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Unit 3: Financial Management
Introduction:
Balancing Accessibility and Sustnability
Interactive Budget-Planning Tool
Revenue Streams
Patient Care Revenue
Forecasting Patient-Care Income
Setting Appropriate Service Fees
Sliding Fee Schedules
Contract Agreements with External Providers
Other Revenue Sources
Expense Tracking
Compensationfor Staff
Dental Equipment Costs and Supplies
Overhead Management
Section 1: Financial Viability
Balancing Access to Care and Sustnability:
Most safety net dental clinics rely on diverse funding sources including public programs, private insurance contracts, non-profit organizations collaborations, self-pay patients, and nominal fee arrangements.
Public Programs:
Medicd Children's Health Insurance Program CHIP:
Medicd offers health insurance to low-income populations, while CHIP targets uninsured children whose families earn below 200 of the federal poverty level. The expansion of Medicd has significantly changed payer mixes within healthcare centers since its implementation in certn states.
Commercial Insurance:
Indemnity and managed careform substantial parts of the revenue stream for clinics as they cater to individuals with commercial insurance through employers or other sources.
Contracts Collaborations:
Clinics may enter into agreements with public entities like correctional institutions, private nonprofits such as employment services agencies, and government programs like Head Start to provide healthcare services. The terms are mutually agreed upon.
Self-pay Patients Sliding Fee Schedules:
While a small percentage of patients opt for full fees, many clinics offer sliding fee schedules tlored according to patient's ability to pay. Nominal fees may also be applied to ensure accessibility for the economically disadvantaged.
Section 2: Forecasting Expense Management
Revenue Forecasting:
Clinics should carefully project revenue based on payer mixes, contract terms, and historical data. This includes understanding Medicd expansion status in their region.
Expense Tracking:
Mntn detled records of expenses related to staff salaries, dental equipment mntenance, supplies purchases, rent, utilities, etc. To ensure financial health, clinics need to align their sping with income projections.
Compensation:
Develop fr compensationthat account for the varying levels of skills and responsibilities among staff members. This could include fixed salary structures, bonuses based on performance metrics or quality indicators.
Equipment Supplies Costs:
Budget for dental equipment mntenance and replacement, as well as supplies like dental materials, instruments, and other medical products necessary for efficient operations.
Overhead Management:
Ensure that overhead costs are kept in check through effective management practices such as negotiating better terms with vors, controlling unnecessary expitures, and streamlining processes where possible.
:
Balancing the need to provide accessible healthcare services while mntning financial sustnability is crucial for safety net dental clinics. Effective financial management strategies should prioritize patient access alongside prudent budgeting and expiture control.
Resources:
FAQ: Pediatric Oral Health in Affordable Care Act
Medicd CHIP Overview
Commercial Insurance Options
Healthcare Contracts with Nonprofits
Self-pay Patient Guidelines
Sliding Fee Schedule Examples
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Affordable Dental Care Funding Sources Safety Net Clinic Financial Management Balancing Accessibility and Sustainability Revenue Streams in Dentistry Practice Forecasting Patient Care Income Strategies Staff Compensation Models for Clinics