Optimize your dental business: Pinpoint the goals of revenue cycle management

If you're looking to propel your dental business to new heights, strategic revenue cycle management (RCM) is your secret weapon.

By seamlessly bridging the gap between treatment and payment, revenue cycle management ensures that your practice receives maximum revenue.

But what are these strategic goals of revenue cycle management?

At DCS, we specialize in providing end-to-end revenue cycle management for dental businesses, making us well-versed in RCM goals. 

We’re covering 5 crucial goals that revenue cycle management providers have for your business. We’ll also explain why achieving these goals will propel your business to thrive.

1. Accelerated revenue generation

Every morning, our RCM experts jump out of bed with an electrifying obsession: how our revenue cycle management (RCM) will transform your revenue into a money – making machine!

Many dental practices and groups struggle to collect from both patients and insurance companies. This is due to the time and expertise required to manage revenue-related tasks such as: 

• Insurance verification
• Insurance claim management (submission, follow-up, appeals)
• Patient billing (sending statements and payment reminders)

When your team is juggling all of their in-office tasks, as well as revenue tasks, money will slip through the cracks in the form of: 

• Rushed or lack of insurance verification
• Denied insurance claims from errors
• Inaccurate patient out-of-pocket calculations

Revenue cycle management’s goal is to raise your profits by avoiding these mistakes. With RCM services, you will see fewer errors because RCM partners have the knowledge and expertise required to collect quickly from insurance and patients.

2. Boosted efficiency and productivity across all operations

The revenue cycle in a dental practice or group is like a river. You want it so flow smoothly and consistently without interruption. Interruptions such as rocks, branches, or clogs, are like errors, denials, and issues with patient payments. 

These interruptions slow the flow of the river, AKA your revenue’s cycle’s efficiency.

At DCS, our revenue cycle management experts’ goal is to increase your efficiency using standard operating procedures (SOPs). SOPs help teams stay consistent and accurate when completing tasks. 

Related: Take your SOPs to the next level: 3 dental practice management SOP tips

And with the ever-changing nature of insurance policies, codes and processes, our SOPs update accordingly. This ensures revenue tasks at your practice or group are completed quickly and accurately, without interruptions.

With your processes supported by experts, your revenue cycle is that free flowing river. It’s strong, consistent, and erodes any disruptions that might cause it to slow down. And your team can rest-assured knowing that the revenue will keep flowing. 

3. Rapid reimbursement recovery from insurance claims

RCM experts use their dental insurance knowledge like a weapon to get what you’ve earned from insurance companies. 

RCM experts get your claims paid faster because of their proficiency in dental insurance best practices, such as:

• Claim review for accuracy
• Claim submission—when and how often to submit claims
• Claim follow-up
• Working the insurance aging report from oldest to newest to appeal denied claims
• Best strategies when contacting insurance companies about unpaid insurance companies
• Following up on multiple insurance claims at a time
• Posting claim payments
• Making proper adjustments

With this expertise supporting your processes, you’ll face fewer denials, leading to faster reimbursement.

4. A fueled engine for business growth

Growth is often pursued as the ultimate goal for businesses, but if it’s not managed effectively, growth can become a double-edged sword, leading to your business’ potential downfall.

Entrepreneur explains, “Growth is the goal, but it can also be the downfall of a business. Hungry entrepreneurs need to have the systems and structure in place to handle rapid growth. The sales come, and we cheer, but at some point, there has to be the fulfillment of those sales.”

You might be thinking, “I’m a dentist… this doesn’t apply to me.” But as a dentist who owns their practice or dental group, you are an entrepreneur and business owner! 

Related: How to attract new patients to your dental practice or group: 3 tips to help you create an amazing patient experience

If you can’t handle an increase in patient volume and claim processing—growth is going to be more negative than positive. RCM experts are resources for you to use to optimize your growth. 

5. Lasting and elevated patient satisfaction

A positive patient experience is the heart of your dental business, and without it, your revenue and reputation suffer. 

By partnering with revenue cycle management experts, your team has the opportunity to spend more time enhancing patient experience at your dental office. They will hone in on: 

• Presenting treatment plans and communicating financial responsibility
• Filling the schedule
• Following up with patients about unscheduled treatment
• Marketing the dental business to find new patients
• Patient check in and check out
• Ensuring each patient is comfortable

Experience a seamless workflow with DCS’ expert insurance verification, claims management, and patient billing services. Not only will you witness enhanced accuracy in patient out-of-pocket estimations, but it will also create a delightful patient experience. 

By partnering with our RCM experts, your team will exude confidence, leaving patients impressed and satisfied with the exceptional care they receive.

The 5 revenue cycle management goals: Quick recap

When you partner with revenue cycle management experts, they have 5 goals for your dental practice or group: 

1. Accelerated revenue generation
2. Boosted efficiency and productivity across all operations
3. Rapid reimbursement recovery from insurance claims
4. A fueled engine for business growth
5. Lasting and elevated patient satisfaction

When these goals are achieved, you’ll see your dental practice or group thrive. 

Catapult your dental business into financial success with RCM services

RCM goals collectively contribute to the financial stability and success of dental businesses by optimizing revenue generation, improving cash flow, and delivering a positive patient experience throughout the revenue cycle process.

By understanding the goals of RCM, you will take your next steps in setting these goals for YOUR dental business, and make plans to achieve them with the help of RCM experts.

DCS partners with dental practices and groups to provide worry-free revenue cycle management. To learn more about our RCM services, book a call with us.