AADOM QUICKcast: Get Paid Faster, Get Paid More
Video Description:
In this course, we will discuss the 3 Cs of revenue cycle management: contracting, coding, and collecting. Contracting refers to PPO network contract negotiations and optimization to increase your fee schedules. Coding is using the correct dental codes to maximize insurance reimbursements. Collecting refers to increasing the money obtained through both insurance and patient billing procedures.
Course Learning Objectives:
- Contract Negotiation
- Credentialing & Compliance
- How to find coding resources that best suit your office’s needs
- How to improve your collection ratio
Sponsored by: eAssist Dental Solutions
Get Paid More, Get Paid Faster: Mastering Revenue Cycle Management
In today’s dynamic healthcare landscape, maximizing revenue while ensuring swift payments is paramount for dental practices to thrive.
Yet, navigating the complexities of revenue cycle management (RCM) can be daunting.
Fortunately, a comprehensive understanding of the 3 C’s of RCM — contracting, coding, and collecting — can pave the way for financial success and operational efficiency.
Contracting: Maximizing Profitability through Negotiation and Optimization
At the heart of revenue cycle management lies contracting, the process of negotiating and optimizing PPO network contracts to enhance fee schedules.
This crucial step can significantly impact a dental practice’s financial health. By strategically negotiating with payers and leveraging market insights, dental professionals can secure favorable terms that bolster reimbursements and profitability.
Moreover, contract optimization is an ongoing endeavor. Regularly reviewing and renegotiating existing contracts enables practices to adapt to market changes, capitalize on emerging opportunities, and address evolving reimbursement trends.
With a proactive approach to contracting, dental practices can position themselves for long-term financial success and sustainability.
Coding: Precision for Maximum Reimbursements
Inaccurate coding can lead to delayed payments, denials, and revenue loss. Therefore, mastering the art of coding is essential for maximizing insurance reimbursements and streamlining the revenue cycle.
By utilizing the correct dental codes and adhering to coding guidelines, practices can ensure accurate claims submission and expedited payments.
Furthermore, staying abreast of coding updates and industry changes is imperative. Continuous education and training empower dental professionals to navigate complex coding scenarios effectively, minimize errors, and optimize reimbursements. Through meticulous coding protocols, practices can increase revenue and mitigate compliance risks.
Collecting: Optimizing Revenue Streams
Efficient collections processes are the cornerstone of financial stability for dental practices.
Effective collecting encompasses both insurance and patient billing procedures, aiming to expedite payments and minimize revenue leakage. Implementing streamlined billing workflows, leveraging technology solutions, and instituting robust follow-up protocols are key strategies for optimizing revenue streams.
Moreover, fostering transparent communication and cultivating strong patient relationships can facilitate timely payments and reduce outstanding balances. By prioritizing patient engagement and offering flexible payment options, practices can enhance patient satisfaction while accelerating cash flow.
Conclusion: Empowering Financial Success
In conclusion, mastering the 3 C’s of revenue cycle management — contracting, coding, and collecting — is indispensable for dental practices seeking to thrive in today’s competitive healthcare landscape.
By strategically negotiating contracts, ensuring precise coding practices, and optimizing collections processes, practices can unlock new revenue opportunities, streamline operations, and achieve financial prosperity.
Investing in ongoing education, leveraging technology solutions, and prioritizing patient-centric approaches are essential pillars of success in revenue cycle management.
By embracing innovation, adopting best practices, and outsourcing to trusted partners dental professionals can navigate the complexities of RCM with confidence. This leads to both short-term and long-term optimization of revenue streams
Learn about the presenter:
Penny Reed is the Chief Growth Officer at eAssist Dental Solutions, and the author of the book, Growing Your Dental Business.
Penny has over 30 years of experience as a speaker and dental business coach and has been designated a Leader in Dental Consulting by Dentistry Today from 2007 to the present. She is a certified “Behavioral Consultant” through the Institute for Motivational Living and a former Dale Carnegie Trainer.
Penny is the executive team support for the people services at eAssist, the nation’s leader in outsourced dental billing. She speaks at dental meetings about team coachability, effective revenue cycle management, and practice growth.
