Revenue cycle management is a well‐known topic in the medical world, and it is slowly becoming seen as an important concept in dental. In short, the revenue cycle is the time between when an appointment is scheduled and when you receive the final payment for work that you’ve performed. If the cycle is long, the cash is sitting in someone else’s bank account instead of yours, and the longer the cycle, the greater the likelihood that you’ll end up writing‐off some of the balance. Conversely, if the cycle is shorter, you receive payment faster, which of course, increases your revenue.Also, faster payments mean fewer collection problems and fewer write‐offs.
Staffing properly for consistently good revenue cycle management can be daunting. There is typically a long learning curve to develop the knowledge and skills simply to perform the most basic of these tasks, much less dealing with any complications. Not surprisingly, it’s larger or group practices which have professional management consistently overseeing all the components of the cycle.
PlanetDDS has introduced a cloud based solution available for a smaller practice to do a better job of managing the cycle. The cloud allows a practice to remotely tap into the same resources that the professionally managed groups already use.
Planet DDS offers skilled, remote workers to do almost all the work. They have software and work‐flow systems in place to follow every aspect of the cycle and have managers who review the work. Real‐time reporting, allows a practice to see the status of the process every step of the way. The cloud and Planet DDS have opened a whole new approach to managing the revenue cycle.
Jackson, William. Revenue Cycle Management. White Paper by Planet DDS.