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Dental Practice Management Best Practices Series Revenue Cycle Management Virtual Business Services
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Revenue Cycle Management Longer Cycle = Cash Flow + Write-offs Shorter Cycle = Cash Flow + Write-offs The Value of Managing the Revenue Cycle
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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!
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Virtual Business Services Revenue Cycle Management So, why isn’t the revenue cycle managed better? Details And, there are thousands of details!
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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
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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
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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
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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
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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 $5.00 78% within 31 days 90% within 61 days < 2%
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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!
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Virtual Business Services Revenue Cycle Management Cloud Software, Cloud Services Planet DDS offers the Complete Cloud Solution Here’s how it works …
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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
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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
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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
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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.
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