To succeed in 2023, today’s radiology practices must address bad debt and find ways to increase collections, while staying on top of industry regulations that are driving reimbursement. They can achieve it with progressive and innovative technology solutions, data-driven tools, and client support know-how from Zotec. Using our powerful revenue cycle management resources, we help radiology practices achieve peak revenue optimization, not only because we remain in front of regulatory issues that impact their reimbursement, but also because we make investments that benefit them. Learn more about our approach in this Q&A featuring Ron Jackson, national vice president of radiology with Zotec Partners.
Q. What challenges should radiologists be prepared to face in 2023?
Radiologists need to be aware of the fact that patients are no longer incentivized to pay their bills, due to the changes in credit reporting. Medical debt under $500 will not be reportable in 2023. Paired with that, there will also be a nearly 20% increase to postage to patients since 2020. The No Surprises Act, sequestration cuts and PAYGO will deliver nine to 11 percent cuts to radiologists. Combine that with an ever-rising inflation rate that continues to increase wages, rent, and supplies, and radiologists are faced with many reimbursement challenges. To achieve business success, it’s important to select a revenue cycle management partner that understands what’s happening in the radiology industry and makes investments to help radiology groups reduce the dollars going to collections.
Q: What distinguishes Zotec Partners from other RCM providers?
A: Zotec has scalable technologies, passionate people, and cutting-edge methodologies that have continued to evolve for more than 20 years. We give radiologists the most progressive and innovative analytics solutions available, so they don’t have to wait on critical practice information like they would with legacy platforms or in-house solutions. Waiting weeks or months for actionable revenue insights can put radiologists at a disadvantage in an industry where proactive and real-time revenue cycle management is crucial. Our analytics platform also empowers radiology groups with intelligent, insightful, and intuitive data — not to mention RCM processes that fully adhere to SOC-1 compliance and HITRUST CSF certification that places security at the forefront. We are also leading the industry with an intelligent approach to guarantor outreach and multiple payment options for radiology patients, providing them more convenience with touchless transactions.
Q: How does Zotec Partners help radiology practices minimize bad debt?
A: We use multiple vectors of approach to help radiology practices minimize their bad debt. First, Zotec is revolutionizing digital payment choices and touchless payment options for patients with its patient payment solutions. Second, with our coverage detection service, self-pay and unidentified patient denials can be successfully matched and paid using our master patient index. Finally, with Zotec’s machine-learning processes, radiology groups can optimize their revenue by selectively holding claims that would have otherwise gone to bad debt, allowing them to 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.
Q: How can radiologists learn more?