Dental RCM FAQ: How do I Make More Money?

Have you heard about dental RCM? Dental revenue cycle management is the all-encompassing “business of your business”. This means everything from accounting, scheduling, dental billing, and patient retention. Amongst all this, you’ll find all sorts of ways to make money, but what if it feels like your revenue is falling short? The question then becomes, “How do I make more money while also reducing costs?” With dental RCM, the best way to reduce expenses isn’t in black and white, but rather in managing your variable and fixed costs.

What are variable and fixed costs in dental RCM?

Variable costs:

• Consumable supplies
• Education or training for staff
• Salaries, employee compensation

Fixed costs:

• Your office lease or mortgage
• Insurances for malpractice, etc
• Utilities

Of course, a huge component of your dental RCM strategy should include cutting, negotiating, or investment in each area of these costs. Control what you can, and you will find yourself netting more revenue quicker than you may think.

Now, let’s walk through 10 common questions and core strategies that can help you to optimize your dental RCM, reduce costs, and make more money.

1. What strategies can I implement to reduce costs and streamline dental RCM?

Of course, any dentist will want to start increasing revenue by reducing costs. Sounds simple, right? Unfortunately, many practices make the mistake of seeing diminished returns through complete lack of investment. There’s no need to make drastic changes right away. Instead, get a feel for where the data shows you’re actually overpaying. This may involve taking a closer look at ROI reports, as well as extra supplies, subscriptions, or bills you’re currently paying for. Here’s some simple tips on what you can look at today:

Technology costs:

• Paying for Netflix or other streaming services at your practice? Invest in a one-time cost smart TV with free, round the clock public programming
• Do you have expensive specialty machines that only see use a few times a year? Consider selling outdated or expensive tech to make room for newer innovations and more cost-effective equipment
• Been with the same internet provider for the last few years? Check when your contract is up and shop around for better rates for the same service speeds

Outsourcing tasks as needed:

• Dental accounting and EFT reconciliation can be put on autopilot to best maximize your staff’s time in the office
• Dental billing outsourcing can also create a variable cost scenario that is based on results that help scale your practice
• Scheduling and patient retention can be curated through practice representatives that take the burden of scheduling off of your office manager

2. How can I optimize my dental practice’s staffing to maximize profitability?

There’s no question that almost every industry is seeing staffing shortage. How do you best manage your staff so that you’re never left without someone manning their workstation?

Outsourcing helps to implement a “no days off” policy that lets your staff members take time off without reducing cash flow. Everything from accounting, scheduling, to dental billing and more can be outsourced. If you’re looking to put your dental RCM on autopilot, you have more options now than ever before.

3. Where does dental billing fit into dental RCM?

Your collection rate for insurance and patient portion is the biggest piece of your dental RCM pie. Here are some questions you can ask yourself about the health of your billing department and collections:

• How does your AR over 30, 60, and 90 look?
• Are you collecting 100% of what you’re rightfully owed?
• How many staff members are dedicated exclusively to dental billing?

Without a collection rate of 98% or higher, your practice could be missing out on thousands a year. Plus, without a dedicated team working your aging, claims could remain in limbo until they need to be written off as debt. Why not pocket what you’re owed instead of leaving it on the books?

4. How can I increase patient retention and attract new patients?

Patient retention helps your dental RCM move in a straight line up. Every dentist wants the patients who never cancel, always refer their friends and family, and pay their copay during treatment. While we can’t expect all of this from every patient, we can surely cultivate a culture of friendly professionalism that keeps patients coming back.

• Is our office comfortable, relaxing, and clean?
• Do we remind patients about their appointments in a timely manner?
• Are our staff 100% focused on keeping patients happy or are they stuck chasing claims?

When it comes to attracting new patients, your practice still needs to commit to all of these points. Plus, you’ll need to invest in a few marketing strategies to get the word out:

• What makes your practice different from all the others?
• What are your values and commitments to your community?
• Do I have a blog or newsletter to educate new and existing patients about treatment options?

By asking yourself these questions, you can get a better idea of how to market your practice to those who might otherwise not want to come into a dentist. Everyone remembers how they’re treated before anything else, so make that first impression count, no matter where your patient hears it from.

5. Does new technology have a hand in helping maximize dental RCM?

New technology is marketed to dentists almost daily. We’ve all gotten that glossy advertisement in the mail or the extra-optimistic email promising hundreds of new patients just after you buy “this one thing.” It might all seem like fluff, but the reality is that your practice needs new tech to stay competitive. You don’t need to invest in every new gadget, but at minimum, an intraoral camera, digital radiography, and non-invasive laser cavity detection are all helpful on a near daily basis. These technologies all work in your favor when it comes to attaching relevant clinical information to your claims as well.

6. How can I effectively market my dental practice to attract more patients and increase revenue?

Marketing your dental practice involves more than just word of mouth referrals. You also need to put yourself and your practice out there. It’s more than just a Facebook post here and there. Implementing a marketing strategy takes some work to get started, but it doesn’t need the moon to keep going:

• Create a social media presence where patients can come to you with questions, concerns, referrals, and recommendations
• Be sure to thank patients after every appointment as well as ask for feedback
• Curate a monthly newsletter that offers new treatment options, practice updates, and insight into community events

Creating a brand is more than just paying for advertising and calling it a day. Dentistry is a career of care and professional service. Work on getting the “who you are” out there.

7. How can I increase case acceptance rates to boost revenue?

Case acceptance is crucial to dental RCM. Without patients committing to treatment, your cash flow can suffer.

• Ensure that staff are trained on common treatment types and can answer questions about them
• Offer payment plans for new patients or your VIPs
• Make sure that patients are aware of any new treatments you’re offering

The best way to increase case acceptance is to “tell, not sell”. Patients don’t always need the run around of why they should invest in a particular treatment. Instead, ask them about their oral healthcare goals, and then tell them about their options to get there. When we have the advantage of knowing what our patients want, we can better help them get to where they’d like to be.

8. How can I improve the efficiency and productivity of my dental practice to increase profitability?

Productivity can be elusive in a dental office, and between managing overhead, submitting claims, and keeping patients happy it’s easy to lose track of operational processes. Your office manager has plenty to worry about already. Why not consider outsourcing your most tedious tasks. No matter where your dental RCM gaps may be, eAssist Dental Solutions can help you achieve your financial goals, schedule more patients, and achieve peace of mind.

9. How can I manage patient expectations and prevent dissatisfaction to optimize dental RCM?

Not every patient interaction is going to be a positive one. Yet, we can always learn from our mistakes. In fact, it’s necessary in order to continue to scale. Many patient frustrations also come from a lack of insurance knowledge. Without extensive insurance verification, your office won’t know what’s covered and when. This can lead to treatment scheduling issues, insurance overages, and dissatisfied patients who will simply go somewhere else. Become the “one stop shop” for patients regardless of their needs by exceeding their expectations from the get-go.

10. What if I need help managing my dental RCM?

eAssist Dental Solutions was founded by dentists, for dentists. We speak “dental RCM” and know the solutions to get your practice operating efficiently and profitably. Our platform hosts dental billing experts with thousands of hours of practical dental office experience. Plus, we have access to the latest dental billing and medical codes that are relevant no matter your specialty. Schedule a consultation with a Business Development Specialist today and see how we can help scale your practice by optimizing your revenue cycle.