November 14, 2022
HOW TO OPTIMIZE YOUR DENTAL BUSINESS REVENUE CYCLE
As a dental business owner, you need effective revenue cycle management. This comes as no surprise as you are no doubt familiar with the challenges of dental billing. Patient loads and overdue accounts receivables make billing a difficult area for your dental business.
The success of your practice depends on a reliable and efficient revenue stream. This means you need to have effective collection procedures in place. This ensures that you get full reimbursements and better patient retention. This is why we have put together a few effective tips you can use to make sure you improve your dental practice billing and get the most out of your business.
Adhere to Dental ADA Codes
In 2022 there were new ADA codes that made dealing with cross-coding patients easier than before. To make sure that your practice makes the most of these new codes and improves the billing you need to familiarize yourself with them.
This knowledge coupled with the right software will see you being able to deal with a wider range of dental-medical patients and realizing significant financial benefits for your practice. You, however, need to make sure that all your codes are accurate and up-to-date always if you want to be adequately reimbursed.
Keep your payment systems updated
Your dental business relies on the revenue it generates. This means you need to structure your fees to maintain optimal cash flow. Here are a few pointers to help you achieve that ;
- Make sure your coding is accurate.
- Communicate with patients.
- Review your contracts with carriers.
- Outsource your billing procedures.
With these measures put in place, you are in a position to make the necessary adjustments to improve your revenue cycle.
Take advantage of teledentistry
Tele dentistry is not new to dental practices. It has come highly recommended in several cases. It entails using electronic technology to communicate with your patients. This could be anything from social media to a basic telephone call.
Outsource your revenue cycle management
Outsourcing has been proven to give you trained personnel at a fraction of the mainstream price. This means you will be getting a professional team member at a saving. With outsourcing you will also be getting an invaluable addition to your team . what this means is you will have effectively improved the efficiency of your dental business by investing in outsourcing.
To have a successful practice you need to have patients that trust but you also need those trusting patients to pay their dues. Outstanding payments do not only hurt your bottom line but they also become a distraction as they make you move away from your main task.