These days dental practices have to deal with a lot of challenges that not only hinders their revenue cycle but also brings patient care to a standstill. This is the reason practices started outsourcing dental billing and collections that allowed them to focus on their core service, i.e. patient care. The benefits of outsourcing dental practice appear to outweigh the negative. Listed below are a few warning situations that indicate that you must outsource dental billing and collection services:
Your Revenue Comes in Slowly
Whether it’s patient billing for their outstanding balances or insurance firms reimbursing you for your provided services, your practice has to be paid fully once the treatment has been done. Therefore, it is extremely important to get paid on time to remain profitable.
The best you can do is to monitor your Accounts Receivable. This will give you an idea of how quickly you are being paid. By outsourcing RCM services, you will be able to track AR time. Our experts will create a report indicating how much of your AR is 30 days old and how much is over 90 days old. Once you identify the problematic areas, you will be able to come up with an ideal solution.
Your Claim Denials Are Too Frequent
Claim denials indicate a lot of issues that may be present in your practice. If a claim gets rejected for any reason, you may not be getting as much money as you should. Secondly, claim rejections and denials also indicate a lack of expertise or staff training. Rejections and denials also require a lot of time to submit, correct and resubmit them. This takes a lot of your staff’s time, thereby distracting them from providing quality patient care.
The best part is that by outsourcing billing and collection services you get to work with billing experts who make sure to process your claims accurately. This will help minimize denials.
Your Staff Is Overburdened
Providing high-quality care amidst all the paperwork burden becomes unmanageable. But, if you outsource billing and collection services, your staff will be relieved of the paperwork burden and be able to focus only on delivering high-end patient care. Your staff will become more proficient and responsible for their intended task. While everyone is working efficiently, your practice will be able to produce more in a shorter time span.
By outsourcing billing and collection services from us, you will experience a steady flow of claims going in and cash coming out. Not only it helps in improving your practice’s bottom line but also streamlines productivity.