When you think about orthodontic revenue cycle management what do you think about? Does orthodontic billing come to mind? How about orthodontic insurance collections? While both are important parts of orthodontic revenue cycle management, they are not the only two activities that determine the revenue cycle.
Another aspect of the orthodontic revenue cycle management is orthodontic marketing. Revenue cycle management is a complex activity with many pitfalls that can result in revenue erosion. The right orthodontic consultants will deliver the tools and services that you need for orthodontic revenue cycle management that prevents potential leaks of revenue.
Managing the Complete Cycle
A comprehensive approach to orthodontic revenue cycle management is critical to ensuring that your practice is protected. The right opportunity will minimize costs, accelerate collection activities, and maximize your revenue.
The right firm will be able to determine what your practice is doing right and what can be improved. This process can stop the revenue leaks that you are missing. Experienced orthodontic consultants know what to look for and how to make the corrections.
How Much Revenue Are You Giving Away?
Have you considered how much revenue you are giving up? The estimates are in the thousands. In some cases, that estimate is in monthly losses. Most practice managers look to cut costs when it comes to vendors and supplies, but the fact is, unless your revenue cycle management is fine-tuned, you are giving up revenue in many more places.
Here are some areas where you can be losing revenue and not even realizing you are missing out:
- Lack of accountability in collections can add up to 20% in losses.
- About 75% of unpaid bills stem from unanswered billing questions.
- Human error accounts for a tremendous number of losses. Not taking advantage of vendor discounts, errors in posting, and more can account for about 45% of lost revenue.
Hidden losses are everywhere. The only way to assure that your practice is not giving money away is to have the orthodontist revenue cycle management in place that is complete and comprehensive.
Every orthodontist can benefit from having the right orthodontic revenue cycle management in place. Every area of your practice can improve with the right help. Complete cycle management includes orthodontic billing, orthodontic marketing, orthodontic practice expense monitoring, and more.