Why Understanding Your Practice’s Revenue Cycle Management Can Maximize Profitability
What is Revenue Cycle Management?
Revenue cycle management (RCM) is a comprehensive process that involves your dental practice actively monitoring and evaluating the collection of payments and insurance claims throughout a patient’s entire care journey, starting from the moment their appointment is scheduled until the final payment is made.
What should be considered when managing a practice’s revenue cycle?
There are several core elements to consider when successfully managing your practice’s revenue cycle. From eligibility to coding, various steps must be closely monitored to track your practice’s cash flow. To begin with, an ease of scheduling for patients is essential for minimizing cancellations and no-shows, guaranteeing that each reserved time slot will result in a future payment from either the patient or the insurance company.
Automating the front end of Revenue Cycle Management
As the patient experience progresses, it is important to consider your practice’s processes for registration, eligibility, and utilization review. Many of these tasks have automation potential, which not only reduces the burden on your front office staff but can additionally accelerate your practice’s revenue.
To maintain a thriving revenue cycle, practices must ensure accurate processing of patient information to prevent insurance verification from being revoked. Automated eligibility verification can help prevent errors and provide transparency between the payer, provider, and patient.
Proper coding, claims submission system, and patient collections all major impacts on RCM
Another vital step in the management of a practice’s revenue cycle is having efficient coding in place. Proper coding facilitates patient eligibility, prevents denials, and expedites the insurer’s claim review process. Once a claim is submitted, having a streamlined system in place to provide updates and track claim progress can help identify and address any issues that may arise.
At the end of the patient journey, a healthy revenue cycle management system should take proactive measures in monitoring patient collections. From developing payment plans to exploring payment options, dental practices should be vigilant to ensure fair compensation for their time and resources.
Discover Vyne Dental’s next generation revenue acceleration platform
By automating workflows, integrating with other technologies in the practice, and intelligently exchanging data between the payers, the practice, and their patients, Vyne TrellisⓇ simplifies life for dental billers, reduces costs for dental practices, and accelerates reimbursements for services rendered.
Vyne Trellis is a transformative complete revenue acceleration platform designed to automate the most critical revenue cycle workflows by providing a single, robust platform for managing claims, attachments, verifications, EOBs, payments, patient forms, reminders, reviews, messages and campaigns. To learn more reach out to info@vynedental.com.
Source:
What Is Revenue Cycle Management? (plus Benefits) – Indeed. https://www.indeed.com/career-advice/career-development/what-is-revenue-cycle-management.
