How Much Do Dental RCM Services Cost? 3 Big Questions Answered

• Introduction
• Factors Affecting the Cost of Dental RCM Services
• Cost Comparison: RCM Services vs. In-house Hiring
• Common Services Offered by RCM Providers
• Benefits of Dental RCM Services
• Conclusion

Introduction

You’re considering turning to dental RCM services and wondering: how much do they cost? It’s a valid concern since cost plays a huge factor in your business decisions. Luckily, experts handling revenue cycle management can offer increased, consistent cash flow. Plus, when they handle billing tasks behind the scenes, your team is freed up to focus on running your office, nurturing its growth, and most importantly, serving your patients. While there are several factors impacting your monthly cost, your ROI can be your guiding light. Think about the tens of thousands in savings from the cost comparison with hiring someone in-house, and the typical 4-digit ROI DCS provides. In this post, we answer three big questions you have about dental RCM services: What do RCM services cost versus hiring someone in-house? What factors affect the cost of my dental RCM services? What are common dental RCM services offered?

Factors Affecting the Cost of Dental RCM Services

As we mentioned earlier, the cost of Dental Revenue Cycle Management (RCM) services varies depending on several factors. Here is a breakdown of what you should keep in mind while considering the cost of RCM services:

First and foremost, your insurance revenue plays a significant role in the cost of your RCM services. The cost of insurance billing services will increase with the amount of insurance claims revenue you generate.

The size of your dental practice is another prominent factor in determining the cost of RCM services. If your practice is more significant, it means more claims are being processed. This may lead to more than one DCS billing expert working with your office, inevitably increasing your RCM costs.

If you’re just starting with your dental practice, you need to factor in the initial software setup, which includes setups for the provider, claims, and fees. Although DCS loves working with new and Start-up dental practices, it impacts pricing in this case.

If you have multiple locations, expect pricing to be impacted based on the number of locations and production and collection levels of each location. If you are a DSO or Emerging Group, we have pricing specific to each based on the structure and workflow of these business models, which are different from private practices.

Finally, the number of services you choose will affect the cost of your RCM services. The more services you add, the higher the cost for your dental business.

Considering these factors, you might be thinking, “This already sounds expensive!” But let us remind you of the tens of thousands of dollars you can save compared to hiring someone in-house. Also, keep in mind the ROI you’ll get when you partner with RCM services. For instance, let us share that we collected an average of $9,985 per office in April 2023 for dental businesses who used our patient billing services, with an average service fee of only $625, which was a typical 4-digit ROI from January through June 2023.

Keep in mind that choosing RCM services will increase consistency and cash flow and free up your staff to focus on other areas of your dental office. At DCS, we assist dental businesses of all sizes, working to get you paid so you can maximize productivity and profitability. Book a call with us today to discuss potential cost breakdowns and RCM services that fit your dental office’s needs best.

Cost Comparison: RCM Services vs. In-house Hiring

Now let’s dive deeper into the big question that’s likely keeping you up at night: how much do dental RCM services actually cost compared to hiring someone in-house?

Firstly, it’s important to note that there are initial set-up costs associated with partnering with an RCM provider, including software set up for providers, claims, and fees. However, in-house hiring comes with its own set of expenses, including recruitment and hiring costs, salaries, benefits, training, and ongoing management. It’s also worth considering that having an in-house team means they are only available during regular office hours, whereas RCM services can be accessed 24/7.

So, what’s the ROI of RCM services? In one month alone, DCS collected an average of $9,985 per office for dental businesses who use our patient billing services, with an average service fee of only $625 – a jaw-dropping ROI of 1,596% on their partnership with DCS. That’s not something to sneeze at! In contrast, hiring an in-house billing expert may only bring in a fraction of this revenue without the same level of expertise and attention to detail.

If you’re still worried about RCM services being another big expense to add to your list, it’s important to remember the increased, consistent cash flow you’ll see from having experts handle your revenue cycle management. Plus, with experts handling your billing tasks, your team is freed up to focus on running your office, nurturing its growth, and most importantly, serving your patients.

Overall, while there are initial set-up costs and ongoing fees associated with RCM services, the ROI is undeniable. In-house hiring comes with its own expenses and may not bring in the same level of revenue without the same level of expertise and attention to detail. So why not partner with a reliable RCM provider like DCS to help your dental business reach maximum productivity and profitability?

Common Services Offered by RCM Providers

RCM providers typically offer a range of services to help dental practices with their revenue cycle management. Some of the most common services include insurance verification, claims processing, patient billing, follow-up and denial management, and financial reporting and analysis.

Insurance verification is one of the most crucial steps in the RCM process, as it ensures that the practice is working with accurate patient information and eligibility for services. Claims processing involves submitting insurance claims and following up to ensure timely payment.

One Dental Billing is your ultimate destination for dental billing outsourcing services. We understand that managing dental billing tasks can be overwhelming and time-consuming, which is why we provide reliable and cost-effective RCM services. With us, you can free up your staff and focus on running your office, nurturing its growth, and most importantly, serving your patients.

Our customized RCM services cater to your specific needs and budget. We offer initial software setup, provider setups, claims setups, and fee schedules, ensuring your billing process runs smoothly. We provide billing services for both new and established dental practices, and our pricing varies depending on the size of your practice, insurance revenue, and the number of services you choose.

Partnering with us means increased, consistent cash flow and a typical 4-digit ROI. We collected an average of $9,985 per office in April 2023 for dental businesses who used our patient billing services, with an average service fee of only $625. We work with dental offices of all sizes, including DSOs and emerging groups, ensuring each office’s structure, and workflow needs are met.

At One Dental Billing, we have a team of billing experts committed to handling your billing tasks accurately and efficiently. We ensure timely claim submissions, patient billing, and follow-ups, maximizing productivity and profitability for your dental office. Contact us today to discuss your RCM service needs, and we’ll provide a cost breakdown that fits your budget.

One Dental Billing is a leading provider of dental billing outsourcing services, aimed at helping dental practices streamline their revenue cycle management. By partnering with us, dental practices can benefit from a range of valuable services designed to improve efficiency, reduce errors, and increase revenue.

Our experts handle tasks such as insurance verification, claims processing, patient billing, follow-up and denial management, and financial reporting and analysis. By outsourcing these tasks, dental practitioners can focus on other important areas of their business, such as improving patient care and expanding their practice.

At One Dental Billing, we pride ourselves on our attention to detail and commitment to providing high-quality services. With our help, dental practices can benefit from faster collections, fewer errors, and increased revenue. Plus, our services are available 24/7, providing practices with round-the-clock support and peace of mind.

So why spend valuable time and resources on in-house billing when you can partner with One Dental Billing to improve the profitability and productivity of your business? Contact us today to learn more about how our dental billing outsourcing services can benefit your practice.

Finally, financial reporting and analysis provides practices with valuable insights into their financial performance, helping them to identify areas for improvement and make data-driven decisions.

By outsourcing these tasks to RCM experts, dental practices can free up their staff to focus on other important areas of the business, while also benefiting from increased revenue, faster collections, and fewer errors.

Benefits of Dental RCM Services

Partnering with a dental RCM service provider can result in a multitude of benefits for your dental practice. You’ll experience increased revenue and cash flow by having an expert team manage your billing processes; fewer errors and faster collections; reliable support from RCM experts to take care of claim processing, insurance requirements, and financial reporting.

With RCM services, your dental team can focus on their core roles- serve your patients and run your office efficiently. Allowing for a time-saving, scalable solution for growing practices, taking care of financial aspects of running a practice, and helping you reach maximum productivity and profitability.

Choosing the right RCM service provider is essential for your dental business and can provide you with critical support when you need it the most. With a team of expert billers and coders, DCS helps dentists achieve their financial and business goals.

Whether you’re looking to increase the efficiency of your billing process, improve revenue, or need reliable support from experienced RCM experts, DCS is here for you. Book a call with our RCM experts today and discover the benefits of partnering with one of the leading dental RCM providers in the industry.

Conclusion

At the end of the day, the decision to partner with an RCM provider for your dental business comes down to cost, return on investment, and the benefits you’ll receive by leveraging experts in the field. Choosing the right partner is key, and DCS has the expertise and support you need to take your revenue cycle management to the next level. With services including insurance verification, claims processing, and patient billing, plus financial reporting and analysis, DCS gives you the freedom to focus on serving patients while we handle the rest. Contact our RCM experts today to learn more about how we can help your dental business grow.