A dental practice is like any other business. The main goal is to provide excellent patient care while paying attention to the practice’s profit. A dental practice is successful if it generates adequate profit. Outsourcing to trusted dental insurance verification companies like Capline Dental Services ensures reimbursement and increases practice revenue.
Dental Insurance Verification Challenges
In this part of the article, we explore a few dental insurance verification challenges that dental practices face:
Managing a dental practice comes with obstacles, both complex and time-consuming. One of the challenges the practice may face is the administrative burden of managing dual dental coverage. This can cause various complexities, including obstacles in filing claims and constantly changing payer requirements and rules.
In addition to these complexities, there are other challenges that a dental practice must deal with, such as staying on top of regulatory changes and changing marketing needs. Moreover, increased administrative burdens, new and updated technology requirements, and declining reimbursements add to the existing challenges, making it tough for dental practices to stay afloat.
Dental staff juggle numerous responsibilities that lead to no option but to deal with uncollected insurance revenue, around 9% of the annual practice’s revenue. Therefore, dental practices must remain vigilant and find ways to adapt to the changing landscape to avoid negatively impacting their financial health.
Why Outsourcing Dental Insurance Verification Services Makes Good RCM
Managing a dental practice and ensuring smooth revenue cycle management (RCM) are essential for success. One way to achieve this is by outsourcing dental insurance verification services. It’s a cost-effective solution that can help improve RCM, boost overall efficiency, reduce costs, and optimize core competencies.
Here are six reasons to outsource dental insurance verification services:
Reason 1: Outsourcing dental insurance verification services has several benefits. First and foremost, it allows you to access a team of experts, including professional coders and billers, who are well-versed in payer guidelines, industry regulations, and the latest ICD, CPT, CDT, and HCPCS codes. This means you can rely on their expertise to stay up-to-date with the latest changes and ensure accurate billing and coding for your practice.
Reason 2: Verifying dental insurance coverage before a patient’s scheduled appointment is a crucial step that can prevent any potential issues from arising. This involves collecting patients’ current insurance information before their appointment to verify their dental eligibility. Completing comprehensive insurance verification and, if needed, preauthorization can significantly consume staff time. However, outsourcing this task to a dedicated team like Capline can reduce the burden on the staff. This, in turn, lowers the risk of claim denials and rejections, helping the dental practice secure quicker reimbursements.
Reason 3: Outsourcing dental insurance verification services can significantly improve operational efficiency. This approach eliminates the additional administrative burden, allowing practitioners to focus solely on patient care and concerns. With efficient insurance verification processes, dental practices can better educate patients about their coverage and copayments, maximizing their benefits. As a result, patients are better prepared for any balance bills that may arise, fostering stronger relationships between patients and practitioners.
Reason 4: Navigating guidelines and deadlines for dental insurance claims can be challenging, but with the right approach, it’s completely manageable. However, by entrusting your concerns to a reliable third party like Capline, you can rest assured that the claims get submitted on time and processed promptly. With this expertise, the dental practice can streamline the claim process and save valuable time. So whether you’re dealing with one payer or multiple ones, partnering with Capline can make all the difference in your claim-processing experience.
Reason 5: Outsourcing dental insurance verification services is a smart move that can bring significant cost savings. It may sound ironic, but outsourcing your dental office operations can eliminate the need for additional infrastructure, recruitment expenses, onboarding, and retention costs. Moreover, it can save time on training, reduce equipment costs, payroll taxes, benefits, vacations, and holiday pay, and offer flexibility to scale operations according to volume.
Reason 6: When a dental office partners with a company, it can provide access to comprehensive reports like accounts receivable, patient payment reports, payment trends, and collection reports. These reports offer valuable insights into financial health, enabling the dental office to make informed decisions.
