Download - Dental Practice Management Best Practices Series Revenue Cycle Management Virtual Business Services
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Dental Practice Management
Best Practices Series
Revenue Cycle Management
Virtual Business Services
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Virtual Business Services Revenue Cycle Management
Longer Cycle =
Cash Flow +
Write-offs
Shorter Cycle =
Cash Flow +
Write-offs
The Value of Managing the Revenue Cycle
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Time (in days)
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Virtual Business Services
It’s an easy concept to understand!
Even inexperienced dentists see the value!
The difference between good and poor management of the revenue cycle = 10s to 100s
of thousands of $$ per year!
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Virtual Business Services Revenue Cycle Management
So, why isn’t the revenue cycle managed better?
Details
And, there are thousands of details!
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Online Appointment
TelephoneAppointment
Walk-InAppointment
RegisterPatient
Verify Ins/Attach
TreatmentPlan
TreatmentEstimate
ChargeOut
Collect Patient Copay
ClaimPre-
Submission:- Check
exclusions and limitations- Attachments
Submit Claims
eClaims Mgmt
AddlInfo
Claim Error
Received byPayer
Payer Response
Close Claim
Open Claim
Denied
PartialPay
Unpaid> 30 Days
PostIns Payment
DenialProcess
Adjustments
Aged ClaimFollow Up
Resubmit
Collection Letters
Collections
Post PatientPayment
BillPatient
FullPayment
PartialPayment
No Payment.> 60 Days
Adjustments
A Tour of the Revenue Cycle
TreatmentRendered
Verify FeeSchedule
Investigate
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Virtual Business Services Revenue Cycle Management
In case you weren’t counting, that’s 37 activities, each with multiple steps
… assuming no complications
… and it takes a lot of discipline, knowledge and expertise – employee turnover is a killer
… and supervision of the person or people involved could be a full time job all by itself
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Virtual Business Services
… and many practices have maybe one FTE managing the
entire cycle
… for the hundreds of insurance patients every month
… often while handling other responsibilities
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Virtual Business Services Revenue Cycle Management
Best Practices
The best practicesimplementmonitorimprove
the tedious & time consuming
business processes which are required to properly manage the revenue cycle.
consistently
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Virtual Business Services Revenue Cycle Management
Best Practices Result$
Accuracy of Treatment Plan Estimate:
Average Insurance Patient Collection Cycle:
Average Insurance Patient Write-Off:
75% completely accurate
85% within $5.00
78% within 31 days
90% within 61 days
< 2%
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Virtual Business Services Revenue Cycle Management
So, how’s a solo practice supposed to implement best practices?
Unlike the big guys, the resources simply aren’t there and employee challenges are constant …
The answer:
Leverage yourself with the
Cloud!
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Virtual Business Services Revenue Cycle Management
Cloud Software, Cloud Services
Planet DDS offers the Complete Cloud Solution
Here’s how it works …
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Virtual Business Services Revenue Cycle Management
Planet DDS offers the Complete Cloud Solution
Let’s review the cycle…
Virtual workers to inexpensively fill the gaps – with the necessary skills and always there
Virtual managers to oversee the entire process
Real-time reports to see the status of the cycle and the results
Virtual data-input directly into Denticon
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Online Appointment
TelephoneAppointment
Walk-InAppointment
RegisterPatient
Verify Ins/Attach
TreatmentPlan
TreatmentEstimate
ChargeOut
Collect Patient Copay
ClaimPre-
Submission:- Check
exclusions and limitations- Attachments
Submit Claims
eClaims Mgmt
AddlInfo
Claim Error
Received byPayer
Payer Response
Close Claim
Open Claim
Denied
PartialPay
Unpaid> 30 Days
PostIns Payment
DenialProcess
Adjustments
Aged ClaimFollow Up
Resubmit
Collection Letters
Collections
Post PatientPayment
BillPatient
FullPayment
PartialPayment
No Payment.> 60 Days
Adjustments
Where are the biggest challenges in revenue cycle management?
TreatmentRendered
Verify FeeSchedule
Investigate
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Online Appointment
TelephoneAppointment
Walk-InAppointment
RegisterPatient
Verify Ins/Attach
TreatmentPlan
TreatmentEstimate
ChargeOut
Collect Patient Copay
ClaimPre-
Submission:- Check
exclusions and limitations- Attachments
Submit Claims
eClaims Mgmt
AddlInfo
Claim Error
Received byPayer
Payer Response
Close Claim
Open Claim
Denied
PartialPay
Unpaid> 30 Days
PostIns Payment
DenialProcess
Adjustments
Aged ClaimFollow Up
Resubmit
Collection Letters
Collections
Post PatientPayment
BillPatient
FullPayment
PartialPayment
No Payment.> 60 Days
Adjustments
How can you leverage the cloud with Planet DDS?
TreatmentRendered
Verify FeeSchedule
Investigate
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Virtual Business Services Revenue Cycle Management
Don’t waste anymore $$
Planet DDS offers the Complete Cloud Solution
… or lose out to better funded competitors who have access to superior business systems.