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A Healthy Denial Management System Within RCM

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The average claim denial rate has risen considerably over the past few years. This means that there is an increase in the number of payments getting delayed or unpaid, leading to a loss in revenue and disturbing a practice’s overall revenue flow. Practices often make the mistake of blaming insurers for claim denials, but it would in fact be a better use of time to analyze the denial management strategy that is being used. There are also times when they make the mistake of not following up on denied claims, leading to an additional loss of revenue.

What is denial management?

Denial management includes identifying and correcting registration, claims billing, and medical coding flaws through trend tracking in order to develop the best solutions for reducing the number of denials. It focuses on identifying the reasons for denials and developing solutions to either reduce the risk or avoid them entirely. It helps mitigate the chances for future denials, thus ensuring that a practice receives quicker payments and a steadfast cash flow.

What are the steps involved in denial management?

Identifying the root cause of denials

The real difficulty in denial management lies in identifying the root cause of most denials. Identifying the causes, especially the recurring ones, is really important for managing denials productively. Claim denials can happen for a lot of reasons, including late claim submission, duplicate claim submission, incorrect or missing patient data, services not covered by the plan, incorrect documentation, etc. Identifying the most common cause for denials will help the practice to take steps to correct the disconnect. 

Monitoring and tracking the denials

Another integral step in denial management is the monitoring and tracking of denials. It is important to have accurate records of the denied claims. This can be done according to the type, date of service, procedure codes used, patient name etc. Additionally, tracking can be done for each insurer that you file with. Maintaining the tracked date on the basis of time, source, number, and reason for denial can help with effective communication with the insurers. This aids in lowering the likelihood of future claim denials.

Managing denials

The next step is the actual resolution and the resubmission of claims. Managing the denials, however, is itself a multi-step process. It involves tracking all the claim denials, sorting through them to understand the different reasons for these denials and then creating a streamlined process to rectify them, if possible. The denial management  process then gets implemented and utilized each time there are denials and this needs to be done in as little a time as possible to avoid.

Data Analysis In Revenue Cycle Management

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Revenue cycle management maintains and operates the financial health of a dental practice and the challenges of running a healthy revenue cycle can be plenty. From accurately entering claim data and information to initiating claims billing process to securing reimbursement and payments, several steps are involved in managing the revenue cycle of a practice. Inefficient dental revenue cycle management can put your practice at risk, as it not only hinders your practice’s growth but also results in a negative patient experience. Finding a solution for your RCM-related worries can be like attempting to find a needle in a haystack if a thorough understanding of where those problems occur is not achieved. Practices need to dig deeper into their revenue management if they truly want to fix their revenue cycle management and get back on the track of profitability and security.

This is where data analytics comes in; it offers you an insight into how precisely your  dental revenue cycle management  is running and where the difficulties lie. It also provides insights into everyday operations and projections of future trends and functions. This helps to make data-driven decisions and correct issues even before they occur. Such data-driven insights are required on a variety of topics, from profitability to the intricate analysis of lost revenue.

Data can be analyzed in three ways:

Descriptive

Descriptive analysis basically gives your practice the answer to the question, “What happened?” This is the threshold that practices should begin with as it is the simplest to perform. It mainly involves gathering and analyzing historical data about your practice. This provides you with information on potential revenue leaks caused by problems with insurance carriers, internal operations and the like. 

Diagnostic 

Diagnostic analysis helps answer the question, “Why did it happen?” It basically unearths links between all the data collected and helps your practice pinpoint what led to the problem in the first place. Identifying the cause of the problem and any connections with other problems will help you take action accordingly. 

Predictive

Predictive analysis, on the other hand, provides your practice with an answer to the question, “What could possibly happen?” It takes the historical data collected, analyzes the patterns found, and then predicts future trends in the revenue flow of the organization. The practice can adjust its present revenue cycle billing method to reflect the trends identified from this analysis. This is also the type of analytics that a lot of practices use machine learning or artificial intelligence to perform. 

Prescriptive

Prescriptive analysis is the most advanced form of analysis and it answers the question, “what should the practice do?” It makes one or more recommendations based on collected data, allowing the user to consider the potential results of each suggested course of action. The accuracy of prescriptive analysis depends heavily on the accuracy of the earlier steps and hence can be the most difficult to perform. The end result, however, is of high import and is undeniably a powerful tool for dental revenue cycle management. 

From improving your practice revenue to creating a better patient experience, data analytics can benefit your practice in a lot of ways. 

Some of the main benefits include:

Reducing minor errors

Data analytics helps validate the data collected during the revenue cycle management process. It scrubs your data for any minor errors, and compares the collected data to the information from the insurance provider.

Understanding your RCM better

Data analytics helps your practice identify and breakdown its revenue cycle process, thus letting you understand your  dental revenue cycle management better. It also gives your practice a clear picture of each step involved in RCM, thereby making it easier to identify any one that is not performed accurately. With this, you can finally assess and benchmark your RCM dental revenue cycle management processes. You can now create appealing reports that provide a complete picture of the actual state of your revenue cycle. It becomes much easier to improve your practice’s profitability when you can identify the main cause of a trend that results in decreased profitability.

Determining key performance indicators

KPIs provide essential data on healthcare revenue. They keep a close eye on the claims processing to spot any errors and also assess the denial rates for improved reimbursements. KPIs are very important for the growth of your dental revenue cycle management and these KPIs can only be identified through proper data analysis. Only through a thorough data analysis can the trends in the revenue cycle and the areas that need improvement be identified.

Improving patient experience

With proper data analysis, patient payment collection can be made a lot easier, giving you more time to focus on patient care and treatment. Your patient experience can improve exponentially when you have sufficient data collected through data analysis and understand how payment collection can be improved without causing any inconvenience to them.

Reducing denials

You can quickly identify patients and insurance companies that have frequent denials and rejections by incorporating data analytics into your dental revenue cycle management. This helps your practice improve its revenue flow by lowering its denial rate. Additionally, with proper data analysis, you can easily identify the frequent trends in denials, thereby making sure that you don’t endure similar denials or rejections in the future. Thus increasing your claim acceptance rate.

Understanding the performance of your revenue cycle is crucial for the steady growth of your practice. Remember, it is vital to remain on top of trends and benefit from utilizing data analysis in its entirety. Data analysis can provide insights into your practice that can help you make better decisions, increase revenue, operate more efficiently, and improve patient care.

Create A Great Patient Retention Strategy

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A lot of practices spend an exorbitant amount of time marketing for new patients. This seems logical as the more patients you get, the more your revenue, right? Not really. Sure, it’s great to have a lot of new patients but what is happening to the ones you already have? Are you spending sufficient time and resources on making sure that these patients are opting your practice for dental services that you offer?  

The truth is that your efforts to bring in new patients will only be effective if you can successfully retain your current patients, keep them satisfied, and even happy. In this time of perpetual competition, changing insurance plans, and the intrusion of social media, it has become increasingly challenging for many practices to retain their patients. Patient loyalty is an intangible asset that leads to patient retention, and it doesn’t happen overnight. Time and patience is crucial to creating an effective patient retention strategy. Attracting new patients is important for the growth of your practice. However, not being able to retain these patients means that you are not gaining the full value of all your marketing strategies. Basically, the higher the patient satisfaction, the higher the patient retention, and consequently, the greater your revenue. 

Here are some of the best strategies or tips to retain your patients:

1. Focus on the best quality treatment

When it comes down to it, the quality of your dental service is what can speak volumes for your practice. Patients visit your practice to get the best treatment, and if they don’t receive quality treatment, they are sure to look for other options. Therefore, if patient retention is your priority, you should be on providing quality treatment. Ensuring that you stay on top of new treatments and innovations in dental care will have a great impact on your patients remaining loyal to you. 

2. Provide an exceptional patient experience

Providing quality dental care may be a no-brainer but going the extra mile and providing value additions will go a long way to making a remarkable impression on your patients. Your patients have several options to choose from and it is quite easy for them to move from one practice to another. Creating a personalized dental plan, attention to detail on your patient’s preferences, initiating loyalty programs and holiday discount offers, early-bird offers, can all be catalysts for your patients to stay loyal to you helping increase patient retention rates at your practice. 

The ambiance that your practice provides can also have an impact on your patients. Consider upgrading your waiting area to make the ambiance feel warm and welcoming as opposed to being clinical. Simple things like providing ample parking areas can also have a huge impact on patient experience. 

Friendly, polite, and professional staff adds value to your logistical efforts. Train your staff periodically so that they are up to date on dental care and maintain professionalism even in touchy situations. Being approachable and returning phone calls on time are also aspects that your staff need to be aware of to make a positive impression on your patients. These are effective patient retention techniques that improve the overall outcome of your dental practice over time.

Additionally, you could also explore the feasibility of being accessible after hours. 

3. Establish a channel of communication with your patients

Establishing a transparent and continuous channel of communication is a crucial first step in patient retention. From registration to follow-up visits, there is a lot of information that needs to flow – back and forth – with your patients. This can include everything from giving them an idea of what to expect when they visit, the procedures they are likely to need, the patient responsibility, and right up to routines they can establish at home for better dental health. Establish your communication channels at the outset of your relationship with your patient. There may be a lot of information that a patient needs to plan out their dental care. Become a source for health-related information and help them reduce their information tracking needs. Over time, this practice, alongside an excellent patient renetion strategy in place will aid in gaining credence for your dental practice. 

4. Automate appointments, billing, and payment

One marketing strategy that can be utilized to positively influence your patients and build patient retention levels is to have a professional website set up. Your website can be a one-stop destination for your patients to get updated information about your services and dental know-how, book appointments and pay bills. Having an online appointment system available will allow them the flexibility of booking appointments at their convenience. 

The same goes for your billing and payment systems. An automated billing system ensures that your staff does not spend the bulk of their time working on billing for each patient’s visit and procedures. Providing multiple options for patients to make payments makes the process go faster for your patients and you. 

A Mobile app which allows for all these processes makes things go even faster and reduces the need for backend management by your staff. 

5. Reduce overbooking and wait times

Overbooking may be an accepted practice in the hospitality industry, but it may not fly well with your patients. It leaves them frustrated as dental care is a necessity rather than a source of entertainment. This can negatively impact your efforts for patient retention at your dental practice. Planning appointments carefully while keeping in mind the procedures that your patients may need will also reduce their wait times at your clinic. This is a great way to elevate the patient experience at your practice. Waiting for extended periods of time for a service that they have booked for can be a legitimate reason for them to feel frustrated and will reduce their favor. By respecting their time, you are making them feel valued and cherished. 

6. Address concerns upfront

Have regular surveys done to give your patients an opportunity to be honest about your services and their experience at your practice. Something as simple as setting up an automatic survey can be just the right step to receive great input from your patients for improvements and ultimately help in effective patient retention. This will give your patients an opportunity to raise any concerns they may have.

Of course, having surveys and feedback mechanisms in place would be pointless if you do not address concerns or implement feedback on time. Your patients should not feel that their voices are not being heard. Connect with them once the feedback has been implemented and let them know of the changes you have made to make them feel extra special.   

Keep a check on reviews that your patients leave on review sites and social media as well. Address any concerns that they may have and thank them for leaving their feedback on these sites. 

Remember, every interaction is an opportunity, especially considering patients are walking testimonials for your practice. Your existing patients become your source for new patients.

Organizing Your Claims Billing Process

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Claims billing is a multi-step process involving several people and types of data like patient-related information and clinical documentation. Not setting up a robust claim filing and billing system can possibly be the worst mistake that a practice can make in their revenue cycle. Understanding the fundamentals can help providers and practices ensure that the number of claims that go unpaid or denied remains as low as is possible. Understanding claims billing starts with learning about the various steps involved and improving the efficiency of each step.

Maintaining Thorough and Accurate Data

This is a continuous process that starts at the outset of a patient’s and provider’s relationship. All the relevant information collected before and during the cycle of services provided, needs to be entered into the billing system accurately. During this process, all the documents must be scrutinized and verified. These documents include:

  • Social Security numbers of patients
  • Tax Identification numbers of providers
  • Addresses of patients and providers
  • Details of procedures done
  • Any X-rays or charting that needs to be done
  • Pre-authorization documentation, when required

It is always better to provide more data than less when it comes to the services provided at a practice. 

Any errors found must immediately be rectified and any missing information should be collected and included. This helps in preparing more accurate claims, thereby reducing the risk of claim denials.

Applying accurate standardized codes

CDT codes are a collection of codes used to identify the various procedures and services provided for oral health and dentistry. There is a vast array of these codes which go through frequent additions, deletions, and modifications each year. Staying on top of these changes and ensuring that the right codes are used, is another vital step in the claims billing process.

Looking for limitations, frequencies, and exclusions

The amount an insurance provider pays out depends on several factors, not least of which are limitations on the amount covered for certain procedures, the number of times some procedures are covered in a particular policy year and even the patient’s age. These limitations, frequencies and exclusions affect every claim, and this is the reason information on these is usually collected before a service is provided. Unrecognized exclusions or limitations in the insurance coverage could result in claim rejections and denials.

Quality check

The final step, pre-submission of bills, is always a review of the prepared claim. This is done as an attempt at ensuring that all possible mistakes are eliminated, reducing the chances for claim denials. Vital pieces of information that need to be reviewed are: 

  • Accuracy of procedural codes
  • Patient information and data
  • Insurance provider data
  • Provider data
  • Insurance limitations, frequencies, and exclusions

Evaluating and resolving denied claims

Submission of claims can be incorrectly considered as the last step in the claims billing process. However careful a practice is while preparing and submitting a claim, there is always the possibility of claims getting denied and procedures going unpaid due to human error. Reworking such claims is another step that gets added due to such denials and non-payments, and this rework needs to be done without any delays. 

Periodic review of previously denied claims is also a great way to learn from mistakes made in the past. Implementing the learnings from such reviews helps build a better claims billing system, which in turn reduces the chance of future denied claims and unpaid procedures.

Maintaining continuous communication with patients and the insurance provider

While continuous communication may not be an established custom in the billing process, it is an important phase for the dental revenue cycle management of a practice. It helps reduce the time and effort that is necessary to file claims. Staying in touch with your patients not only improves the reliability of your practice but also quickens and improves your revenue cycle. 

Having a well-managed and efficient claims billing system is the key to a successful revenue cycle management. It helps minimize the workload of your staff and helps to ensure that the focus is always on what is most important, excellent dental care and patient satisfaction.

Determine Patient Responsibility & Collect Payments Faster

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Given the rise in high-deductible payment plans (HDHP) and patients choosing to shoulder more and more of the financial obligations for treatments and services received, determining patient responsibility has become priority for a practice. Instead of relying on insurance providers for payment collections, practices rely more on their patients to bolster their revenue cycle. They are forced to find ways to collect more of these patient responsibility balances in order to secure maximum revenue. This is not as easy as it would seem. Estimating and collecting patient responsibility involves keeping meticulous records and ensuring on-time follow-up. You do all this while establishing maximum patient satisfaction and them consistently choosing your practice over others and leaving positive reviews.

What is patient responsibility and payment collection?

The portion of a dental bill that the patient must pay out-of-pocket, not from their insurance company, is known as patient responsibility. It is the amount that the patients owe to their practice for dental services rendered. Deductibles and co-pays are perfect examples of this. Payment collection is simply the process of securing the patient payment.

How can you improve your patient responsibility payment collection?

Keep a payment plan ready

It is always better for practices to keep a the payment plan ready for their patients. Having a proper payment plan can help you set up an efficient payment process to follow while attempting to collect on patient responsibility balances. It also reduces the chance of patients defaulting due to them not being aware of their responsibility. Following an established plan will help the patient responsibility collection process go smoothly. Given the complexity and diversity of healthcare plans, it may seem difficult to create estimates for each patient, but it cannot be avoided.

Don’t tiptoe around payment conversations

A conversation about patient payment responsibility may be uncomfortable to have but tiptoeing around the issue is never a solution. Getting your revenue is ultimately what your aim is. Be clear and direct. Your patients may already be confused and stressed about a lot of things, and you don’t want to make it even more difficult for them. Make sure that you convey the details of their responsibilities in a simple and easy manner. 

Let the patient know in advance about their payment responsibility

Most practices fail to remind their patients of their payment responsibility prior to the services without realizing the impact it could have on their payment collection process. Avoid surprises by informing your patient about their treatment plan and financial commitment right at the beginning. Patients are more inclined to pay when they know in advance exactly how much they owe. Let them know about any deductibles, co-pays, and also give them an approximate estimation of the co-insurance amount. Conveying the probability of there being unexpected changes in the procedures or services is also something you should ideally do, as these changes could also result in changes in the payment responsibility of the patient.

Patients need to be prepared for the expenses that they will incur, for a quicker payment process. You also need to convey the potential for unexpected changes in payment amounts as changes in procedures can cause the final amount to differ. Remember, collecting from a patient requires a lot more effort than collecting from an insurance provider. This effort would magnify in cases where the patients are not aware of their payment responsibility prior to the visits, which is most of the time.

Provide multiple payment options

Having multiple payment options can benefit your practice in a lot of ways. It shows the patients that you are considering their convenience as opposed to simply ensuring that you receive your revenue. Even if your patients don’t have enough money on hand, they can easily opt for any other modes of payment such as debit or credit cards, checks, charge cards and mobile payment apps. This makes the payment process much easier for them and collection smoother for you. 

Collect payments before the patient leaves the practice

Collecting payments at the time of the service is a good rule to follow. It’s always a good idea to get the payment from the patient before they leave the practice. Never leave any of the patient responsibility balances for future, especially if the patients owe more than the insurance provider. This increases the risk of payments going unpaid. In a lot of cases, late attempts to collect the payment can be exceedingly time-consuming and challenging. 

Stay in touch with your patients

Remember to continuously stay in touch with your patients. This not only helps in building a bond with them but also helps in quicker patient payments. After initially informing the patient about their patient responsibility, make sure that you send reminders so that they don’t miss their payment due dates. Remember that your patients are also busy and paying for one specific service may not always be a priority for them. A reminder may be just what they need. This can help your practice maintain a faster and more efficient payment cycle.

Partner with an RCM Service provider

Focusing on the actual practice may become onerous if you are constantly worrying about patient responsibility. With a dental RCM service provider by your side, you will not have to worry about any of these as they help you manage all your RCM-related worries, including patient payment collection. Your RCM service provider works closely with your patients and makes sure that the full patient payments are collected on time allowing you to concentrate on the actual dental service.

Payment Posting Doesn’t Have To Be Hard

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Almost all practices struggle with it payment posting and find it hard to balance their time and effort between payment posting and other processes in RCM while managing the important needs of the practice. But payment posting is not something that can be negotiated or ignored as it is one of the crucial elements for the smooth flow of your revenue cycle. It provides a brief overview of your practice’s financial health. With proper management, your payment posting process can be made easier and smoother.

So, what exactly is payment posting?

It is a process in dental revenue cycle management wherein the payment details are logged into the patient system to give the practice a broad perspective of all the payment information and explains how different payers’ collections work. It helps in gaining a better understanding of your practice’s day-to-day financial status and aids in enhancing your cash flow.

The payment posting cycle starts just after the submission of claims to the insurance providers. The practice then waits for the decision of the insurance providers. They may pay for claims or reject them. In either case, the practice receives an E.O.B (explanation of benefits) from the payer. If the claim has been accepted, the payer sends the payment amount via check or EFT along with the E.O.B. The process of payment posting ends when the payment or denial details are settled under the patient’s account. Remember, understanding the financial picture of your practice can help you identify income leakage and take fast action to fix it.

Payment posting processes

Patient payments

All patient payments, including co-pays, deductibles, and payments from those without insurance, need to be documented for proper payment posting. Payments are deposited in the bank and reconciled with the practice’s general ledger to ensure that they match what was recorded in the practice’s management system.

Patient payment responsibilities

Important patient responsibilities, such as co-pays, non-covered services, and so on, must be identified and communicated to the patient right at the beginning. This helps in making the payments flow faster and in avoiding any misunderstanding related to financial obligations.

Balancing write-offs

The specific levels for write-offs and modifications for each client should be indicated in the process of payment posting in detail. Any requests for deviations must be acknowledged without delay, and the necessary steps need to be taken to prevent revenue loss.

Denial posting

Claim denial information must be posted into the patient’s practice management system based on which the write-off decisions can be made. Also, based on this information, necessary actions such as billing the secondary payer, transferring the balance to the patient account, making adjustments/write-offs as per defined policies, and routing the denied claims to appropriate work queues can be taken.

Why Should You Pay Attention To Your Accounts Receivable Days

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Accounts Receivable days, or AR days, are one of the crucial performance indicators that determine the success of a practice. Accounts Receivable(AR) indicates the payment amount that has not yet been collected from the patients or the insurance providers.  Accounts Receivable is basically the amount owed to the practice, and AR days refer to the amount of time it takes to get the complete payment for a claim. An increase in AR days can lead to a decrease in the revenue of the firm. Therefore, it becomes highly important to have proper Accounts Receivable management. Proper and careful AR management can help in increasing the overall revenue of your practice. Higher accounts receivable days can have a negative impact on the overall operation of your practice. It can negatively affect the quality of patient care and treatment, which in turn can affect the patient experience, leading to patients losing trust and contentment in your practice. For the healthy working of your practice, it is important to manage your Accounts Receivable so as to reduce your days in AR.

Here’s why you should pay more attention to your AR days:

  • To receive maximum reimbursement from insurance companies.

The AR management team makes sure that the claims are submitted or resubmitted to the insurance payers properly without any delay. They ensure reduced AR days by making sure that all the required steps are taken to collect the money if the claim is underpaid so that the practice receives maximum reimbursement.

  • Cut down the cost, time and effort that go into the resubmission of claim denials.

 Proper AR management helps in handling claim denials without any loss in time or money as fast as possible.

  • Proper AR management helps in tracking denied claims.

It helps in identifying and analyzing the reasons for claim denials and submits appeals for these denied claims on a timely basis. Thus reducing the AR days.

  • Helps keep track of the amount that goes into the aged category every month.

This is one of the many crucial aspects of maintaining a healthy revenue cycle as accounts that are aged over 90 days are at a high risk of turning into unpaid claims. Proper management of AR days thus helps in avoiding insurance going unpaid.

  • Helps in identifying the customers or accounts that are at high risk of being unpaid.

It helps to identify late payers, thus helping the practice in taking measures to prevent the same. It also effectively reduces the AR days by helping the practice take appropriate actions to guarantee that the payment is precisely collected if the majority of the past-due amount can be attributed to a single customer.

  • Helps in faster claims submissions.

With the proper management of accounts receivable, you can make sure that the practice is submitting the claims to the payers without any delay. Any delay in the submission of claims can cause a lot of trouble for the smooth functioning of the practice therefore it is important to make sure that the claims are submitted as soon as possible so that the AR days remain low.

  • Helps ensure the smooth functioning of the practice.

Fewer AR days help in increasing the overall revenue of the practice, which in turn provides the practice with the money to recruit and pay their staff, get new and improved technology and high capital for expansion.

  • Helps improve the patient experience.

With the decrease in AR days, the quality of patient care and patient experience increases, thus building the trust and contentment of the patients.

Accounts Receivable Management

Accounts receivable management services include the administration of reports pertaining to insurance, write-offs, bad debt evaluations, collection analysis, and ratio analysis. They are responsible for the management of denied claims, finding the reasons and analyzing claim denials so as to maximize patient payment and increase the overall revenue of the practice, effectively decreasing the AR days. Therefore, managing accounts receivable requires a great deal of knowledge about the various reasons for claim denials and the ways to reduce them. Don’t shy away from contacting the insurance providers or the patients for a better understanding of the reasons for claim denials or if any related doubts need to be cleared. Go through the claims thoroughly, making sure they are accurate and error-free, before the claim submission. The AR management also needs to do proper follow-up on patients and the accounts of patients who do not make timely payments need to be monitored continuously to help the practice in taking the proper action needed to reduce such instances from happening again. By properly tracking denied claims and appealing for them, AR management helps a practice collect the maximum portion of accounts receivable. Successful accounts receivable management requires careful planning and the allocation of appropriate resources to achieve maximum performance.

Why consider an RCM service provider

Reducing AR days is crucial for the smooth functioning of your practice, but it can be a constant struggle for the dentists as well as the staff, because any error or negligence in AR management can result in poor cash flow and loss in revenue. Managing the various aspects of the revenue cycle, including Accounts receivable management, along with patient care can be a hectic task for the practice. Therefore, hiring an expert RCM service provider can be the perfect solution as they help your practice with managing the various AR-related processes thereby helping in decreasing the AR days and increasing the revenue of the practice. They provide you with expert professionals specializing in AR management and make sure that your practice is successful and equipped to treat more patients. They help your practice reduce its AR days by increasing the claim acceptance ratio. They help you do a proper follow-up on denied claims and resubmit them as soon as possible so that the chances of claims going unpaid can be reduced, thus reducing any loss in revenue due to claim denials. They make sure that payments are collected on time and do proper follow-ups on patient accounts. Thus, you don’t have to allot extra time or effort for any of these processes and can provide your full-on attention to other important needs of the dental practice, like improving patient care. It gives the practice the opportunity to focus more on patient care and its expansion while letting your dental RCM service provider handle all the complex and difficult tasks of revenue cycle management.

Create a Better Dental Huddle Checklist

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Daily huddles have been assimilated into the workings of several industries, including the oral health and dental industry. Practitioners see these huddles as a way to sync up first thing on a working day, organize the day’s tasks and provide an environment to bond. There are, however, several practitioners who find daily huddles unnecessary and ineffective. In several cases, this is, unfortunately, true. When huddles are conducted with no specific format or aim, they do tend to take up a lot of time and provide minimal to no value. The worst part is that most practices, if they fail on their first few tries, completely give up on the idea of a daily huddle. 

When done properly with specific goals in mind, daily huddles can boost productivity and morale. They can serve as an important performance indicator for a practice as they give insightful information about the impact of different strategies on the working and revenue production of the practice. They are meant to be short and succinct. The aim is to have the team/s aligned with the day’s goals and strategize for the day’s undertaking. 

Maintaining a checklist can help set up a huddle system that is pertinent to the practice.

Here are some of the important points that can be added to the daily huddle checklist.

  • A snapshot of the goals that must be reached and the methods for reaching them.
  • Targets that get met and how to improve them.
  • A comparison of the previous day’s actual collection against the projected collection or goal.
  • Updates and follow-ups on schedule modifications from the previous day.
  • Review of winning measures that help staff to attract more potential patients.
  • Discussion of challenges, difficulties, or confusions in the current day’s schedule and plans on how they can be sorted out.
  • Major procedures scheduled for the day.
  • New patients and special-needs patients.
  • Current day’s allotted emergency time. 
  • New and old patient’s details.
  • Necessary assistance with x-rays and other needs.
  • Discussions and confirmations of lab cases.
  • Results from post-op calls.
  • Overdue continuing care.
  • Financial information on the current day’s patients.
  • Patients that need X-rays or photos as per treatment guidelines. 

Daily huddles can benefit practices in a lot of ways. Here are some of the benefits of an effectively conducted daily huddle.

  • Helps in team collaboration and bonding
  • Prepares and inspires the team for the day
  • Can be used as a time-management tool
  • Helps identify any possible hiccups
  • Helps fend off any distractions
  • Can serve as a discussion and team interaction platform
  • Can be a platform to celebrate success

Daily huddles bring with it a variety of benefits. However, they can also become really boring and tiring, especially if there are a lot of topics being covered during one huddle. Each practice needs to prioritize and establish a system that works for them. It may take some time to create the perfect daily huddle system but in the end, it is sure to pay off.

Prioritizing “Days Sales Outstanding” To Get The Best Out Of Your Practice

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Consider a situation where you go through the entire claim cycle only to have it denied or not paid. Consider, also, instances where patient payments are significantly delayed. The time and resources used would seem to have been wasted and it would cause a strain on your practice, wouldn’t it? Now, you would have to contend with delays in receiving payments or worse, unpaid claims. Afterall, isn’t revenue the goal of your practice? Without a healthy revenue cycle, it would be next to impossible to provide the best treatment and care for your patients. How do you circumvent such a situation? We recommend using DSO.

What is DSO or days sales outstanding?

  Days sales outstanding (DSO) is an important metric which measures the average number of days it takes for a practice to collect the complete payment for services provided and is usually calculated on a monthly, yearly, or quarterly basis. The outcome of days sales outstanding is an important performance indicator to how well your practice manages its revenue cycle. Calculating DSO involves dividing the total accounts receivable for a certain period by the net credit sales. This number is then multiplied by the days in that period.

Day Sales Outstanding = (Accounts Receivable/Net Credit Sales) x Number of days

The ideal DSO for a well-managed revenue cycle is less than 45 days. A DSO of more than 90 or 120 days should be avoided as much as possible because it increases the risk of payments not being made. Maintaining a DSO that is neither too high nor too low can seem formidable but doing so can result in better cash flow.

What do the days sales outstanding do for your practice?

  • It shows the performance of your practice’s revenue cycle during a particular period.
  • It shows how quickly patients pay their payments.
  • It helps identify patients or insurance providers who are always late in paying their payments.
  • It helps you understand if you are moving in the right direction with payment collection.
  • It shows if your practice is achieving customer satisfaction.
  • It can act as an early warning sign for the management of your revenue cycle.

How can a standard DSO be maintained?

Have patient payment terms planned well

Make sure that your practice has well-planned payment terms which are neither too tight nor too loose. In general, a practice with more flexible payment terms has a larger DSO than one with extremely strict ones. Although strict payment terms can decrease DSO and increase cash flow, if the payment terms are too tight, chances are high that the customers will leave your practice and find one with loose payment terms. Having well planned patient payment terms helps in ensuring that no patients or insurance providers are at a risk of slow payment or non-payment.

Accurate claims documentation

It is of absolute importance to take the time and have your records accurate before submitting your claims. Practices in a hurry to submit claims are likely to make errors. Even minute mistakes can lead to huge losses for your practice. Any errors in it can cause claim denial or rejection, lengthening the payment process and increasing DSO. Always have accurate patient data and information. Establishing quality-check procedures prior to submitting your claims is a surefire way to reduce these errors. 

Do not overlook receivables

Overlooking receivables is a common mistake that practices tend to make. Just because your practice is making enough revenue doesn’t mean you shouldn’t pay attention to your accounts receivable. You never know how it will impact your practice in the long run. Observe and ensure that your practice gets paid for every service that it provides. Proper management of accounts receivable can help decrease the DSO.

Proper follow-up on claims

Submitting claims is not the last step to the claim cycle. Adequate follow-up is important in making sure that the claims get paid without delays. The longer it takes for the claims to be accepted, the higher the risk of claims going unpaid. In case your claims get rejected, remember to start the resubmission process as soon as possible for a faster payment cycle. A proper follow-up on claims helps your practice reduce its DSO, which makes faster reimbursements inevitable.

Stay focused and determined

Bear in mind that reducing your practice’s DSO doesn’t happen overnight. Making considerable improvements in your DSO and maintaining them overtime requires effort and, at least initially, hard work from your staff. It is, therefore, important to stick to the process and not lose focus. Setting goals and analyzing your previous DSO statistics can help in establishing a robust process, which eventually becomes a frictionless part of it.

On-time claim submission

Late submission of claims is a common reason for denials. Submitting the claims on time should be second nature to your practice, especially if you want to reduce the DSO. It could be your first step in reducing your practice’s days sales outstanding.

Partner with an RCM service vendor

Granted, reducing DSO requires some effort and diligence, which can add to the workload at your practice and for your staff. Your staff would most likely already have a lot on their plate and an increased DSO could prove fatal. This is one of the best reasons for you to partner with an RCM service provider. They provide your practice with skilled professionals who are efficient at clearing unpaid claims, submitting them on a timely basis, and helping you reduce the practice’s days sales outstanding so that your staff are left with sufficient time to focus on the practice.