They teach you a lot of things in dental school, but financial analysis is not always one of them. If it was as simple as comparing what money comes in, to what is going out, anyone could manage their own financial analysis for any business, including orthodontic practice. Unfortunately, it is not quite that simple. There are a few things you can do to improve your revenue cycle management.
1. Spruce Up Your Record Keeping
The revenue cycle begins when the patient calls the office to set an appointment. This first contact is the start of the revenue cycle with this patient. It is critical that all the information gathered is accurate. If it is an existing patient, ensure that none of the information has changed. Instruct office staff to double-check insurance information, phone numbers, and addresses by repeating it back to the patient.
2. Understand Your Attrition Rate
General dental practices lose about 10%-30% of their patients every year according to the ADA. Some patients move away, others pass away, and some choose different providers. In orthodontic practices, the attrition rate is much higher because once the treatment period is over, the patient rarely returns. A complete financial analysis with respect to the attrition rate is important because it is a part of your revenue cycle.
3. Consider The Benefits of Outsourcing Billing
If your revenue cycle is not going as planned, perhaps it is time to get some expert help. A dental billing service may be able to get your billing in order. There are some clear benefits to outsourcing dental billing, like reduced in-house labor costs, and expert management. It might be a solution you should consider.
4. Use Strategic Scheduling To Keep Your Appointment Calendar Full
Automation can help with strategic scheduling. Patient reminders about upcoming appointments or when checkups are due can help to keep your calendar full. Strategies to keep the flow of patients moving through your practice can improve your revenue cycle.
Building a successful orthodontic practice takes a lot of work, including regular financial analysis to see where improvements can be made. Most orthodontists choose professional support to improve their revenue cycle and you can too. Call Orthosynetics today to learn more about ways to improve your revenue cycle.