Enhancing Financial Reporting and Analysis with Payment Posting & Adjustment Services

About Projec

Chicago Dental Practice Streamlines Financial Reporting & Revenue Cycle Management

One of the dental practices in Chicago, IL, was struggling with financial reporting and analysis due to issues with payment posting and adjustments. The errors and delays in payment posting, misapplied adjustments, and inconsistencies across accounts made it difficult for the leaders to trust the financial data. Instead of clear insights into revenue performance, reimbursement trends, and outstanding balances, the team dealt with reporting gaps and unreliable numbers.

To gain more visibility into their financial performance, the practice decided to partner with CEC for accurate payment posting and automate reporting.

Project Info

Location:

Chicago, IL
Practice Type:

General and Specialty Dentistry
Number of Locations:

4
Number of Providers:

10
Patient Volume:

2,500 patients per month

Challenges

Common Financial Reporting & Payment Posting Issues in Dental Practices

Here’s what was holding the practice back from achieving complete financial clarity:

Solution

CEC’s Payment Posting & Adjustment Services for Dental Practices

Here’s how CEC’s Payment Posting and Adjustment Services helped the practice in establishing a systematic payment posting and reporting process:

Accurate Payment Posting: Our team took the responsibility of reporting and managing all aspects of payment posting, including applying payments to patient accounts and processing insurance payments. The advanced, AI-powered software helped in ensuring accuracy and completeness in financial records.
Efficient Adjustments: The team managed and processed the necessary adjustments, such as write-offs, patient adjustments, and insurance adjustments. Our experts identified the discrepancies and corrected errors.
Streamlined Financial Reporting: We implemented a systematic approach to reconcile accounts and generate detailed financial reports.
Enhanced Data Analysis: Our experts provided insights and support for financial analysis, including trends and performance metrics. All the financial reports that we delivered were comprehensive and actionable, which made it easy for the team to take instant action.
Training and Best Practices: We even scheduled training sessions to assist the practice’s administrative staff on best practices for payment posting, adjustments, and financial reporting.

Results

Improved Dental Revenue Cycle & Financial Reporting Accuracy

CEC’s payment posting and adjustment services enhanced financial accuracy, sped up reporting, and provided actionable insights, enabling the dental practice to make informed decisions and optimize their revenue cycle efficiently.

Improved Financial Accuracy

Discrepancies in financial records were reduced by 60%

Faster Reporting

Time to generate reports improved by 50%.

Enhanced Financial Analysis

Effective financial analysis led to making better-informed business decisions.

Increased Efficiency

The time spent on payment posting and adjustments was reduced by 45%.

Review

What Does the Client Say?

“Our collaboration with CEC has been pivotal in transforming our financial reporting and analysis. Their expertise in payment posting and adjustments has resolved our accuracy issues and significantly improved our reporting process. We now have reliable financial data that supports better decision-making and strategic planning. We highly recommend their services to any dental practice looking to enhance their financial management."
— Dr. Emily Carter, Owner

Conclusion

Achieving Complete Visibility into the Revenue Cycle

Before partnering with CEC, the practice’s leadership team was making decisions based on incomplete and inconsistent data. However, as we introduced a systematic approach to payment posting and reporting, today, the practice has complete visibility into its revenue cycle and a clear understanding of where the business stands.