Your dental practice brings in less than $40,000 in insurance per month. Your insurance revenue plus your patient revenue is covering your payroll, your rent, or your mortgage on your space, utilities, new equipment: your usual expenses and maybe some unexpected ones.
Outsourcing billing has become pretty common for dental practices. Dealing with insurance is such a time-consuming process that it only makes sense to either have at least one person dedicated to it on your team, or outsource the insurance billing process to someone else. As you use these billing services, you might ask yourself, “Am I overpaying for my insurance billing?”
A common belief is that fee-for-service (FFS) dental practices do not need insurance help from an outside source, such as an outsource dental billing company. In most cases however, that’s actually not true!
Performing insurance verification is both time-sensitive and time-intensive. It’s also costly. On top of that, it’s hard to find someone who actually likes to do monotonous work. When it boils down to it, you need someone performing accurate insurance verification on your behalf for the least amount of dollars possible.
For reasons unbeknownst to us, while dentists are in school, working hard through their rigorous classes, they take minimal, if any, courses on how to run a business. Yes, the main priority for them is tending to people’s oral health, but owning a dental practice equates to owning a business. To have a successful dental practice, you have to know how to generate and collect revenue! You’re forced to figure out all of these skills on your own, with no one warning you how much work goes into owning a business. We at Dental ClaimSupport know a lot about what is going to help your practice make money. We have been helping dentists all over the United States increase their collections percentage since 2012. Our team of remote billers will all start by telling you this: In order to have a successful dental practice, you need to have a high collections percentage.
How do you know if you are running a successful dental practice? Happy patients and happy employees are a key factor, but are you actually making money? Many dentists struggle with the financial side of running a dental practice. It’s not that it’s just difficult to keep up with, it’s that most dentists don’t want to or know how to. Most dentists like to fix teeth, plain and simple.
You’re a dentist with your own practice, dealing with the after effects of 2020. Your collections percentage is down, and it’s affected the revenue of your business. You’re scared, anxious, considering cutting overhead costs, and possibly unable to perform certain procedures due to lack of revenue. To put it simply, your business is facing its worst case scenario. Learning where the disconnect is between your office, your patient and the insurance company can help you figure out where your money is going and why it isn’t in your pocket where it belongs.
You have to have someone in charge of handling dental insurance billing in your office. In today’s ever changing dental insurance world, the dental claim tasks are too in depth to have your check-in or check-out person, or even your office manager assuming these responsibilities in addition to practice management.
As a dental business owner, you need to be aware of your insurance aging report. But did you get into dentistry to make sure insurance companies pay claims, or to fix smiles? It’s safe to say we will go with the latter. However, if you’ve seen a waterfall of insurance payments turn into a trickle, the first place to investigate the “why” is your outstanding insurance aging report. You may see that you have thousands of dollars outstanding that should be in your pocket. There needs to be an urgency to getting this money into your bank account. The longer a claim sits untouched, the less chance it has of being paid.
Like many dental offices, you may have just seen a spike in your insurance aging report. Claims just don’t seem to be paying like you want them to, and your collections are fluctuating each month. This is worrisome, to put it lightly. But what causes this? Because we are self-proclaimed “dental nerds” at Dental ClaimSupport, we actually enjoy researching claims. We have seen every single reason a claim does not process or pay that will inevitably increase your insurance aging report. This report isn’t necessarily “fun” to work on, but if you treat it as a game or challenge, you may change your mind on the matter.