Dental Practice Management Best Practices Series Revenue Cycle Management Virtual Business Services

Revenue Cycle Management Longer Cycle = Cash Flow + Write-offs Shorter Cycle = Cash Flow + Write-offs The Value of Managing the Revenue Cycle

Virtual Business Services It’s an easy concept to understand! Even inexperienced dentists see the value! The difference between good and poor management of the revenue cycle = 10s to 100s of thousands of $$ per year!

Virtual Business Services Revenue Cycle Management So, why isn’t the revenue cycle managed better? Details And, there are thousands of details!

Online Appointment Telephone Appointment Walk-In Appointment Register Patient Verify Ins/ Attach Treatment Plan Treatment Estimate Charge Out Collect Patient Copay Claim Pre- Submission: - Check exclusions and limitations - Attachments Submit Claims eClaims Mgmt Addl Info Claim Error Received by Payer Payer Response Close Claim Open Claim Denied Partial Pay Unpaid > 30 Days Post Ins Payment Denial Process Adjustments Aged Claim Follow Up Resubmit Collection Letters Collections Post Patient Payment Bill Patient Full Payment Partial Payment No Payment.> 60 Days Adjustments A Tour of the Revenue Cycle Treatment Rendered Verify Fee Schedule Investigate

Virtual Business Services Revenue Cycle Management In case you weren’t counting, that’s 37 activities, each with multiple steps … assuming no complications … and it takes a lot of discipline, knowledge and expertise – employee turnover is a killer … and supervision of the person or people involved could be a full time job all by itself

Virtual Business Services … and many practices have maybe one FTE managing the entire cycle … for the hundreds of insurance patients every month … often while handling other responsibilities

Virtual Business Services Revenue Cycle Management Best Practices The best practices implement monitor improve the tedious & time consuming business processes which are required to properly manage the revenue cycle. consistently

Virtual Business Services Revenue Cycle Management Best Practices Result$ Accuracy of Treatment Plan Estimate: Average Insurance Patient Collection Cycle: Average Insurance Patient Write-Off: 75% completely accurate 85% within $ % within 31 days 90% within 61 days < 2%

Virtual Business Services Revenue Cycle Management So, how’s a solo practice supposed to implement best practices? Unlike the big guys, the resources simply aren’t there and employee challenges are constant … The answer: Leverage yourself with the Cloud!

Virtual Business Services Revenue Cycle Management Cloud Software, Cloud Services Planet DDS offers the Complete Cloud Solution Here’s how it works …

Virtual Business Services Revenue Cycle Management Planet DDS offers the Complete Cloud Solution Let’s review the cycle… Virtual workers to inexpensively fill the gaps – with the necessary skills and always there Virtual managers to oversee the entire process Real-time reports to see the status of the cycle and the results Virtual data-input directly into Denticon

Online Appointment Telephone Appointment Walk-In Appointment Register Patient Verify Ins/ Attach Treatment Plan Treatment Estimate Charge Out Collect Patient Copay Claim Pre- Submission: - Check exclusions and limitations - Attachments Submit Claims eClaims Mgmt Addl Info Claim Error Received by Payer Payer Response Close Claim Open Claim Denied Partial Pay Unpaid > 30 Days Post Ins Payment Denial Process Adjustments Aged Claim Follow Up Resubmit Collection Letters Collections Post Patient Payment Bill Patient Full Payment Partial Payment No Payment.> 60 Days Adjustments Where are the biggest challenges in revenue cycle management? Treatment Rendered Verify Fee Schedule Investigate

Online Appointment Telephone Appointment Walk-In Appointment Register Patient Verify Ins/ Attach Treatment Plan Treatment Estimate Charge Out Collect Patient Copay Claim Pre- Submission: - Check exclusions and limitations - Attachments Submit Claims eClaims Mgmt Addl Info Claim Error Received by Payer Payer Response Close Claim Open Claim Denied Partial Pay Unpaid > 30 Days Post Ins Payment Denial Process Adjustments Aged Claim Follow Up Resubmit Collection Letters Collections Post Patient Payment Bill Patient Full Payment Partial Payment No Payment.> 60 Days Adjustments How can you leverage the cloud with Planet DDS? Treatment Rendered Verify Fee Schedule Investigate

Virtual Business Services Revenue Cycle Management Don’t waste anymore $$ Planet DDS offers the Complete Cloud Solution … or lose out to better funded competitors who have access to superior business systems.