Health Minister Leo Glavine says the system must ensure fairness and protect taxpayer money.
He says the consultant, who is being paid $54,000, should be done within a few months, with the new process in place later this year.
The announcement comes after the province dropped a complaint against dozens of radiologists over their billing practices.
Dr. Mike Fleming, president of Doctors Nova Scotia, says physicians want a system that treats and pays them fairly for the services they provide.
During the consultant's review, a committee of government officials and medical experts will try to resolve billing issues.