Helpful Tips for Orthodontic Practice Revenue Cycle Management
A lot of times, dental practitioners lose money because they fail to follow orthodontic practice revenue cycle management best practices. How does this happen? According to the narrator in the video, when a patient comes in for treatment, the dental practitioner submits the bill to the patient’s insurance company only to find out the patient is partially covered. The doctor then invoices the patient for the remainder and might be forced to write off some costs. Therefore, how can dental practitioners stop losing money through revenue cycle management?
One of the first things dental practitioners can do to stop losing money is curating a list of insurance providers.
They should drop the insurance providers that don’t have enough patients and those that don’t bring profit.
The second thing dental practitioners can do to stop losing cash is to use good billing practices. When they submit charges, it takes time for orthodontists to get paid by insurance providers. Orthodontists should ensure they enter the right billing codes to avoid payment rejections.
The third thing orthodontists can do to stop losing cash is to have practice management software. Practice management software helps them understand their cash flow throughout a given period at a glance, helping them avoid bad debts and write-offs.