Nowadays, revenue collection resembles a precarious scenario where errors can have serious consequences. As per a study, the revenue of the practices has reduced to a substantial scale as compared to pre-pandemic. The adults are canceling the appointments due to COVID-19 fears. So the practices have to collect payments efficiently to ensure dental care continues for their patients with no revenue drop.
In today’s environment, to keep your practice healthy and profitable, here are five steps for better revenue management from your end.
Collect correct patient information for timely reimbursements:
The first step towards accurate reimbursement is to gather correct patient information. Mismatch data creates costly errors and decreases revenue. Right from the patient’s appointment, practices should ideally start collecting data starts to avoid mistakes.
Details such as the patient’s name, mobile number, email address, postal address, insurance company information, photo ID, and emergency contact number, are vital to look up the patient’s insurance eligibility, to avoid surprises with an unwelcome plan or bill.
All the above information is required to confirm the details before each appointment. A standardized form should be kept handy for capturing all the mandatory data from the patient.
Staff training and positive reinforcement through incentives:
Improved patient collection impacts the staff that can work on better patient experience and care. The team should understand the method of collection and protocols to ensure set expectations for the patients about payments. It is mandatory to have a training period in place to keep the staff updated about the procedures and protocols related to payment collections.
The work gets monotonous, and to properly manage denied claims and payments, implement collections incentives. Incentivize your staff with a prize or gift card for bringing the unpaid expenses. Positive reinforcement has a high success rate in achieving the goal.
Implement the latest technology solutions:
Investing in technology helps the practice to maximize patient collection. These tools verify the patient’s insurance eligibility, which is a complicated process and has the maximum contribution to revenue collection. With the latest technology solutions, the practices confirm the patient’s insurance coverage online.
Online insurance verification before the appointment reduces the risk of untouched payments, saves time and energy, on-demand checks, and builds a healthy relationship with the patient. Also, using the patient portal helps the patient pay bills, make appointments, receive reminders, and quickly contact the staff as and when needed.
Value-based patient care:
Value-based care ensures dental practices receive as much revenue as possible through streamlined scheduling options, flexible services, and after-hour virtual visits. If the patient misses the appointment, the dental office can offer the peace of mind and care they need through virtual visits and get billed.
Although missing an appointment is a revenue loss and dental practices ensure no-shows get reduced. A satisfied patient with high-quality care is a surefire way to receive payments quickly, improve revenue, reduce missed appointments, and live the healthiest lives.
Implement a streamlined patient payment collection process:
The industry is changing, and so is the patient’s financial responsibility. Many cannot afford dental care, which affects the provider’s ability to collect revenue. A clear and documented collection process helps the practice mitigate the challenge and ensure all the staff members are on the same page and straightforward on what the collection process is.
Before providing treatment, discuss the patient’s financial obligations to avoid out-of-pocket expenses. Full transparency ensures the practice receives the money they are due. Additionally, the dental office staff proactively acts on unpaid claims to improve revenue. The ability to pay via varying payment options is appealing to all patients, especially younger generations, with detailed information regarding the nature of the bill.
