You might not be where you want to be. But wherever you are it’s certain that a dental practice cash-flow strategy can provide momentum.
This era of dentistry (due to the COVID-19 pandemic) has forced prioritization of a financial recovery plan that includes cash-flow management.
- Creating revenue streams from production, collections and insurance reimbursements
- Clarifying insurance provider network verifications
- Doing fee schedule maintenance
- Reducing payment denials
Those are needed alongside the greater financial challenges of reimbursement pace, obtaining adjustments and fees at time of service, and improving overall revenue growth.
The business of dentistry issues also share your practice’s bandwidth with the ongoing safety issues that have elevated infection control awareness in the pandemic era.
Even so there’s hope if you recognize the value of analyzing your cash-flow and applying strategies to maintain its health.
Control what you can and you’ll likely succeed
Keep in mind that you’ve perhaps always kept a close eye on your revenue cycles - in particular - your cash flow. COVID-19 no doubt magnified any gaps.
Your available solutions can enhance the control you desire over your financials.
- Patient-facing payment portals that provide convenience and efficiency
- Practice management tools that help reduce administrative tasks while increasing collections
- Operational overhead reductions through technology and software innovations that maximize your ROI
Deploy dental practice cash-flow strategies that promote recovery and growth
Lower collection rates
It could be costing you more than you realize to pursue outstanding AR. For example, turning a number of patients over to a collection agency could add to your costs.
- Designate a business team member to routinely follow-up on outstanding fees
- Inventory your collections roster and determine if your accounting is accurate
Set collection increase goals
You’ll probably discover that routine follow-up by a designated team member will produce higher net collections. Proactive energy can add to your revenue stream and help you maintain patient production value.
- Communicate routinely with your patients that have overdue balances
- Automate your follow-up process and use available technology to enhance patient communication
Be aware of insurance coverage details and limits
Each insured patient comes to a treatment decision with coverage confirmation. You and your team can quickly determine the limits of their policy helping them to decide about treatment…and your office can avoid costly errors.
- Obtain, review, and estimate eligibility information via digital forms
- Submit accurate claims based on digital form data
Up the pace of your collections process
Review past-due accounts with speed of collection in mind. Your pace will drive cash-flow into the fast-lane.
- Automate your billing and payment reminders
- Use automation to keep tabs on your outstanding accounts in real-time
Engage your patients and enhance loyalty
The more patient-facing you are the more they will appreciate your safety and convenience strategies. Your revenue cycle will also benefit from any effort to reduce patient no-shows and cancellations.
- Use interactive reminders to keep appointments front-of-mind
- Implement a teledentistry option to provide initial patient consults
Automated cash-flow management at-your-fingertips
The financial management capabilities of your software platform helps maximize your working capital while clarifying the data that improves your bottom-line.
Consider a cloud-based solution and accurately assess cash-flow and keep tabs on your revenue cycles.
You might find the cloud solution like Denticon to be a more efficient report gathering platform to monitor and drive your overall dental practice or dental organization’s performance.
Aside from its financial management capacity, the Denticon platform also provides:
- A predictable, monthly subscription rate
- Data hosted in the cloud that’s remotely and securely accessible
- Savings that compared with a “legacy” system can total an average of 40%
It makes sense to look below the surface and see the massive potential of upgrading to a cloud-based dental practice management solution with a more advanced revenue cycle management module.