For a practice, managing the intricacies of the revenue cycle along with other important needs of the practice can be a strenuous and demanding task. This is especially so with limited staff as it puts an extra burden on their shoulders. When a practice partners with an RCM service provider, they are trusting their entire RCM to the provider. It thus becomes the responsibility of the service provider to make sure that the revenue cycle of the practice is handled in a smooth and efficient way without any errors. An RCM provider may be proficient in narrowing down what changes need to be made to have your practice run efficiently. This is how our detailed client success report helps achieve a deeper understanding of the weaknesses in your practice. It can be a guide to the steps you need to take to improve your revenue cycle.
So, What exactly is a “Client Success Report”?
A skilled RCM service provider would compile a detailed analysis of your payment posting, eligibility and benefits verification, and accounts receivable. Partnering with the right RCM service provider gives you access to success metrics and analytics that help your practice grow, in size and scale. Of course, the service provider needs to collect all data regarding the revenue cycle and share it with the practice on time for any improvement to be expedited. A client success report, once prepared, allows you to analyze the patterns in the functioning of your practice. The report then enables you to identify what needs to be done to improve the growth of your practice, most notably its revenue.
The phases involved in the client success process are:
1. Data Consolidation
Each month, data from the practice’s activities, such as monthly production, payments, adjustments, and accounts receivables, is collected and collated by the RCM service provider.
2. Data Analysis
The data that is consolidated is later thoroughly analyzed. The observations from the analysis highlight opportunities for your practice to improve its work while also increasing its cash flow.
After carefully analyzing the consolidated data, specific challenges in the practice are identified, and a meticulous set of recommendations are created and sent to your practice to increase its cash flow and efficiency.
Why Does a Client Success Report matter?
- Provides minute insights into your practice
There are times when providing equal attention to all the aspects of the workings of a practice becomes tedious. This may lead to misses and may hinder the operation of your practice. However, with an RCM service provider giving you on-time client success reports, you get insights into your practice, aiding you in taking steps to prevent errors from occurring or reoccurring.
- Identify the source/s of cash leakage
Most practices struggle with revenue leakage and not being able to identify the source of the leakage. Getting an on-time client success report helps your practice identify the source/s of revenue leakage so that you can streamline your entire revenue cycle. This can be an added advantage to scaling your practice higher.
- Highlighting Action Items
Having an on-time client success report also helps you identify the areas in the revenue cycle that need special attention. There may be areas in your revenue cycle that require immediate attention and are critical. A client success report helps you identify just that. As a result, the operational aspects of your practice become effortless.
- Strategize RCM improvement
A client success report not only assists your practice in identifying areas of improvement but also provides suggestions or ideas to improve your overall management. Since an RCM service provider is the one handling your RCM, they know exactly how to improve the performance of your practice. Their suggestions or ideas can help you create a strategy for improvement and expansion.
- Increasing revenue
By helping you identify the areas of improvement and providing you with suggestions to improve your RCM, a client success report specifically helps you multiply the revenue from your practice.
Being able to provide the best care and treatment to your patients doesn’t always guarantee a successful practice. Success depends on a lot of other aspects, not least of which is your dental revenue cycle management. It’s crucial to comprehend your facts and have a solid action plan. This is where a robust customer success report can play a pivotal role.