The constantly evolving dental care industry needs dental teams to stay sharp and updated with changes in the regulatory landscape as well as rising consumer expectations. A few unexpected or casual errors can cause a setback to any dental practice. Besides offering quality care and treatment to patients, the dental team needs to efficiently manage tasks that need skill and caution.
Billing and claim processing can be cumbersome tasks, as they require dedicated resources and expertise. Many dental practices may not have access to a larger talent pool or may not invest in periodic training for the dental team.
An absence of skilled people to handle billing and claims can affect patient confidence as well as cash flows for a dental practice. A dental practice can consider hiring outsourced specialists to manage billing and claims. This can reduce the administrative load on the dental team. It also allows them to focus on other critical requirements of the practice.
These specialists are experts who have access to innovative billing software and are regularly trained in this field. This can enable the practice to increase revenue while delivering quality treatment and service to patients.
Five reasons why outsourcing billing and claims can make a difference to a dental practice are as follows.
The dental team is usually tasked with multiple duties, and sometimes, slight lapses done inadvertently can have an impact on cash flow, especially if claims are not processed immediately after service has been rendered to the patient.
It is generally observed that there are some fixed days in a week or month to complete all billing-related duties. While this may sound efficient, this can lead to delays in raising and sending bills and, thereby, a delay in reimbursements. If documents or information are awaited, the pile of pending bills keeps increasing.
This usually results in delayed claim submissions and consequently a delay in cash flows. But more than just a delay, a denial of the claim can make matters worse. The dental team then needs to study the issues at hand and collate all the missing data and documents, if any. The dental team can appeal but precious time is lost.
Ensuring timely collections after submission of claims is critical and if the dental team is stretched due to workload, the dues payable get delayed, and subsequently the cash flow becomes inconsistent and irregular. The greater the timeframe of balances outstanding, the lower the chances of full recovery. Bills due for payment beyond 3 months can affect the financial health of the practice.
Outsourcing all billing and claims management greatly lowers the burden on the dental team. Moreover, claims are processed faster and are well-managed, resulting in a more predictable cash flow.
Patients must have trust and confidence in the practice and the team. They need to get a feeling that the dental practice will always act in the best interest of the patient. For any dental practice to stay sustainable, reimbursements need to come on time from the insurance company as well as the patient. In such cases, a patient must not be confused or frustrated with the dental team or with representatives from the insurance company concerning any explanation of benefits (EOB) or rejections in claims. Patients may not always have a complete understanding of policy coverage or EOBs, and hence, the team needs to have a thorough understanding of them.
Once the patient has completed the recommended treatment, there will be interactions related to billing and payments. Here is where accurate and timely billing can improve the patient experience.
Just a small error in billing or coding can affect the trust of patients. They may doubt the capability of the team or the billing systems and this can negate the quality of treatment and care delivered to the patients. Patients might also cast some doubts on the billing done in the past such as overcharging, etc. Trust once lost is hard to regain and the practice can lose a valuable patient.
Outsourcing the billing process allows the team to focus on care and the patient experience while the outsourced billing specialist delivers a rewarding financial experience.
When dental billing is outsourced, the practice can enjoy the benefits of proactive compliance. Outsourced specialists keep themselves updated on the latest changes in guidelines and thus greatly lower risk by staying abreast of evolving billing rules that mitigate potential legal liabilities.
By consciously adhering to regulatory necessities, the outsourced entity maintains a close watch on any changes and thus helps the practice move through complicated regulatory environments. They safeguard the practice against steep penalties and reputational damage.
A dental practice can outsource with confidence and ensure a robust and compliant billing environment by effectively handling evolving regulations and avoiding any legal complications.
Another key reason to outsource billing is the noteworthy benefits of scalability and flexibility. This enables a practice to adapt swiftly to any market changes. A practice can effectively adapt to changes in billing volumes by outsourcing dental billing services.
An outsourced expert can aid the practice by offering additional support that meets seasonal or fluctuating demands without creating pressure on the dental team. For
For example, this can help the dental team manage any unexpected surge in the number of patient visits.
The practice can also scale down requirements during lean phases to reduce any billing-related expenses. Dental practices that utilize the services of outsourced billing entities can familiarize themselves with the quantum of services or resources needed from them.
Thus, the practice can easily manage the requirements of higher billing volumes without compromising on precision or productivity as well as trim resources in lean phases.
Thus, outsourcing the billing process can curtail spikes in operating expenses and stay nimble by effectively handling the evolving demands of the business.
Delivering patient statements, submitting insurance claims with accurate proper codes and documents, and following up on accounts receivables are managed by the outsourced expert and this enables the dental team to avoid handling tricky financial discussions. Based on general observation, a large amount of time is spent on phone calls made to deal with insurance claims.
By opting for an outsourced billing partner, such endless or repeated calls with insurance organizations can be avoided and the dental team can be relieved of such mundane tasks. They can thus focus on the patient experience and bring a smile to the patient's face.
When a dental practice outsources dental billing, claims, and collections to a specialized billing partner, it is more than just a cost-saving step. It can be a planned decision that can help the practice to improve operational efficiency. Outsourced specialists can assist dental practices in boosting cash flows and reducing operating overheads. Moreover, it enables the dental team to concentrate more on treatment and care.
