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Dental Practice Management
Best Practices Series
Revenue Cycle Management
Virtual Business Services
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
-1
-0.5
0
0.5
1
1.5
2
0 5 10 15 20 25 30
Reve
nue
Time (in days)
-1
-0.5
0
0.5
1
1.5
2
0 5 10 15 20 25 30
Reve
nue
Time (in days)
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!
Virtual Business Services Revenue Cycle Management
So, why isn’t the revenue cycle managed better?
Details
And, there are thousands of details!
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
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
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
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
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%
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!
Virtual Business Services Revenue Cycle Management
Cloud Software, Cloud Services
Planet DDS offers the Complete Cloud Solution
Here’s how it works …
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
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
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
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.
