5 smart ways RCM builds your dental practice success

As a dental professional, you have a noble purpose—to improve people's lives through exceptional dental services. You deserve to thrive and excel in a successful dental practice or group. However, the journey to achieving this dream is far from simple. 

Dental practice success demands dedication, strategic thinking, and a touch of entrepreneurial spirit.

”We all know that dentists don't learn how to operate a business in dental school (with rare exceptions). As a result, dentists learn what works and what doesn't mostly through trial and error, accepting that they will naturally make some business mistakes and hoping that they will not risk significant profit losses. 

Once dentists come to the realization that it is more important than ever to learn about operating their practices like businesses, I see their numbers really jump.” – Dental Economics

Revenue cycle management (RCM) ensures dental businesses collect their greatest revenue by reducing the time and effort between treatment and payment. RCM is made up of 7 steps, and by expertly managing your revenue cycle, you will find dental practice success.

Happy patients and steady revenue make a dental practice successful, and RCM providers like the ones at DCS easily provide this. This article will cover these 5 ways RCM services bring your dental practice success:

1. Fewer claim denials through expert insurance claims management
2. Ramped-up technology-assisted insurance verification
3. Simplified patient billing and streamlined payment processes
4. Streamlined appointment scheduling and revenue capture
5. Trusted protection from risks of embezzlement and fraud

1. Fewer claim denials through expert insurance claims management 

Almost every dental office manager we know has a common roadblock that prevents their revenue potential: Insurance companies. 

This is why so many dental businesses have utilized RCM services—they need someone to fight insurance claim battles for them. 

Insurance claims management work is time-consuming, and also difficult because of the expertise it requires. DCS, for example, hires seasoned experts who were previously office managers, insurance coordinators, and billers to work with dental practices and groups. 

They bring the years of experience and knowledge required to collect effectively from insurance companies. Here’s what that looks like in action….

How insurance claims management services work for you, step-by-step: 

1. Your team creates the claim, RCM experts take it from there
2. Experts review and submit your claims for accuracy
3. Your aging report is worked at least once a week, so every unpaid claim is investigated
4. Experts strategically handle the appeals process for you
5. Your payment is then posted to your practice management software

Finally! You don’t have to spend valuable time on the phone with insurance companies, tracking down unpaid insurance claims.

You have experts doing it for you, following through with each claim until you are paid. Not to mention, their expertise allows them to work faster with more efficiency. 

And faster claims revenue means an overall increase in your cash flow.

2. Ramped-up technology-assisted insurance verification

Insurance verification services use technology and RCM experts to confirm patient insurance information at least 2 days prior to treatment. These experts then provide you with all the necessary information for an effective treatment presentation and out-of-pocket estimates. 

Here are a few benefits to insurance verification services: 

• No surprises for you or the patient. The patient’s information is confirmed prior to their treatment, leading to a smooth office visit with no surprises in their amount of coverage. 
• You get all the necessary information for an effective treatment plan presentation. You have the information needed to guide the patient and help them make cost-effective decisions regarding their oral health. 
• There is increased cost transparency with the patient. With the out-of-pocket estimate provided to you, you clearly communicate an approximate cost for the patient’s treatment. Again, there are no surprises on their bill. 
• Your claims are submitted more accurately. When you have the correct patient and insurance information, the number of errors on your insurance claims upon submission is greatly reduced. This leads to faster reimbursement from insurance companies.

Read “Partnering with dental insurance verification services: 5 benefits you'll see at your dental group or practice” in our Learning Center.

Your insurance verification process sets the stage for how you collect from both patients and insurance companies. With this process streamlined by expert RCM services, you’ll see your profits increase from both sources of your revenue. 

3. Simplified patient billing and streamlined payment processes

Collecting from patients can be tricky. You want to keep patients happy, particularly because  their out-of-pocket costs account for close to 50% of your overall revenue. 

When you automate this process using RCM services, you’re not only making the payment process easier on your in-house team, but also for your patients. 

How automated patient billing systems benefit your in-house dental team: 

• Higher patient revenue. Friendly, automatic payment reminders are sent to patients via email and/or text to notify them of when to pay, how much they owe, and how to pay online. The clear, consistent contact paired with a quick way to pay means easier revenue for you. 
• Less administrative leg work. Patient statements are sent electronically. Your team no longer has to spend time or resources mailing paper statements to patients who may not ever open them.
• Your team’s time is spent more productively. Because your in-house team doesn’t have to spend time crafting emails or mailing statements, they have more time to dedicate to in-office patients. This is not only more rewarding work, but it’s better for your dental business. Patient goodwill is invaluable.

How automated patient billing systems benefit your dental patients:

• Payment is accessible and convenient. The easier it is to pay you, the more likely patients will pay you. Automated patient billing includes online payments that accept multiple methods of payment, as well as payment plans. 
• Online statements are easy to understand. Technical clinical and insurance language is hard for patients to understand. With RCM patient billing services, your patients receive simple statements that clearly outline what treatment they received and what it costs.
• In-office patients receive better care. Similarly to what we mentioned earlier, when your team isn’t bogged down with clerical work, they can focus on patient care. In-office patients who receive your team’s full attention have a better experience at your practice.

Related: 3 ways patient billing services will take your dental business to the next level

4. Streamlined appointment scheduling and revenue capture

Growing your dental practice or group means increasing your revenue and patient base. This can be achieved through dedicated strategic scheduling. 

But tasks like filling the schedule and finding new patients often take a backseat because team members are busy with other administrative tasks. 

When you partner with RCM services, your team is empowered to nurture the growth of your dental practice because they finally have the time to do so. 

When you partner with RCM experts, your team has the bandwidth to: 

• Call patients about unscheduled treatment
• Fill the calendar 
• Spend time on marketing efforts, such as:
• Running social media accounts
• Updating the website
• Creating promotions

Drawing in new dental patients equals a boost in revenue. But this is only possible if your team members have time to dedicate to it. 

5. Trusted protection from risks of embezzlement and fraud

Embezzlement and fraud are rampant in the dental industry. Unfortunately, it is typically committed by an in-house employee, and sometimes accidentally due to lack of knowledge. As a leader, it’s your responsibility to protect your business from these events. 

Remember: Even if fraud is committed accidentally by you or an in-house employee, ignorance is not an effective defense.

Here are a few common mistakes by dental professionals that lead to fraud: 

• Neglecting to list if a patient’s treatment was accident-related (auto accident, worker’s compensation, etc.)
• Incorrectly listing the treating dentist on an insurance claim
• Coding inaccuracies
• Overbilling

RCM experts use their knowledge to manage your insurance verification process, claim submission, and patient billing to prevent these costly mistakes due to fraud.

Embezzlement, of course, works a little differently, as no one embezzles by mistake. There’s no, “I didn’t realize I was embezzling.”

How RCM experts reduce the risk of embezzlement at your dental business

• Expert oversight: Employee access to both incoming revenue and financial accounts creates ripe conditions for embezzlement. RCM experts implement best practices to reduce that risk. They also act as a second (or third) pair of eyes on your revenue as it moves in and out of your dental business. They will notice if something is not adding up.
• Regular review of financial reports. RCM experts manage your revenue from both insurance claims and patients. While they will not have access to your bank account, they will see your financial reports in your PMS and spot any odd trends or fluctuations.
• Embezzlers will be less emboldened. Expert eyes constantly monitoring your numbers reduces the likelihood of embezzlement attempts, as it raises the likelihood of getting caught. With someone looking over their shoulder, a potential embezzler likely backs off. 

Your dental business is your livelihood. Partnering with RCM experts who have eyes on anything that could be harmful to your business provides you with a new sense of security. With that security, you’re free to focus on your success.

Propel your dental practice success using our RCM services 

RCM services will lead your dental practice to success with: 

1. Fewer claim denials through expert insurance claims management 
2. Ramped-up technology-assisted insurance verification
3. Simplified patient billing and streamlined payment processes
4. Streamlined appointment scheduling and revenue capture
5. Trusted protection from risks of embezzlement and fraud

A successful dental practices means happy patients and skyrocketing revenue. DCS’ end-to-end revenue cycle management services ramp up production with confidence, leading to your success.

Book a call with us to learn more about making your dental practice successful.