Dental billing is outsourced less frequently than other functions, which does not make sense for the practice as they can get better results at a lower cost with the least possible mistakes. It is scary and vulnerable for the dental practice to give up control over the finances and trust someone else as your receivables depend on it. No doubt it is a big decision and can affect the future of the business.
Hiring a billing provider or outsourcing can help speed up the payment process and maintain consistent revenue flow. Every three out of five patients think their insurance company is responsible for their bill and therefore do not pay for the bill. The dental practice does not collect what they owe for the services rendered and products.
Here are five benefits of outsourcing dental billing that add value to the business.
As much as the dental provider deserves the money for the quality services, the insurance companies are also in the business to make money. That means the payment from the insurance companies is in direct opposition to the desire of the dental provider. Dental insurance billing requires experience, knowledge, and accuracy that even the most dedicated and hard-working managers can’t keep pace with due to a lot on their plates.
That does not mean dental providers should accept the uncollected revenue for the services provided. However, when the dental practice outsources billing, it eliminates the log jam and helps keep the office functions smooth. When clean claims are processed, the receivables are well managed, and your cash flow becomes predictable, which you will enjoy.
Help better patient experience
Patients connect to the dental practice that cares more about their health than more caring about their checkbooks. It is not a good experience for the patient at the end of the treatment if a confusing and frustrating conversation is happening between the patient and the insurance staff about the EOBs. That said, befuddled EOBs and inaccurate financial processes are a part of the patient experience.
All it takes is a trivial error to ruin a patient’s trust, and you can lose the patient. However, professional and experienced services free your staff to work on their delightful experience. And your billing partner works on the financial patient experience.
Decrease in denials
Currently, more than 700 dental codes and hundreds of dental insurance companies keep updating with myriad plans. Those prerequisites of the dental insurance companies have their claim requirements and benefit limits. Federal laws and state regulations make it more complicated. The complex appeal process is unlikely to get your staff through successful collections.
It is one of the reasons the dental practice hires a billing partner to keep errors negligible caused due to wrong codes, slow claiming, and late follow-ups.
Speeds up the process
The best advantage of hiring a billing partner is to help increase the speed of work and decrease backlogs. It is not surprising that now it is the billing company’s job to bring the payment on time and not your staff’s responsibility.
Your team will thank you for it later. Even if they try to give uninterrupted time and concentration, it is impossible due to several other duties and responsibilities in their job. In the meantime, your collection mechanism grinds to a halt impacting the payment and making a claim older.
Oversight for unintentional errors and fraud
Watching over your income daily help you being not the victim of fraud and embezzlement. Reduction in overhead cost is a guarantee when you outsource. It is an added advantage for the dental practice as the outsourcing company eliminates the careless errors that the staff is subjected to by the many daily office distractions.
The outsourced company takes responsibility and eliminates the risk of an insurance investigation due to red flags. An extra set of eyes is never a bad option if there is a significant reduction in the account adjustments.
However, outsourcing your billing process to a reputable company increases your control over the cash flow and collections. Outsource the billing process now to get essential tasks completed.