What are the important steps in Revenue Cycle Management

What are the important steps in Revenue Cycle Management

Having a proper revenue cycle in place opens the chances of being paid on time. Dental practices often lose revenue due to the number of denied claims, failure to pay Copay and many other reasons. These loopholes in the revenue cycle are slowly draining profits from the practice. This is the reason it is extremely important for dental practices to have their RCM process well organized.

Given below are some necessary steps that any dental practice must follow for an effective revenue cycle management process.

  • Patient Scheduling
  • Insurance Eligibility Verification
  • Copay / Deductible Collection
  • Patient Examination
  • Claim Submission
  • Claims Management
  • Patient Payment Collections

Patient scheduling is the foremost step wherein the patient’ appointment is scheduled and they are entered into the system.

The next step is verifying the patient’s eligibility for processing insurance. Our experts do this wonderfully by contacting the agents. They verify each aspect carefully and make every possible effort to pass the claim for billing. We help practices significantly reduce the burden and let them focused on improving other aspects of their practice. Verifying insurance eligibility before the treatment allows practices to upfrontly tell their patients about the payment. When patients will be pre-informed about the payment, their dental treatment bills won’t leave them open-mouthed. This ultimately leads to improved patient satisfaction

The next step is the collection of Copay and Deductible. Once the insurance eligibility verification is done successfully, it becomes easier to collect copay and deductible.

When the above mentioned three steps are completed successfully, practices will be able to focus only on taking care of their patients.

Once the treatment is done, the next step would be the submission of claims to the insurance company. Claim processing starts when a dental care provider treats a patient and sends a bill to the insurance company. After this, the claim is evaluated on the basis of various factors. Once the evaluation process is done, the provider decides which claim to process and which ones to deny.

In the next step, we send patient statement that is easy to understand, clear and concise. Our experts bill your patient for their remaining balance on the services availed.

The above given are some useful steps that encompass a great revenue cycle management process. Missing any of the steps would result into claim denial or unsuccessful billing, thereby deteriorating the revenue of your practice. It’s good to keep an eye on these steps and see how your practice’s collections will skyrocket.

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