Patient billing solutions help patients and providers in establishing realistic expectations about the financial aspects of care. An association with Capline Services can effectively manage dental billing and reduce outstanding payments.
To build a successful practice, dental practices need strong patient billing solutions. The dental services market reached $195 billion. Billing plays a crucial role. It is worth outsourcing to a dental billing company like Capline Dental Services to improve RCM.
Despite having patients in the clinic, a practice can still have financial issues. Any misstep means lost revenue. Understanding the number is mandatory, and knowing how to use it for billing optimization to improve patient satisfaction.
Unpaid patient balances, delayed or denied insurance claims, and unaddressed financing issues are the biggest concerns. Approximately 13% of the total revenue is lost, causing a financial shortfall. That stems from uncollected debts and pricing inefficiencies.
Understanding Accounts Receivable
Dental practice wants to reach new heights in collecting payments, and there is a journey between billing and payment. The shorter the wait, the more it confirms the cash flow; an extended duration, on the other hand, highlights potential issues that require attention.
Accounts receivable under 30 days, as per the guidelines, have a higher probability of receiving payments than exceeding 90 days. The metric also helps in monitoring payments between 90 and 120 days and identifying the chances.
Why is there a delay beyond 60 days?
Insurance Delays
Inaccurate patient information on claims results in payment delays or denials, depending on the medical necessity of the treatment.
Procedure Specific Denial Rates
SRP has a low acceptance rate. Whenever possible, clarifying non-covered policies to avoid the need for follow-ups.
Billing Errors
Incorrect CPT codes in claims, incomplete submissions, and delayed claims have a direct correlation to extended accounts receivable (A/R) and cash flow. To reduce overdues, the practice has to follow up and settle its bills.
Unpaid balances lead to challenges in collections. And by addressing issues, the practice can enhance its capacity to serve patients.
Patient Billing Solutions for Improving Collections
In this post, Capline Services highlights the steps for improving collections.
Regular updates about internal policies and protocols:
The dental practice should improve its internal policies if collection fees are taking longer than stipulated. The ADA suggests that regular updates for protocols and internal policies can save resources.
The steps clearly state the patient's financial obligations before or after the treatment. Accurate details about the procedure when collecting fees can save time.
Patients pay their part as per dental benefits at the time of service. Do not wait for the pay portion until the third party receives the payment. Ideally, payments get settled within 7-10 days of claim submissions.
What if a patient has a due balance even after they have paid their estimated portion? A patient statement with the remaining balance tracks down the missing payments. Many practices have a pre-authorization form that allows the deduction of the charge for the balance after receiving the third-party payment.
Acquaint Patients
Patient education about payments minimizes unpaid accounts. Familiarizing oneself with the terms through a brochure and reference sheets can remove doubts regarding their obligations. Staff members addressing patient inquiries about claims and payment ensure that you care about your patients without jeopardizing the daily operations.
Patients having access to 24/7 self-service can quickly notify patients about outstanding amounts. They have information about payment balances and due dates.
Patient Reminders
Patients appreciate reminders. Mailing weekly statements pointing out the unpaid balances with a due date on each statement keeps patients informed about their account status. The reminder phone call with a reminder notice expedites the follow-up procedures. The monitoring is crucial for accounts receivable. Invoices can prevent disputes or potential errors.
Overdue payments more than 30 days require attention. The ADA suggested having a dedicated person responsible for communications with patients by phone about the payments. The final process involves negotiation, which highlights the payment plan procedures for receiving payment. The collection process should include all professional communications, documented and recorded.
Meeting Filing Deadlines
Delay in claim submissions is the highest issue for growing accounts receivable. Insurance payers have submission deadlines within weeks or months of the treatment.
Technology works as a guide to navigate the complex financial processes. Software tools expedite the process, and electronic claim submission ensures accuracy and improved financial oversight. EHRs, financial management software, digital practice management systems, and scheduling platforms minimize errors along the way.
Days in AR for each payer
Each payer has individual AR, with a breakdown to identify prolonged AR periods. Capline Dental Services ensures that dental bills are correct. Experts reduce the chances of claim rejections and enhance billing efficiency.
The Right Service Company for Patient Billing Solutions
Billing accuracy reduces errors and improves patient satisfaction. Patient billing is a reputational risk, leading to delayed payments, and negatively impacts RCM. Professionals like Capline Dental Services ensure adherence with no awkward payment collection.
