How RCM Matter Helped a Dental Practice Improve Billing
Client
A dentist at a medium-sized dental practice with four locations needed help with their billing process. They faced delays in getting paid for their services because their payment system was not working well. This caused problems with their cash flow and frustrated patients and staff. Their system often needed to be corrected, leading to insurance companies refusing to pay for the services provided, known as claim denials. These denials happened because of missing information, mistakes in the codes used, or the insurance policy did not cover the services.
Industry Landscape
According to the American Dental Association (ADA), mistakes in billing can lead to insurance companies denying claims around 10-15% of the time. This can seriously affect how much money a dental practice makes. So, dental practices need a sound system for handling their billing because even small mistakes can cost them a lot of money.
Solution
They decided to work with RCM Matter, a dental billing company that helps healthcare organizations manage their finances better. RCM Matter specializes in helping dental practices with their billing. They have experts who know a lot about the complex process of getting paid for healthcare services.
RCM Matter did several things to help them improve their billing process:
Before patients come in for their appointments, RCM Matter makes registering them and checking their insurance information easier. This helped ensure they had the correct patient information and insurance coverage information. Having accurate information helps prevent insurance companies from denying claims.
During the appointment, RCM Matter ensured they used the correct codes to bill for their services. These codes tell insurance companies what services were given and how much they should pay. Getting the codes right is essential for ensuring they get delivered properly.
After the appointment, RCM Matter helped them submit their claims to insurance companies faster and without mistakes. This meant that they got paid more quickly. RCM Matter also helped them deal with any claims denied by the insurance companies, ensuring they got paid for as many services as possible.
Results
- Reduced Claim Denials: With the implementation of RCM Matter’s solutions, claim denials decreased by 50% during the timeframe of January 2023 to December 2023 compared to the previous period. This substantial reduction indicates a significant improvement in billing accuracy and revenue retention for Bright Smiles Dental.
- Increased Reimbursement: The period from January 2023 to December 2023 saw a 20% increase in reimbursement compared to the previous timeframe. This demonstrates the effectiveness of RCM Matter’s strategies in expediting claim processing and securing timely payments, resulting in improved cash flow for the dental practice.
- Improved Staff Productivity: Staff productivity showed a notable improvement of 20% during January 2023 to December 2023 compared to the previous period. The automation of manual tasks and efficient handling of insurance issues freed up staff time, allowing them to focus more on patient care, ultimately enhancing operational efficiency.
- Enhanced Patient Satisfaction: Streamlined billing processes led to smoother patient experiences, boosting satisfaction and potentially attracting new patients through positive recommendations.
