{"id":2674,"date":"2020-09-21T15:27:53","date_gmt":"2020-09-21T21:27:53","guid":{"rendered":"https:\/\/www.planetdds.com\/blog\/roi-module-pms\/"},"modified":"2024-08-16T13:56:31","modified_gmt":"2024-08-16T20:56:31","slug":"roi-module-pms","status":"publish","type":"post","link":"https:\/\/www.planetdds.com\/blog\/roi-module-pms\/","title":{"rendered":"The ROI-Boosting Revenue Cycle Management Module of Your Dental Practice Management Software"},"content":{"rendered":"<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">As you know, dental practice growth and the challenges that accompany daily dentistry can stretch your financial resources. Those realities increase your reliance on the revenue cycle management module of your <span style=\"color: black;\"><a href=\"\/blog\/overview-of-dental-pms\/\" target=\"_blank\" rel=\"noopener\">dental practice management software<\/a><\/span>.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">What\u2019s monitored, measured, and managed improves your capacity to adapt to growth or challenge. But effectively adapting requires your PM platform to track the specific revenue generating streams that routinely flow into your practice.<!--more--><\/p>\n<h2>Why revenue cycle management (RCM) can\u2019t be forgotten<\/h2>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">You\u2019re aware (often painfully so) that dentistry has two distinct sides:<\/p>\n<ul>\n<li style=\"margin-top: 12.75pt; margin-right: 0in; margin-bottom: 0.0001pt;\">The clinical side<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 5.65pt;\">The business side<\/li>\n<\/ul>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Behind every clinical procedure is a series of coded business tasks. Those <span style=\"color: black;\"><a href=\"\/blog\/high-performance-reporting-module\/\" target=\"_blank\" rel=\"noopener\">business tasks<\/a><\/span> are what accurately channel financial resources to your dental practice.<\/p>\n<ul>\n<li style=\"margin-top: 12.75pt; margin-right: 0in; margin-bottom: 0.0001pt;\">Procedure charge captures<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 0.0001pt;\">Insurance claims submission<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 0.0001pt;\">Coding relative to each diagnosis or procedure<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 5.65pt;\">Collecting payments<\/li>\n<\/ul>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">These tasks (and others on occasion) places RCM in direct proportion to how you\u2019re equipped to monitor it. A small scale approach &#8211; while better than none &#8211; can limit your capacity to track revenue production (or lack of it).<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Just because your processes are routine and essentially unchanged for however long you\u2019ve depended on them\u2026doesn\u2019t mean you shouldn\u2019t evaluate them going forward.<\/p>\n<h2>Revenue cycle management isn\u2019t what it used to be\u2026<\/h2>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">The <span style=\"color: black;\"><a href=\"https:\/\/www.planetdds.com\/blog\/the-ongoing-growth-and-evolution-of-the-top-dsos-in-the-u-s\/\" target=\"_blank\" rel=\"noopener\">rise of DSOs<\/a><\/span> and dental group practices is putting a strain on their use of legacy systems. Alongside those dental organizations the reliance on traditional legacy platforms in a thriving solo dental practice can be equally stretched to its limits.<\/p>\n<p style=\"margin-top: 5.65pt; margin-right: 42.5pt; margin-bottom: 14.15pt; padding-left: 42.5pt;\">\u201dProcesses involving paper-based documents and cash or check-based collections increase the amount of time between providing a service and receiving payment, which increases working capital requirements and potentially acts as a drag on profitability. Perhaps most importantly, manual-based processes are time consuming and prone to errors: for small practices in particular, billing, chasing up and reconciling receivables can take up <a href=\"https:\/\/groupdentistrynow.com\/dso-group-blog\/revenue-cycle-management-an-important-opportunity-for-healthcare\/\" target=\"_blank\" rel=\"noopener\">large amounts of employees\u2019 time.<\/a>\u201d<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Growth drives innovation. And so does challenge.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">The <span style=\"color: black;\"><a href=\"\/blog\/how-to-build-and-renew-dental-patient-relationships\/\" target=\"_blank\" rel=\"noopener\">COVID-19 era of dentistry<\/a><\/span> that emerged in 2020 increased pressure on your dental practice revenue flow. Now that you\u2019ve reopened the billing and reimbursement processes are up and running.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">The big questions you\u2019re somewhat forced to answer are\u2026<\/p>\n<ul>\n<li style=\"margin-top: 12.75pt; margin-right: 0in; margin-bottom: 0.0001pt;\">How fast are your receivables being returned?<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 5.65pt;\">How efficient is your system for increasing your pace?<\/li>\n<\/ul>\n<h2>What to prioritize in your revenue cycle management<\/h2>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Each priority is intended to accomplish two goals:<\/p>\n<ul>\n<li style=\"margin-top: 12.75pt; margin-right: 0in; margin-bottom: 0.0001pt;\">Boost revenue!<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 5.65pt;\">Improve ROI (Return on Investment)!<\/li>\n<\/ul>\n<h3 style=\"margin-top: 19.8pt; margin-right: 0in; margin-bottom: 19.8pt; padding-left: 0in;\"><span style=\"text-decoration: none;\">Insurance calculations and claim attachments will help clarify coverage and speed reimbursements<\/span><\/h3>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Being uninformed or unclear about coverage allowances can be a pinch-point with insurance related data. Efficient and accurate calculations improves patient financial conversations and it can lead to quicker reimbursements.<\/p>\n<h3 style=\"margin-top: 19.8pt; margin-right: 0in; margin-bottom: 19.8pt; padding-left: 0in;\"><span style=\"text-decoration: none;\">Streamline the EOB (Explanation of Benefits) process to improve posting and payments<\/span><\/h3>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Communication about EOBs can produce frustration around dental practice financial presentations. And that frustration can often produce delays in reimbursements &#8211; especially if more than one is allowed. Team and patient clarity about allowable coverage keeps the revenue stream flowing.<\/p>\n<h3 style=\"margin-top: 19.8pt; margin-right: 0in; margin-bottom: 19.8pt; padding-left: 0in;\"><span style=\"text-decoration: none;\">Expedite the payment process via email or mailed statements<\/span><\/h3>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Tailor your payment process to your patient\u2019s preference. Doing so can also help communicate your expectations regarding due dates, outstanding balances, and benefits to out-of-pocket comparisons, and (if necessary) defining collections protocol.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Overall, these priorities are best accomplished when automated. Automation can reduce your costs and save your team time.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">And about automation\u2026<\/p>\n<h2><\/h2>\n<h2><\/h2>\n<h2>Automated revenue management at-your-fingertips<\/h2>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">The financial management capabilities of your software platform helps maximize your working capital while clarifying those metrics that improve your bottom-line.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">That\u2019s more reason to <span style=\"color: black;\"><a href=\"\/blog\/why-your-dental-practice-management-solution-is-better-in-the-cloud\/\" target=\"_blank\" rel=\"noopener\">un-tether yourself from a legacy system<\/a><\/span>.<\/p>\n<h3 style=\"margin-top: 19.8pt; margin-right: 0in; margin-bottom: 19.8pt; padding-left: 0in;\"><span style=\"text-decoration: none;\">Consider a cloud-based solution and accurately measure your revenue cycles<\/span><\/h3>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">You might find the cloud solution like Denticon to be <span style=\"color: black;\"><a href=\"https:\/\/www.planetdds.com\/solutions\/denticon\/\" target=\"_blank\" rel=\"noopener\">a more efficient report gathering platform<\/a><\/span> to monitor and drive your overall dental practice or dental organization\u2019s performance.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Aside from its financial management capacity, the Denticon platform also provides:<\/p>\n<ul>\n<li style=\"margin-top: 12.75pt; margin-right: 0in; margin-bottom: 0.0001pt;\">A predictable, monthly subscription rate<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 0.0001pt;\">Data hosted in the cloud that\u2019s remotely and securely accessible<\/li>\n<li style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 5.65pt;\"><span style=\"color: black;\"><a href=\"\/blog\/recession-proof-your-dental-practice\/\" target=\"_blank\" rel=\"noopener\">Savings<\/a><\/span> that compared with a \u201clegacy\u201d system can total an average of 40%<\/li>\n<\/ul>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">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.<\/p>\n<p style=\"margin-top: 2.8pt; margin-right: 0in; margin-bottom: 14.15pt; padding-left: 0in;\">Thinking about or ready to update your dental practice management software? <span style=\"color: black;\"><a href=\"\/contact-us\/\" target=\"_blank\" rel=\"noopener\">Contact us<\/a><\/span> or <span style=\"color: black;\"><a href=\"https:\/\/www.planetdds.com\/book-a-demo\/\" target=\"_blank\" rel=\"noopener\">request a demo<\/a><\/span> of the Denticon platform\u2026before you decide!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you know, dental practice growth and the challenges that accompany daily dentistry can stretch your financial resources. Those realities increase your reliance on the revenue cycle management module of&#8230;<\/p>\n","protected":false},"author":3,"featured_media":2787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,1417],"tags":[],"class_list":["post-2674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management","category-technology"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/posts\/2674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/comments?post=2674"}],"version-history":[{"count":0,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/posts\/2674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/media\/2787"}],"wp:attachment":[{"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/categories?post=2674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.planetdds.com\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}