Being the most crucial aspect of a dental practice, billing and collections is one important area that should be nurtured well. To maintain the livelihood of your practice, it is important to get reimbursed at the right time. Therefore, practices must look out for ways that can keep their collection numbers under control. Collecting payments sometimes turn out to be a terrible experience when the office staff is seen overburdened with clerical work, patient dealing and a lot more.
The ultimate quick fix to get rid of such hassle is to contact an expert dental insurance billing service provider. Dental billing is strictly related to the cash flow, therefore, it should not be avoided and taken care of properly.
At Capline, we have encountered a lot of issues related to accounts receivable. To manage accounts receivable properly, it is important to handle everything thoroughly. So, whether it’s patient payment, billing claim or payers, everything needs to be in sync. Remember, if you fail to figure either one correctly, you will see a drop in the numbers.
With so many billing mistakes happening around, we have assembled the most common ones that your dental practice must avoid while managing patient collections.
Failing to Track Reports and Check Accounts Receivable
Do you want to leave your practice as a guessing game? If no, you need to have a clear understanding of the different sides of funding. It is important to track denial rates, accounts receivable and other funding expenditure related to your practice. This helps in spotting the challenges your practice is facing. To balance patient care with the practice’s success, you must be financially sound. If you are still missing on claim submission and patient collection, take a moment to reconsider all of them to successfully maintain the financial health of your practice.
Delay in Claim Submission
Claim management should be as effective as possible. It helps to keep the revenue cycle streamlined. Claims must be submitted within 24 hours and practices must track claims. If the deadline for resubmission passes, your practice might miss out those funds.
Sending Confused and Complex Patient Statements
A study by 2017 InstaMed report says, “More than 70% of patients are confused by billing statements and insurance policies.” It is important to present statements that are easy to understand. You can also send them contact information for further assistance. The statement should not come out as a surprise to patients. If that’s the case, they will definitely deny paying. So, the best you can do is communicate upfront about the type of charges they can expect.
Now is the right time to consider and review your policies and rework on them to move towards an error-free billing and collection process.