Have you started to outsource dental billing services yet? It might seem like a risky decision, but it’s indeed a smart move. Many shreds of evidence can prove us right on this statement. Many benefits can reach you at the doorstep instead of following the same old in-house technique.
It’s quite normal to accept that dental office confronts daunting financial challenges which slow down consistent cash flow, makes it difficult at times, and feels impossible. But trusting an expert instead for dental support services can make a world of difference. Dental billing services are of course complex and insightful. It also requires massive customization and an understanding of the core business functionality.
Medical Billing Services v/s Dental Billing Services
- It’s crucial to understand the difference between dental billing services and medical billing services.
- Most common dental procedures will be classified as dental billing and charged to dental insurance companies.
- The challenge occurs while coding and billing within dental practices, when dental procedures are classified as medical procedures rather than dental procedures and, as a result, require coding under medical billing.
- Several medical insurance claims, that are associated and combined with sleep dentistry, are often comparatively more complicated and time-consuming processes than dental coding and billing.
- Medical billing needs additional steps which are not required in dental billing to increase the chances of prompt payment.
- Healthcare professionals might have to train the billing team to be more proficient to work with both medical and dental insurance companies to reduce billing completion times.
- The forms, codes, and overall communication methodologies vary from medical to dental with no doubt.
- They are very important aspects to consider during the hiring process and/or before one is ready to launch a dental practice.
Why many companies choose outsourcing dental billing services?
- The most vital factor of performing a dental practice is maintaining consistent revenue flow.
- Outsourcing the dental insurance verification tasks and other dental billing work can help to achieve the company’s goal much faster.
- Outsourcing to a reputed company decreases the overall expenditure, creating a more efficient workplace for your employees and limiting the demands of technology to stay up to date with the current electronic data interchange.
- As the demands of patients predominantly increase, the need to manage a productive schedule, effectively present, and close treatment plans increase simultaneously. As a result, errors become more frequent and more serious.
- Outsourcing dental billing services makes sure that everything is done right while leaving the front desk team to manage the schedule and focus on treatment plan presentations.
- On average, the hourly rate for staff to process claims is $18/hour, without including taxes, cost of workman’s comp, vacation time, and bonuses. This costs close to $50,000 annually when said and done. Are you sure about the results you get are tallied for the amount you’re spending?
How does it work?
- It ultimately requires an expert with time, persistence, clinical knowledge, and constant follow-up to work with insurance providers.
- Prominent outsourcing companies systematically work with insurance claims and predetermination on a weekly basis, ensuring the process is seamless so healthcare professionals can get their reimbursements as quickly as possible.
- They clean up unresolved claims and patient balances and at the same time increase cash flow. Additionally, they also maintain bi-weekly conference calls with clients to update them on any issues that may inhibit claims from being processed.
- They stay under compliance abreast of State and Federal Laws that dictate on how the professionals balance and manage bills for non-covered procedures.
- Outsourcing companies send clean claims the first time, eliminating the delay and denial due to additional information needed to process a claim. Typically, they strive for claim payments to get resolved within 3 weeks, boosting your cash flow, keeping it consistent, and increasing your collection ratio to a healthy 99%.
Do you think it’s time to switch?
- As practices get tighter, patients become more demanding, and accounts receivable as well as insurance processing falls to the wayside. Healthcare professionals will start to see restricted cash flow, angry patients, inaccurate balances, and a cobweb of financial problems.
When is the right time to consider outsourcing dental claims?
- Constant front office staff turnover: It takes experience with the proper coding, laws, regulations, and clinical knowledge to complete billing tasks.
- A collection ratio of less than 98%
- Patients upset about their claims not being processed or the ones who do not understand their balances
- Low insurance reimbursement rates and delayed insurance payments
- High adjustments without clear and legitimate justification
Benefits of outsourcing dental billing services:
- The healthcare practice is guaranteed to save revenue and decrease denials. With a fixed rate to pay for this service, one can avoid paying employer taxes, vacation time, and medical contributions, and have the tax benefit of utilizing professional services.
- Increased cash flow and regular insurance payments.
- Monthly patient account receivables being processed.
- Significant reduction in account adjustments.
- Staff members not being overloaded and enabled to spend more one-on-one time with your patients.
- Consistent and accurate coding, eliminating the risk of an insurance investigation due to insurance fraud red flags.
- The ability to spend more time on your practice marketing, networking, and communicating with your patients.
- Whether one is looking for better outsourcing companies to help out with the dental billing experience or a way to reduce their labor costs, many dental practices choose to outsource their coding and billing efforts.
- The advantages are entirely significant. If a healthcare professional has a small practice with just a few employees, outsourcing the coding and billing can allow his/her team to focus on the patients rather than spending time behind a desk.
- It is also often helpful to outsource to a company that specializes in outsourcing so that one can save money on errors and time spent on following up with claims and new codes.
- Healthcare professionals need not spend time training the staff on the best practices of coding and billing. They can eliminate the amount of time they spend dealing with insurance companies.
Do not forget to select a company that will also follow up with claims if that is also important to you. If you choose an outsourcing company, make sure they are qualified and consider paying for their certification.
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