Revenue Cycle Management is probably the most crucial factor that defines a successful dental practice. Optimal management and optimization are needed so that the practice stays financially robust and healthy.
Why RCM solutions are needed by a practice?
In many cases, a practice can find itself in despair as it watches its revenue collection drop and the quantum of claim denials rise with time.
A few tips to improve RCM are as follows –
The practice has to bill the patient the balance amount of the treatment cost after deducting the insurance amount. This means that complete payment at one time is not possible. Getting paid by the insurance company for the charges submitted usually takes time.
One must ensure accurate billing codes for the charges to prevent payment denials and delays. This helps in saving time submitting claims and making uncalled paperwork and calls. One must also deliver all patient billing statements on time. This boosts the probability of receiving timely payments.
The presence of robust reporting features in practice management software can offer a great advantage. However, it is essential to possess the capability to generate comprehensive reports that encompass actionable insights.
By leveraging suitable tools, one can gain a comprehensive overview of the business cash flow throughout the year or even quarterly. This valuable data can enhance revenue cycle management while also providing insights into the ideal procurement time that is aligned with the overhead planning budgets.
Revenue cycle management can be improved by getting new patients to the practice. This can be done through social media, digital campaigns, and referral programs.
Social media handles of the practice are a convenient and accessible way for acquiring new patients to the practice. An updated Google Listing makes it easy for a patient to find and consider visiting the practice.
Patient referrals are a tested way to get new customers. Upon the completion of the patient’s appointment, kindly inquire about their experience and kindly request their valuable feedback. This presents an opportune moment to offer business cards for them to share within their personal and professional networks. A point to note is, before creating a referral program, one must review state or regional guidelines.
A calendar that has a busy schedule will always keep the revenue stream flowing. While keeping the calendar full through scheduled appointments is a must, one can also include following up with patients concerning an unscheduled appointment.
Consider an example when a patient needs a routine cleaning, but one has observed that a possible filling also needs to get done. Here is where an unscheduled appointment comes into play. The patient can be educated as to why a filling can have a positive impact on oral health, and get them to agree to a scheduled appointment.
Such measures like these are filling the calendar with purpose as customers get the care and attention they deserve while the practice also gets its revenues moving.
To cut costs, practices feel that managing the insurance billing process in-house is optimal. Such an assumption can spell a setback. Insurance claims can contribute to more than half of the revenue of a practice. Implementing an effective claims collection process is imperative for ensuring a reliable cash flow.
Allocate sufficient time to thoroughly comprehend the advantages of outsourcing, and conduct a comprehensive and unbiased analysis of costs. A dental billing service can access the practice management software remotely. It can ensure the precise submission of claims, diligent follow-up for payments, and posting them accurately in the software.