In this first of a series of articles from Apex Reimbursement Specialists, we address why it’s important for dental practices to understand and master revenue cycle management.
Revenue cycle management, also referred to as RCM, is one of the most critical things that dental practices and other healthcare organizations need to master to survive. Your practice’s RCM includes a broad variety of things that help to improve or harm your dental practice’s financial health.
For example, RCM can include everything from patient scheduling to accounts receivable management to patient payment processing. What are some of the reasons why RCM is so important to dental practices? Take a look here:
It Gives You a Look at How You’re Doing
Particularly in busy practices where you are constantly moving from one task to another, it can feel hard to take a moment to step aside and review where you are at. It’s even more challenging when you do not have an easy way to access reports and other critical information. Revenue cycle management, providing that you are tracking valuable KPIs, is a fast and simple way to get a look at how your practice is doing. By tracking them over time, you will gain valuable insight.
Reduce Claim Denials
When you have a finely tuned RCM process, many of the hiccups that can derail your practice and your finances can be straightened out. For example, most people who invest in a proven RCM process experience lower claim denial rates and higher collection rates. If the staff has been properly trained on correct coding and billing procedures, you have a proactive insurance verification process in place, and you are proactively communicating with patients about what you expect from them, it is easy to thrive.
Get Expert Help
Working with a partner for your revenue cycle management, like Apex Reimbursement Specialists, is an easy way to help you get expert assistance managing many parts of your practice. For example, instead of needing to handle coding, billing, and collections all on your own, you can access true experts who are able to handle many challenging aspects of practice management for you. This will give your administrative staff more time to focus on other things, and it will also help you to focus more on other things—including providing the best care to your patient—that are better use of your time.
For more information on Apex Reimbursement Specialists, visit https://apexreimbursement.com.