To maintain a dental practice, it takes more than having great clinical treatment to run a business; it requires a stable, predictable revenue stream. Billing can also be confusing and reimbursements can be late leading to loss of revenue and demoralization of staff when claims are rejected. That is why numerous clinics resort to specialty dental revenue cycle management firms to stabilize the cash flow and make more profit.
What is Dental Revenue Cycle Management?
Dental Revenue Cycle Management (RCM Dental) is a concept that encompasses all the administrative and financial processes of a patient due to his or her appointment to final payment. This is patient registration, insurance eligibility checks, proper CDT coding, claims submission, denial management, payment posting and collections. Proper RCM eliminates administrative congestion in order to have your team pay attention to patients.
Best reasons to outsource RCM in dental practices.
Dental offices tend to experience recurring issues in billing that lower collections:
- Incorrect coding and incorrect CDT codes leading to denial of claims.
- Lost or wrong patient insurance information.
- Cases of unresolved time-consuming claim appeals.
- presented inefficient billing and follow-ups of patients.
It is faster and more cost effective to contract reputable dental revenue cycle management firms and handle these questions as opposed to developing an internal division of the company.
The following are the core services offered by the RCM Dental vendors.
An effective RCM partner provides end-to-end services:
- Check eligibility and benefits prior to visits to eliminate surprises.
- Proper coding on dental and cash claims to save time on reimbursements.
- Live claim monitoring and preventive claim denials.
- Billing payments, statements, and payment plans of the patient.
- Revenue performance reporting and KPI.
Benefits you can expect
The collaboration with the dental-oriented RCM company usually leads to:
- Reduced turnarounds and denials.
- Lower administrative cost than the cost of employing and training billing specialists.
- Improved communication with patients and increased collections.
- Data-driven information that demonstrates the availability of revenues and reductions in costs.
Why choose INFINITI RCM?
INFINITI RCM is one of the top dental revenue cycle management firms that provide a personalized solution to any dental clinic. They combine the knowledge of billing with technologies and open reporting. Key advantages include:
- Dental coding expertise and denials.
- Smooth interface with the majority of practice management systems.
- Account-teams and reliable SLAs.
Discover their dental RCM services and customer outcomes here: Dental Revenue Cycle Management Companies
A short case example
A dental group with 18% denial rate collaborated with a dental RCM provider. In six months, the total percentage of claim denials decreased to less than 6 percent, and the administration was able to redistribute time towards outreach to patients and patient-to-patient care coordination. This quantifiable enhancement is the quality of improvement sought by dental centered RCM firms.
How to evaluate dental revenue cycle management companies
In the selection of a partner evaluate:
- Dental experience and familiarity with codes of CDT.
- HIPAA compliance and security.
- Interactions with your practice management software.
- Transparency of reporting and live dashboards.
- No ambiguous pricing and similar practices reference.
Questions to be asked during demos.
- What do you do with typical dental denials?
- What are your average turnaround times in claims?
- Will there be a dedicated account manager?
- Is it possible to demonstrate sample reports and KPIs?
- How do you onboard new hires?
Expected ROI and timelines
The experience of most dental practices is that the revenue will improve noticeably in 60-90 days after becoming a partner of the specialist RCM. The common outcomes are the rise in net collections, reduction in days in A/R, and decreased denied claims- all these enhance cash flow and release of resources to serve patients or expand the practice.
Quick FAQ
Q: Does outsourcing RCM lead to decreased patient satisfaction?
A: No, when implemented correctly, RCM could enhance communication with patients regarding bills and provide clearer payment options, which may make things satisfaction-wise.
Q: Is dental RCM expensive?
A: RCM services generally are based on fees or percentages and tend to be cheaper than having an in-house billing department when you subtract training, employee turnover, and software cost.
In case you would like a specialized audit or more comparative in-depth analysis of the best dental revenue cycle management companies, INFINITI RCM will be able to offer you a free assessment of your practice. To get to know more about their services, visit the following web address: https://infinitircm.com/
