Did you know what you do this year, in 2013, is dependent on whether your Diagnostic Radiology practice loses money in 2015?

If you’re among the majority of Diagnostic Radiology practices currently not participating in, or qualifying for the Physician Quality Reporting System (PQRS), you’re at risk for doing just that.

While less than a quarter of radiologists qualified for the bonus money CMS hands out for meeting PQRS requirements in 2010 (the most recent year full data is available), according to a study from the Harvey L. Neiman Health Policy Institute published in the Journal of the American College of Radiology, it’s important to understand why 2013 is a pivotal year for radiologists to get on board.

Quite possibly, you may have had objections (perhaps one or more of those below?) in the past that factored into your decision not to participate. But there are actually plenty of reasons for you to do so.

1. The bonus isn’t big enough to bother.

Yes, they’re shrinking now, but the reality is bonuses are going away altogether after 2014, replaced with penalties for non-participation beginning in 2015 that could rise to 2 percent by 2016. Your 2013 performance will determine penalties tied to payment reductions beginning in 2015.

2. It costs too much to comply.

It may very well cost you more not to comply… especially when you don’t have the right healthcare revenue cycle management team with special expertise in Diagnostic Radiology compliance that includes PQRS reporting. The optimal choice is an independent, third party medical practice billing firm that already is successfully reporting PQRS for diagnostic radiology practices—not to mention overseeing their medical coding, billing and overall compliance—and optimizing all the revenue they are due. Overall, it can amount to more than they ever thought possible.

3. I’m running out of time to achieve the metrics for 2013.

There’s still time to achieve your 2013 metrics, but you need to act now by contacting an expert in Diagnostic Imaging PQRS… such as revMD.com. The clock is ticking loudly.

4. Full Medicare payments are the only reason to comply.

Reporting metrics tied to physician payments shows every indication of being the wave of the future. Down the road, CMS may not be the only entity reimbursing physicians for participation. Other payers probably are going to follow suit. Additionally, compliance with the system will be a matter of record — the record patients can see online on Medicare’s Physician Compare website.

5. The system is confusing and contradictory, and takes too much effort.

Things have improved since the start of the program, when practices and providers were getting contradictory advice on what was required. Even so, this is where your Diagnostic Radiology medical revenue cycle management shows its true colors. It takes a Diagnostic Radiology coding and billing team with PQRS and all other healthcare compliance experience to sift through all the confusing elements and take that weight off your shoulders so you can be in compliance and maintain your focus on patient care.

With a third party, independent Diagnostic Imaging coding and billing expert, more of the effort naturally falls on them. They are the ones turning that information into a code that CMS is looking at to track participation and determine whether you’re submitting codes representing enough of your patients.

PQRS shows us that our payment system is moving in a new direction. Fee-for-volume is giving way to the new world of fee-for-value. That’s why PQRS requirements are tied to your incentive payments and after 2014… payment penalties for failing to meet requirements.

2013 is the defining year. Your performance in 2013 will dictate whether you are penalized beginning in 2015 and ultimately whether your payment is reduced. Fulfilling the PQRS requirements can reflect the quality care you provide and optimize your revenue stream.

As the revenue assurance experts, revMD.com stays current on federal guidelines and changes in quality reporting measures and all other compliance areas. revMD.com’s specialization in Diagnostic Radiology healthcare revenue cycle management includes special expertise in PQRS that lifts the weight of selecting the right quality measure to report. They understand how to run diagnosis utilization for emergency medicine to ensure compliance and glean all the revenue that’s rightfully due.

revMD.com is the results-proven alternative for physician medical billing, with a niche specialization in Diagnostic Radiology coding and billing, PQRS and ICD-10 preparation that generates unprecedented results and builds profitable medical practices. Leveraging a history of industry wide success spanning 26 years, revMD.com partners with medical practices throughout the U.S. to optimize revenue for hospital based and community based physicians. For more information, visit www.revmd.com.

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