Dental practices often encounter difficulties in managing dental billing, which can become daunting. Expecting a dental office manager to handle treatment plans and account receivables can be overwhelming. However, it is possible to overcome these demanding tasks. As you delve into options for dental billing solutions for your practice, you come across outsourced dental billing, which is gaining popularity among dentists nationwide. In this blog, we will explore the problems commonly faced by dental teams and how outsourcing billing can offer solutions. Let’s delve into them.
Common Problems Faced by Dental Teams And Dental Billing Solutions
Problem: Insufficient Insurance Collections
Addressing Unpaid Claims: When dental insurance doesn’t pay, it becomes crucial to tackle this issue to maximize revenue and collection rates.
Significance of Insurance Income: Insurance collections often contribute to around half of a dental practice’s overall revenue, emphasizing the importance of this process.
Uncovered Revenue Leakage: On average, dental practices leave 9% of their revenue uncollected, resulting in a significant financial loss, such as $90,000 for a $1 million production practice.
Unlocking Financial Potential: Imagine the positive impact on your practice and personal life with that money in the bank instead of being left with insurers.
Solution: A reliable dental billing company will diligently work on your aging report to ensure maximum recovery of the earned money. The ultimate goal is to collect as close to 100% of the revenue as possible, optimizing the process while minimizing costs.
Problem: Outdated Billing Practices
Streamlining Billing Process: Outsourced dental billing teams assist in organizing your billing process for maximum profitability and implementing efficient practices.
Sharing Best Practices: Your remote biller will provide valuable insights, including coding tips for common procedures like crowns, necessary attachments, and efficient filing of Explanation of Benefits (EOBs).
Solution: By adopting these best practices, your team can transform low insurance collections into a steady and hassle-free stream of claims income. Outsourced dental billing solutions ensures that your billing practices stay up-to-date with industry standards and advancements, adapting to the changing landscape of dental billing.
Problem: Excessive Time Spent on the Insurance Process
Eliminating Insurance Hold Time: Instead of your team members spending hours on hold with insurers, your remote biller can handle this task efficiently.
Time-saving Collaboration: Working with your billing partner saves your team valuable time that can be redirected towards more meaningful in-office activities.
Solution: By outsourcing dental billing solutions, you can free up approximately 40 hours per week, allowing your billers to focus on managing every claim from start to finish. With more time, your team can dedicate themselves to providing an exceptional patient experience, improving satisfaction and overall practice efficiency.
Problem: No Time to Appeal Denied Claims
Revenue Loss from Complex Appeals: Many dentists face revenue loss due to the time-consuming and intricate appeals process, often resulting from outdated information or changes in codes, plans, and patient eligibility.
Re-working Claims: Claims with missing or outdated information require extensive re-work, and if time runs out, unrecoverable losses occur, impacting both time and finances.
Solution: A reputable dental billing company will invest time and effort in successfully appealing your denied claims without adding to your overhead costs. Outsourced billers possess the necessary resources and experience to manage multiple insurance claims simultaneously without additional expenses. By outsourcing your dental billing solutions, you can see a boost in revenue from successfully appealed insurance claims, resulting in more funds in your bank account.
Problem: Overworked Administrative Team
Overworked Administrative Team: When your administrative team handles insurance claims and other duties, they can become stretched thin and stressed.
Prioritizing Patient Relationships: Your employees need to be able to prioritize patient relationships and devote more attention to tasks such as scheduling, phone calls, patient check-in, and check-out.
Impact on Patient Experience: Insurance billing issues can detract from the overall patient experience, affecting the quality of care and satisfaction.
Solution: Outsourced billers can act as behind-the-scenes support, ensuring claims are processed and paid, allowing your administrative team to remain at the forefront of patient care and focus on running a smooth dental practice. When your administrative team is happier and less burdened by daily billing tasks, it positively impacts the overall office environment. Outsourcing dental billing solutions relieves your administrative team from constant stress, such as working through lunch breaks, providing them with a healthier work-life balance.
Problem: Neglected Patient Relationships
Impact on Patient Experience: When your administrative team is preoccupied with billing tasks, it can create a stressed atmosphere that patients will notice, negatively impacting their experience.
Chaotic Work Environment: A chaotic work environment can be palpable to patients, affecting their perception of your practice and the quality of care they receive.
Priceless Asset: Exceptional patient care is a valuable asset that enhances your practice’s reputation and attracts more patients, leading to increased revenue.
Time for Patient Care: Outsourcing billing allows you to focus on patient care and build relationships. It frees up time to provide personalized attention during treatment discussions. You can spend more time explaining insurance benefits to patients. Engaging in conversation about their lives becomes easier with the extra time.
Improved Reputation and Revenue: Your practice can establish a stellar reputation and generate more revenue by providing excellent patient care and avoiding neglect.
Solution: Outsourced dental billing provides the time and resources necessary to ensure that your patients never feel neglected by your team. With a calm and patient-focused office culture supported by outsourcing billing, you can prioritize patient relationships and create a positive and welcoming atmosphere.
Problem: Increased Risk Of Embezzlement
Prevalence of Embezzlement: According to a 2019 ADA survey, 49% of dentists polled directly experienced embezzlement in their dental practice.
Employee Dishonesty: Employee dishonesty is the leading source of embezzlement in dental practices, highlighting the importance of addressing this risk.
Solution: Outsourcing your dental billing solutions provides a control of managing the risk of embezzlement to oversee and monitor your financial numbers. The biller can quickly detect irregularities through end-of-day reports, promptly notifying the dentist or business owner. The billing company’s reputation relies on maintaining a clean billing system, incentivizing them to report inconsistencies immediately. Having fresh eyes on your numbers adds an additional layer of protection against embezzlement, as the outsourced biller offers an objective viewpoint. Outsourcing dental billing helps mitigate the risk of embezzlement by establishing safeguards and providing peace of mind for dental practice owners.
Explore Outsourced Dental Billing!
Are you looking for a more organized dental billing process? Outsourcing can be the solution you need. Outsourcing your billing goes beyond just addressing a messy billing system. It solves multiple problems for your dental practice. With insurance claims handled and consistent cash flow, you can redirect your time and focus on other aspects of making your dental practice successful. Dental Revenue Group is a trusted dental billing partner for numerous practices, offering first-hand experience in solving common problems. Schedule a call with one of our experts to learn more about how outsourcing can be the ideal dental billing solutions for your practice.
