Summer Is Here…
And just like that, we find ourselves in July, diving headfirst into the busy season! Summer kicked off with a flurry of activity at OMS Powerhouse Consulting as we hosted an engaging course “A 360 Review of Accounts Receivables for the OMS Practice” in Indianapolis. The group was enthusiastic, and the learning experience was, well, fun! A key discussion point was treatment planning accuracy, and the diverse strategies practices employ to achieve this critical outcome.
What is the cost of an inaccurate treatment plan?
One way to assess this is by examining your monthly collections report. Are your collections falling short or just barely covering the refunds you’re issuing? Accurate treatment planning is essential for financial health. Inaccurate plans can result in patients owing more than expected or practices issuing refunds, leading to inflated accounts receivable or significant debts. The good news is that we have a tried-and-true solution.
Accuracy begins with the initial patient call and how their information is recorded in the practice management software. This impacts insurance verification and the entire treatment planning process. Incorrect insurance data results in flawed treatment estimates, causing collection issues or overpayments that become business debts.
Another key element in creating effective treatment plans is their presentation. A treatment coordinator must accurately interpret the insurance verification to compile a treatment plan. When done well, the treatment coordinator can guide the patient through their treatment plan, emphasizing the value of the treatment while educating the patient on their insurance coverage. This process often leads to increased case acceptance. Conversely, if not done well, the patient can be misinformed and presented with higher, incorrect out-of-pocket fees, resulting in decreased case acceptance and inflated collections.
Prevent these issues by maintaining accuracy at every step—from the first call to patient statements. Thorough insurance verification and clear communication of treatment plans set the right expectations, facilitating efficient billing and timely payments. Remember, accurate data from the outset means less work for the billing department and a smoother financial process overall.
The OMS Powerhouse team is here to help you navigate these and many other challenges your office faces. Reach out to us today and let’s work together to enhance your practice’s success!
Leadership Master’s Class
We’re wrapping up another successful class with fellow leaders in our specialty. The unique platform focuses on these key areas of leadership growth:
- Understanding what motivates you and how it influences your communication
- Know your strengths and how to best leverage them for greater effectiveness
- Identify your triggers to deescalate conflict and achieve outcomes quickly
- Managing yourself and others through conflict efficiently.
The next session will begin in September. The early bird registration discount has been extended through July 25th.
