How can dental practices improve revenue cycle management?

1 Automate and streamline workflows

One of the key ways to improve RCM is to automate and streamline the workflows that involve scheduling, registration, eligibility verification, billing, and collections. By using software and technology, dental practices can reduce manual tasks, errors, and duplication, and save time and resources. For example, dental practices can use online scheduling tools, electronic health records, and automated reminders to manage appointments and patient information. They can also use software that can verify insurance eligibility, generate claims, and send invoices and statements electronically. Automating and streamlining workflows can help dental practices improve accuracy, efficiency, and productivity, and enhance patient experience.

3 Monitor and measure performance

A third strategy for improving RCM is to monitor and measure the performance of the RCM processes and identify areas for improvement. Dental practices should use key performance indicators (KPIs) and metrics that can track and evaluate the effectiveness and efficiency of their RCM processes. For example, some of the common KPIs and metrics for RCM are days in accounts receivable, claim denial rate, collection rate, and patient satisfaction. Dental practices should use software and technology that can generate reports and dashboards that can display and analyze the data and trends. Monitoring and measuring performance can help dental practices identify strengths and weaknesses, set goals and benchmarks, and implement changes and improvements.

4 Stay updated and compliant

A fourth tactic for improving RCM is to stay updated and compliant with the changes and regulations that affect the dental industry and the RCM processes. Dental practices should be aware of the latest trends, innovations, and best practices that can influence their RCM processes, such as new payment models, technologies, and standards. Dental practices should also be compliant with the rules and requirements that govern their RCM processes, such as coding, billing, and documentation. Dental practices should use software and technology that can update and adapt to the changes and regulations, and provide support and guidance. Staying updated and compliant can help dental practices avoid errors, penalties, and disputes, and maintain quality and reputation.

5 Seek expert advice and support

A fifth option for improving RCM is to seek expert advice and support from professionals and organizations that specialize in RCM and dental practice management. Dental practices can benefit from the expertise, experience, and resources that these professionals and organizations can offer, such as consulting, coaching, training, and outsourcing. For example, dental practices can hire consultants or coaches who can assess their RCM processes, provide recommendations and solutions, and help implement changes and improvements. Dental practices can also outsource some or all of their RCM processes to organizations that can handle them more efficiently and effectively. Seeking expert advice and support can help dental practices improve their RCM processes, save time and money, and focus on their core competencies.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?