The entire procedure of getting paid for the services your practice offers by insurance companies and clients is referred to as the dental billing process. It can be divided into processing insurance claims and billing patients. These are the two primary revenue sources that contribute to your practice’s overall financial picture (Malkin, 2014). Medical billing and code administration outsourcing has been demonstrated to be a competitive benefit for healthcare professionals in the complex and rapidly growing healthcare sector of today. As per Lee et al. (2012), the dental industry around the globe has faced a decline of 13% in its annual revenue production due to the absence of medical billing experts and also observed that if a similar situation prevails then the dental industry might have experienced more devastating impacts in future. This highlights the importance of hiring a reputable dental billing company in order to produce a steady economic flow in the coming years.
Medical billing has been identified as the core of the dental revenue cycle which ensures that payers and clients compensate practitioners for the services they offer (Erickson et al 2020). To lessen the load on medical practitioners, revenue cycle management businesses are now managing the dental billing process more precisely and efficiently. Discussed below are some ways in which a dental company can obtain maximum benefit from hiring expert medical billing personnel for their dental claims. It has been observed that the cost of billing and receiving can be reduced by up to 30% by healthcare providers if they utilize the most recent technological advancements and their own experience (Graban and Toussaint, 2018).
Top 10 benefits of working with a medical billing company
Treat more patients
Knowing that specialists will handle their billing and other revenue cycle management (RCM) activities, medical providers may outsource submitting claims and corresponding with payers. This enables medical personnel to focus on providing care for patients (Burt and Eklund, 2005). The provision of excellent care needs more time. Smaller dental offices that are unable to employ medical personnel on-site will particularly benefit from this but those who are excessively preoccupied with the business side of running a practice cannot provide their patients with quality care.
Sets the dental practice apart
There are several medical billing codes, along with always changing insurance payor-driven policies and procedures. By collaborating with a provider of medical billing services, your clinic will save a great deal of time and effort (Henzi et al., 2006). Given that they would be held entirely accountable for performing the work on a daily basis, it seems sensible to assign these responsibilities to specialized medical billing and coding specialists. According to Saghiri et al. (2021), the estimated dental service revenue to be produced with the help of billing companies was USD 136.40 billion and is also expected to reach over USD 196.18 billion by 2027.
Reduced billing errors
When billing is done internally, the facility or practice also covers the costs of hiring, onboarding, and training the billing employees in addition to their salaries and benefits. The expenditures are repeated each time there is a turnover (Fisher and Connelly, 2017). Medical billers with experience and understanding can guarantee that your claims are submitted accurately and on time. The 2 most common advantages obtained through the provision of medical billing services are:
- To ensure that the billers they hire are properly trained and equipped to submit accurate medical claims. This will increase future claim reimbursements while decreasing the number of claims that are rejected or denied owing to billing difficulties.
- By choosing to outsource your medical billing process 49% to 80% of the billing errors can be reduced which allows you to expand more quickly (Da Costa Filho et al., 2022).
Since the work gets outsourced, the responsibility for infrastructure, training, and recruitment is given to the outsourcing company.
Add more medically-necessary services to your practice
The majority of dental insurance policies only cover standard procedures like cleanings and fillings; patients are usually responsible for the full cost of any procedures that fall outside of that range, like root canals and crowns (Murrin, 2015). In contrast to dental insurance, medical insurance typically has no annual maximum and frequently provides additional coverage for costly procedures. Offering medical billing at your dental practice can not only keep you competitive by offering a service that other dental offices don’t, but it can also help your patients save up to 10% of their dental expenses (Atchison, Weintraub, and Rozier, 2018).
Secure patient data
Because medical billing involves so much sensitive data, such as addresses, family information, medical histories, and other details, outsourcing ensures that patient data is delivered in the safest way possible. As per Kamagahara et al. (2016), increased patient satisfaction can lead to a 13.6% increase in client retention which is due to the quality of services provided by the dental company. Both the provider/billing company and the payers regularly communicate this information, which is of great value to both sides. Digital security organizations are required to update software defenses in advance since hackers always come up with new ways to acquire this information. Medical billing services use the latest (and constantly updated) technologies to protect patient information when it is sent to payers. When sending data between billing companies and providers, HIPAA-compliant medical billing companies ensure its security (McFarlane et al., 2017).
Improved cash flow
Medical billing is an essential service, yet outsourcing it increases clients’ earnings. Medical offices lose a lot of money each year as a result of denied claims. Medical billing outsourcing companies, which eliminate this income loss, enable a continuous flow of claims to be filed and funds to be received. The study by Mertz (2016) stated that outsourcing dental claims can help a practitioner to focus more on the quality of services provided and also lead to a 25% reduce delayed or declined claims which ultimately has a positive impact on revenue generation.
A consistent stream of income going into the bank account is essential for the medical practice to succeed. You obtain faster and simpler claims when you work with a reputable medical billing company (Wides, Alam, and Mertz, 2014).
Improved efficiency and accountability
A medical billing solution for your organization will automate the entire process, and what’s even better is that everything happens in the background without requiring your time, administration, and training. As per Brown et al. (2010), hiring a medical billing company will also benefit your staff as it reduces their workload and this allows them to focus on more important things such as patient care and satisfaction as the practice is growing. In this respect, the study of Liu et al. (2022), demonstrated that an estimated 7.45% increase in the annual GDP is expected during the year 2022 through the increased hiring of medical billing experts in the dental industry. The outsourced billing service bears full responsibility for the results of completing the entire revenue cycle since billing specialists are assigned to each step of the revenue cycle. In order to demonstrate great returns on investment, financial information is given (Pillay, 2013).
Meds dental billing company- a solution to all your billing problems
MedsDental Dental Billing Company has been supplying dentists in most of the US states with dental billing and EHR needs. Our team of professionals uses HIPAA-compliant services to keep data secure and also assist you in implementing software-driven billing and coding services that will increase both your revenue and job productivity. It also offers a wide range of options that are tailored to your dental practice’s demands and financial situation. Use our service to help you bill for dental procedures and enhance your revenue, provide patients with an alternative, diversify your scope of practice, and improve your patient’s overall health.