage, up 20% since 2020, make it more expensive to reach patients. Combine that with an ever-rising inflation rate that continues to increase wages, rent, and supplies, and radiologists could walk into a hurricane in 2023. These new storms require more protection and a proactive approach to revenue cycle management using a nimble mix of deductible reduction, coverage detection, and a patient payment strategy with patient satisfaction in mind.
The most successful radiology practices use data as a transformational tool for their business success. Zotec invests in technology that gives radiologists the data they need, with the most progressive and innovative analytics solutions available. For radiologists who seek the ability to monitor revenue cycle, business performance, and practice management metrics to maximize output and outcomes, Zotec’s proprietary data platform, the Comprehensive Zotec Analysis and Reporting System (CZAR), is ideal. CZAR is an all-in-one technology that uses advanced algorithms and machine learning to detect anomalies, uncover trends, predict business achievement, and identify growth areas.
The powerful data displayed in the CZAR platform is enhanced by the intuitive design that creates optimal user experiences. Each user can configure their data visualization tools to show the information that matters most to them. Users can customize their communication preferences to be informed and participate in a personalized level they choose.
Zotec’s machine learning processes also help radiology groups yield data in other ways. For instance, self-pay and unidentified patient denials can be successfully matched and paid using the company’s master patient index. Zotec can also selectively hold claims that would have otherwise gone to bad debt, which means they can reduce the deductible percentage of allowed and increase the payment percentage of allowed on every claim. This not only gives radiologists the money they are contractually obligated to receive, but it also gives their patients a more positive experience with reduced friction around their medical bills.
With respect to positive patient experiences, radiologists need an easy, interactive platform that puts their patients at the center of their own healthcare financial experience, offering live customer service, convenient payment options, touchless transactions, and more. Zotec’s approach to guarantor outreach optimizes collections while keeping patient satisfaction at the forefront.
While Zotec’s processes and technology solutions can optimize practice performance, reduce patient friction, and help radiologists navigate the complexities of the industry, the company is also passionate about delivering Best in Class service with a creative and talented team of people. Every radiology client has a dedicated client relationship team member, but in addition to that, they also receive a dedicated business analyst who is connected to the practice’s business objectives. All combined, Zotec’s people, processes, and technology empowers radiology groups to make more intelligent, data-backed decisions for optimum success.
For more details on Zotec’s patient experience, revenue cycle and practice management solutions, experience a demo by clicking the “Schedule Demo” button in the top right hand corner.