As a Dental Provider you know optimizing your revenue cycle is important. From scheduling to billing to collections, too much time and money is lost when your revenue cycle isn’t managed properly. That’s where dental revenue cycle management services come in. These experts handle every aspect of the process, so your practice can focus on patient care. In this article, we’ll explore the top ways to make sure you’re getting the most out of your dental RCM partner.
We’ll look at how to evaluate different services, establish metrics and KPIs, integrate systems, and maximize collections. With the right strategy, a dental revenue cycle management services provider can take your practice’s financial performance to the next level. Read on to start optimizing success.
Understanding Dental Revenue Cycle Management Services
Dental revenue cycle management services optimize your practice’s billing and collections process to maximize reimbursement.
• Claims Management: A dedicated team handles claims submission to insurance companies on your behalf. They ensure claims are submitted accurately and promptly, following up to resolve any issues. This frees up your staff to focus on patient care.
• Patient Billing: Patient billing statements are sent out according to the schedule you specify. Your patients receive clear invoices outlining what their insurance has paid and the remaining balance owed. This streamlined process reduces confusion and ensures patients pay what they owe in a timely manner.
• Collections: For patients with outstanding balances, the collections team sends reminders and works directly with them to set up payment plans if needed. They are trained specialists in healthcare collections, taking a compassionate approach to help patients resolve their accounts. Only as a last resort will they recommend more aggressive collections action to you.
• Reporting and Analytics: Comprehensive reports provide visibility into your revenue cycle performance. You can see metrics on claims submission, denial rates, aging accounts receivables and more. These analytics help identify opportunities for improvement so you can maximize reimbursement and minimize write-offs.
With the right partner managing your revenue cycle, you can optimize cash flow and reduce administrative burden. Your staff can refocus their efforts on patient care, rather than chasing down claims or unpaid invoices. And patients benefit from a streamlined billing experience with personalized support. It’s a win-win for your practice and those you serve.
Key Steps to Optimize Your Dental Practice’s Revenue Cycle
Your revenue cycle is the heart of your practice. To maximize it, start by ensuring you collect co-pays and deductibles upfront. Many patients forget or don’t realize they owe it, costing practices thousands each year. Have your front desk collect payment when patients check in for their appointments.
Next, verify insurance eligibility and benefits for every patient at every visit. Plans change frequently and you don’t want to be caught providing uncovered services. Call insurance companies directly if anything is unclear. Staying on top of this can prevent claim denials and write-offs.
Submit Claims Promptly. Submit claims within 5 to 7 business days. The quicker you submit, the faster you get paid. Have a dedicated billing staff member submit claims daily. Follow up on unpaid claims after 30 days and call insurance companies for any issues. Stay persistent.
Follow Up on Aging Claims. Aging claims, past 90 days, have a low chance of being paid. Call insurance companies for unpaid aging claims to determine the problem. You may need to resubmit claims or file an appeal. Write off or bill patients for denied claims, as appropriate. The older a claim gets, the less likely you are to receive payment.
Provide Estimate of Benefits. Give each patient an estimate of their out-of-pocket costs prior to treatment. This allows them to be financially prepared and prevents sticker shock. Be transparent about insurance coverage and what they will owe based on their benefits and deductibles. Patients will appreciate the honesty and be more willing to move forward with recommended treatment.
Optimizing your revenue cycle takes work but the payoff is huge. By focusing on collecting payments upfront, verifying benefits, submitting and following up on claims promptly, and providing estimates to patients you’ll reduce write-offs, speed up payments, and have a healthier bottom line. Keep at it and your practice will thrive!
Sounds a bit too much to handle? Don’t worry read on to learn about an easy solution
Find the right Dental Revenue Cycle Management Services provider
Partnering with a dental revenue cycle management services provider isn’t a decision to rush. It’s a meticulous process that can take up to three months of evaluation and consistent effort to find the perfect fit. However, the payoff is significant – with the right partner, you’ll start seeing gradual improvements and benefits within the first few months. AnnexMed is a standout option in this regard.
One common worry when it comes to outsourcing services is the fear of losing control or oversight of crucial business functions. Fortunately, with a trusted dental revenue cycle management partner like AnnexMed, this concern is unfounded. We prioritize transparency, ensuring you maintain full visibility into our work and processes. From detailed monthly reports to real-time access to your data and metrics, we keep you informed every step of the way. Moreover, we’re always available to address any questions or concerns, fostering a collaborative relationship where we’re an extension of your team rather than just a vendor.
Another concern many practices have when considering a Dental Revenue Cycle Management Services provider is the potential hassle of changing Practice Management Systems (PMS). However, AnnexMed removes this barrier by seamlessly integrating with your existing dental practice management software and other technologies. Our goal is to enhance your current infrastructure, optimizing workflows and processes without the need for disruptive changes.
Ultimately, finding a trusted partner who can elevate your current systems and processes is key to improving the financial performance of your practice. With AnnexMed, dental revenue cycle management services can be a game-changer for your bottom line, providing tailored solutions to meet your unique needs and challenges.