Staffing issues in healthcare cast a shadow on the future of dentistry as we know it today.
The ongoing struggle to find and keep skilled staff causes reduced revenue and financial stress. Dentists need new strategies to support their dental services and ensure they receive the revenue their team has earned.
Roger P. Levin, DDS, says to the Ontario Academy of General Dentistry, “I recently spoke to a dentist in the Southwest United States who had a stable team for the last five years. Within the last six months, she has lost more than 50% of her team.”
We’ve seen staffing challenges affect dentists we know, too. One dentist shared on social media that he was desperate to hire someone to handle his billing.
How will you deal with ongoing staffing issues, when production and revenue collection are at stake?
An effective solution that won’t raise your overhead costs, but will give you the expertise you’re looking for, is partnering with revenue cycle management providers.
DCS is an end-to-end revenue cycle management service. We’ve seen firsthand how RCM services provide access to experts with essential skills and support.
This article will explain 3 ways revenue cycle management services solve critical staffing issues at your dental practice or group.
1. Increased revenue without increased overhead
Partnering with revenue cycle management (RCM) experts doesn’t replace your current in-house team. RCM increases the value of their time, by streamlining complex, time-consuming tasks such as:
- Insurance verification
- Claims management
- Patient billing
Many dental teams are overwhelmed with billing and other administrative tasks. Because in-office patients are the number one priority, revenue-related tasks often get deferred. As soon as you begin treating patients, you realize that simply filing insurance claims and billing patients is not enough to deliver the revenue your team has earned.
Ever-changing revenue leaks emerge, from denied claims to increasing numbers of patients with overdue payments. Managing the millions of dollars in production that a dental team generates is complex, and requires specialized skills. That's where revenue cycle management comes in.
RCM experts take the necessary steps to streamline revenue cycle processes. RCM services bring in more revenue and lower costs, with advanced technology and automated systems–all using expert knowledge.
The annual fee to collect $45,000 in monthly claim payments saves $38,000 in revenue compared to an in-house insurance coordinator. Dive deeper into this cost comparison in our Learning Center.
2. Access to hard-to-find dental insurance expertise
Another staffing issue is finding people who provide relevant experience with insurance claims and compliance.
An in-depth understanding of dental insurance policies, codes, and billing processes is crucial for financial success. And insurance companies update this information continuously—so your understanding of dental insurance must also stay up-to-date.
Dental insurance knowledge needed for success includes:
- Annual updates to CDT and medical codes
- An understanding PPO fees— specifically how to adjust for the difference between the office and contracted fee
- Accurate calculation of patient balances
- Properly accounting for credits
- Correctly setting up and using fee schedules in your practice management software
- Knowing when to file a medical vs. dental insurance claim
- Best practices for submitting insurance claims
- Best practices for appealing denied insurance claims
When you have other in-office tasks on your plate such as scheduling, answering phones and checking in patients, it can be challenging to keep up with the latest dental insurance knowledge.
But up-to-date dental insurance knowledge is critical to getting reimbursed quickly. Expert knowledge enables everyone dealing with claims to operate in compliance that protects your dental business from legal risks of improper filing practices.
Related: Why RCM? 3 questions answered about the revenue cycle management outsourcing industry
So, rather than scouring support groups and hiring sites, hoping to find someone with that expertise, you can partner with RCM services. The experts you will work with at DCS have years of dental billing experience. Many were previously office managers or insurance coordinators, so you can rest assured of their expertise AND understanding of your practice or group’s goals.
Denial management is a crucial aspect of revenue optimization. RCM services have specialized expertise in handling denied claims, identifying the reasons for denials, and taking appropriate actions to resolve them. This expertise ensures maximum reimbursement and minimizes revenue loss.
RCM services also improve your compliance with billing and coding requirements through their expertise. You don’t have to worry about them knowing how to handle your revenue, or training them on your processes.
3. Your in-house team’s efficiency improves, leading to higher retention
Insurance billing, verification, patient billing, scheduling, answering phone calls, patient check in, presenting treatment are essential functions of your dental business. They deserve support to ensure that the revenue you're producing from them comes in quickly and at the lowest cost.
Providing a manageable workload helps improve employee retention. If your dental business is growing steadily, your staff needs resources and confidence to help nurture this growth.
When you partner with RCM experts, insurance verification, claims management and patient billing processes are streamlined. This empowers your team to work more efficiently, spending their time focusing on patient satisfaction and running the office.
RCM experts support your team by responding to billing and coding challenges, improving regulatory compliance, and helping your team stay up-to-date on payer-specific steps to bring in more revenue.
Ready to find revenue-driven success despite staffing issues in healthcare?
Managing the revenue of a dental practice or group is complex. By partnering with RCM experts, you have the support needed to implement processes that optimize your efficiency and revenue, leading to a healthier bottom line.
Partnering with RCM experts gives your practice staff the opportunity to contribute to efficient revenue management by helping them stay up-to-date on payer-specific steps to take to bring in more revenue faster.
DCS is a full-service revenue cycle management provider. Our services make revenue collections easy, and empower your team to provide an incredible patient experience.
To learn more about our services, book a call with us.
Related Posts
Dental billing resources