A clear picture of excellence

In attempting to grow beyond its original site in Fort Worth, Texas, Midtown Medical Imaging knew it needed a seasoned ally.

“When we came to Bank of Texas, we only had one facility,” said Rocky Vig, who cofounded Midtown Medical in 2010. “The true test would be whether they could provide everything we needed to grow the business. We would later find out just how valuable our relationship with Bank of Texas would be in helping us meet our goals.”

The process of opening a new imaging facility is complicated. For Midtown, which was going full state-of-the-art, it included negotiating the purchase and financing of 3 Tesla (3T) MRI machines ($1-3 million each)..”

Then, there was the leasing of new properties, hiring new staff, and even cutting through walls and hiring crane operators to install the massive MRIs. At every turn, there were significant financial considerations. It required a delicate balancing act to manage operating capital.

Fortunately, Bank of Texas was ready. Instead of treating each need in isolation, the bank helped Midtown manage the full picture, pairing equipment financing with flexible credit and treasury services that kept operations moving. Just as important, solutions designed to speed up collections helped offset one of healthcare’s biggest pressures: delayed payments from insurers.

Any business could benefit from accelerating their receivables, as getting paid in less time supports a healthy cash flow and working capital position. For healthcare providers, however, speeding up collections can be an extremely complex proposition given the sheer number of parties and processes involved. From patient registration through payment posting, health insurance claims travel through a gauntlet of data entry, review, approval and collection steps, any of which could be derailed by human error or confusion, resulting in time-consuming follow-up or outright denial.

The good news is the right banking solutions can help providers streamline their receivables and stay financially flexible. For example, Midtown Medical Imaging takes advantage of Bank of Texas’ lockbox services, through which the bank collects payments from insurance companies and patients, and then automatically processes them on Midtown’s behalf.

Providers can also work with their bank to implement Robotic Process Automation (RPA) and artificial intelligence (AI) solutions, which can reduce manual tasks associated with billing and claims processes. Not only can technical solutions like these help healthcare providers collect revenue faster, but the efficiency gains can also reduce labor costs and keep staff focused on patient service.

“We had to make some significant adjustments,” Vig recalled. “But Bank of Texas added value at every step, helping us become more financially nimble and resilient.” With Bank of Texas at its side, Midtown has been able to focus on what matters most: Delivering high-quality imaging that’s fast and dependable, while expanding its footprint to six locations across the Dallas-Fort Worth metroplex—and that footprint is still growing.