Dental billing errors are also known as silent revenue killers, hindering the practice's growth and business development. What constitutes a dental billing error at a greater and greater cost to the practice? That doesn't mean that the practitioners and the team do not care about the billing errors. It becomes easy to ignore the administrative tasks due to patient treatment, but the truth is that insurance companies thrive on dental billing errors.
People believe that becoming a dentist means high earnings and seeing a lot of patients daily, yet still barely breaking even. To figure out what is happening that leads the practice to lose money. Let's discuss dental billing errors and how to avoid them to collect more.
The staff verifies all details as soon as the patient visits the clinic to ensure the practice does not incur compliance issues. There are times when the insurance claim form has inaccurate information. Rework costs a considerable amount of money to the practice. These errors are trivial, but they can create gaps in your collections that are tough to fill. Profitable insurance billing brings a 50% increase in the overall revenue.
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Incorrect insurance verification is one of the main reasons for claim denials. It is frustrating for the practice, but this issue also occurs more frequently than you might expect. The verification process has opportunities to go wrong, and when it's inaccurate, the practice has unpaid balances, denied claims, and unhappy patients.
According to the Journal of Dental Practice Administration, the practice loses $30,000 and $60,000 each year.
Dental billing is time-consuming. The dental billing blunders lead to a 5-10% revenue loss. Incorrect coding is a reason for low collections. Correct coding is challenging for obvious reasons. ADA updates the coding to provide standards and consistency for patient care. That creates confusion in navigating the new and old codes.
Coding mistakes range from $50,000 to $100,000 every year, and that is money well deserved, but because of coding errors, the practice has to leave it to the insurers.
The best way to prevent silly coding errors is to work with Capline Dental Services and let them handle the complexities of CDT coding. Coding mistakes not only lead to claim denials but also result in lost revenue each year. There are reasons to invest in outsourcing companies to get better collections and happy patients.
Missing patient follow-ups is costly when it comes to collecting payments. It seems a bit confusing how an inefficient follow-up can lead to billing errors. The Academy of General Dentistry states that failure to prompt patient follow-up results in a revenue loss of $1,000 to $3,000 a year. How much revenue do you think you are ready to leave to the insurers because the staff were unskilled in conducting follow-ups? Dental billing services offered by Capline Dental Services can help the practice focus on taking patient care.
Clean and efficient claim submission is dependent on a smooth workflow that includes timely claim submissions, proper task delegation, and relevant processes to expedite the process. ADA reveals that practices are losing a considerable sum every year.
That means the practice needs a reliable outsourcing company to handle claims and work on outstanding insurance aging reports. The longer the claim sits in the insurance office, the more difficult it is to receive payment. Ignoring unpaid claims results in cash flow problems in the coming years.
Improving staff skills through investing in training can lower dental billing errors. Train the staff on the latest codes and billing software, how to bill, and collect details necessary for claim submission. The practice has to pay the price for noncompliance and billing errors. The ADA reports that inefficient training than expected can cause a substantial drop, costing up to $75,000 or more annually in lost revenue.
An appointment cancellation, patient rescheduling, double booking, and scheduling issues can hit the practice. These things affect the RCM and create scheduling gaps. Scheduling gaps are rising, and according to the American Dental Association, they result in a revenue loss of $150,000. That can destroy the practice if they fail to pass the bills.
Dental billing errors are inevitable yet manageable. Here are the benefits of having a dental billing service at your side that can change the way your dental billing process looks.
When the team is busy with claim submissions, what happens next? Patients do not receive attention, which pushes them off and upsets them. By outsourcing dental billing, the practice can improve patient relationships without getting distracted by administrative tasks.
Dental billing requires a specific solution with specialized knowledge. Capline Services helps to stay ahead with dental billing, resulting in fewer claim denials and quicker reimbursements.
In-house billing teams are often juggling multiple tasks, which can lead to more errors than they resolve. Capline Dental Services offers cost-effective alternatives that ensure excellent service by reducing overhead costs. This approach helps resolve problems, allowing the practice to reinvest in upgraded technology that enhances the patient experience.
The billing needs to change in response to the practice expansion to adapt to evolving patient needs. Outsourcing provides flexibility in managing patient load and expands services to ensure the practice has the support it needs at the right time.
Compliance accuracy is complex and keeps evolving. By partnering with Capline Dental Services, experts can handle the complexities of dental billing, ensuring accurate claims, maximizing revenue, excellent patient care, and good online reviews. Abiding compliance keeps away from audits and legal issues. Outsourcing offers the support necessary for thriving.
