Dental practices need a robust billing and coding strategy that accounts for the unique challenges of billing to ensure consistent cash flow. Outsourcing dental billing services can be a wise investment with a high return on investment. Recent research indicates that many dental practices experienced increased collection percentages during the COVID-19 pandemic by outsourcing their billing services rather than keeping them in-house. In other words, outsourcing dental billing can offer significant financial benefits for dental practices.
Outsourcing Dental Billing
Dental billing outsourcing companies offer dental offices a streamlined solution for their billing needs. These companies provide comprehensive billing services that eliminate billing hassles, including eligibility verification, claims processing, and AR follow-up. Outsourcing to a billing company with experience in dental claims processing can guarantee a higher billing collection rate. Staff handling dental claims must be proficient in billing to ensure high-quality claims that result in maximum reimbursement and increased collections. In short, dental practices must prioritize a strong billing strategy to maximize their revenue potential.
How Outsourcing Dental Billing Overcomes Billing Pitfalls
Outsourcing dental billing can help dental practices overcome the pitfalls of the dental billing process. This process is complex and time-consuming, taking up a significant amount of staff’s time that could be better spent caring for patients. Outsourcing dental billing allows practices to focus on other crucial responsibilities as healthcare providers while reducing billing errors.
As rules and procedures in dental billing frequently change, keeping up with new software and staff training can be an expensive and overwhelming burden for practices. If not outsourced, practices must consistently spend time and money to keep up with these regulations, which can be too demanding for practices. Outsourcing dental billing can relieve practices from this burden and enable them to allocate their resources to more critical areas.
Dental billers are well-versed in the latest rules and regulations, and their expertise ensures that billing rules are thoroughly implemented. ICD-10 coding has become a significant concern, and practices are taking more time than ever to double-check their coding to avoid errors. This puts considerable pressure on support staff and takes away time from other critical functions. More time spent on coding means less time for billing, resulting in rushed work and mistakes.
Outsourcing dental billing prevents errors from occurring. Dental billing companies specialize in getting everything right and are less likely to make mistakes as it’s the core of their business. They possess comprehensive knowledge to process bills and claims accurately, ensuring optimal reimbursement and increased collections.
Key Benefits Of Outsourcing Dental Billing
Outsourcing dental billing is a smart choice to improve your practice’s collection percentage and overall ROI. Outsourcing dental billing has become increasingly popular among healthcare providers due to its numerous benefits. One of the main advantages is the comprehensive support provided by billing companies, which covers everything from demographic entry to AR follow-up and denial management. We will explore the following key benefits of outsourcing dental billing services:
End-to-End RCM Support
Outsourcing to a well-established dental billing company provides coverage for all billing services, ensuring the process is seamless and efficient. From patient registration to AR follow-up and denial management, outsourcing allows for complete billing support, which is crucial for business expansion and growth. This end-to-end revenue cycle management (RCM) support will enable physicians to focus on providing quality patient care while ensuring their practice is financially stable.
Dental Verifications and Prior Authorizations
Dental verification is mandatory as not many insurance providers cover dental services. By outsourcing dental billing, you can ensure thorough insurance eligibility and benefit verification, as well as proper checking for prior authorizations and referrals. Some dental services require prior authorizations and referrals before performing the procedure. It also ensures that every dental claim is processed accurately and efficiently.
Outsourcing dental billing frees up time for physicians and staff to focus on real-time requirements of their dental practice. Offshore outsourcing proves to be more beneficial regarding time advantage, with a time difference of hours from the US to Pakistan, making it a prime reason for the recent hike in the offshore outsourcing business model.
Ensure Compliance with Dental Coding Services
Security breaches are a significant concern when outsourcing dental billing services. Partner with a HIPAA-compliant offshore dental billing company to ensure data safety. Also, the US dental industry has regularly introduced new compliance policies, standards, and guidelines. A reputable offshore vendor will stay updated with these changes and ensure compliance with the latest industry standards.
Efficient Dental Claim Submission Process
It is crucial to have a team of experienced dental billing experts handling the submission of insurance claims. Dental billing experts use a streamlined process to validate and review claims, eliminating errors and maximizing monthly collections. By continuously monitoring the status of claims, they quickly identify and address claim denials and rejections. A reputable billing company works diligently to provide effective dental billing services, leading to successful claim submissions and timely payments.
Access to Highly Trained Specialists
Partnering with a dental billing outsourcing company can provide access to the latest dental billing and collections developments. It can save on the cost of maintaining a team of specialists in-house and assure quality services.
Physician Credentialing and Re-Credentialing
This process can be complex and time-consuming, involving multiple steps such as collecting and verifying documentation, completing application forms, and communicating with insurance companies and regulatory bodies. By outsourcing physician credentialing and re-credentialing, healthcare organizations can ensure compliance with regulations and insurance provider requirements while freeing up valuable time and resources to focus on providing quality patient care.
Save on Operational Expenditures
Outsourcing dental billing services can save on operational costs, including employing skilled professionals, training existing staff, buying new software and technology, and more. It allows dental practices to focus on patient care while an offshore dental billing company takes care of the back-office billing tasks.
Partnering with an offshore dental billing company does not mean losing control over billing and coding services. Instead, it provides better control over the process, with the offshore company acting as a back-end office, providing the necessary support that helps dental practices run efficiently.
Minimizing Dental Billing Errors
To minimize errors in dental billing, outsourcing companies thoroughly verify patients’ information, avoid duplicate claim submissions, and submit timely claims. By doing so, they can improve the accuracy of claims, reduce rejections, and minimize negative impacts on revenue.
Improving Cash Flow and Revenue
Outsourcing dental billing can also help practices improve cash flow and revenue. A denial management team can effectively manage the claims denials by tracking the status, identifying reasons for denials, and reworking the claims. By ensuring a clean claim ratio above 97%, practices can reduce their accounts receivable days, improve cash flow, and boost revenue. Outsourcing dental billing services can help dental practices focus on patient care while ensuring efficient and effective revenue cycle management.
Outsource Your Dental Billing Needs to Dental Revenue Group
Dental Revenue Group is a top-notch dental billing outsourcing company. We take pride in providing expert billing specialists who are well-trained and up-to-date with the latest insurance policy rules and regulations. With our exceptional skills, we can help you streamline your dental billing and verification process, giving you more time to focus on your core business. At Dental Revenue Group, we are committed to providing you with the best dental billing services possible. Connect with us today to learn more about our services and how we can help you optimize your dental billing process. Visit our website at https://mydentalrevenue.com/ for more information.