REVENUE CYCLE MANAGEMENT

What is Revenue Cycle Management? We are guessing not a lot of dental schools covered this topic, but it is an important one for the financial viability of a dental office.

So what is Revenue Cycle Management, or RCM as it is commonly called?

Revenue Cycle Management (RCM) refers to the process of managing and optimizing a healthcare provider's financial activities related to patient services and revenue generation. The team captures and documents patient information, verifies insurance coverage, and generates accurate bills for services rendered. It includes the submission of insurance claims, tracking their status, and managing denials and rejections to ensure timely and complete reimbursement. Then they collect payments from patients and insurance companies, post the payments to the appropriate accounts, and reconcile accounts receivable. Finally, they analyze financial data related to revenue generation, such as identifying revenue trends, monitor key performance indicators, and implement strategies to optimize revenue and reduce billing errors.

If this sounds like a lot of work, it is. That is why KDB has a highly skilled team trained in RCM to handle this critical task.