The ever-updating healthcare and dentistry demands professionals to stay sharp and avoid even the minor mistakes causing the practice failure. Amidst the intricate dental practice delivery and patient care, efficient billing and claim processing leave a burden as the procedure requires expertise, resources, education, and training that in-house dental practices lack. As a result, the Practice faces significant discrepancies influencing revenue and patient trust. Outsourcing dental billing poses considerable benefits along with the productivity of Practice, reducing the administrative burden of your staff and assisting them to keep updating the Practice and educate themselves on the novel methods and trends of properly handling dental insurance billing. Stay with us to learn the advances of outsourcing your dental insurance billing services to expert RCM members, such as MedsDental Billing, with expert and innovative billing software. Understanding the significant challenges of in-house dental practice delivery and experts’ assistance in overcoming hurdles in billing will help you acquire substantial revenue, and you may direct your focus on delivering quality care to patients.
Although you can be satisfied with your dental Practice being performed in front of your eyes and as per your demands. However, maintaining in-house dental billing along with the responsibility of delivering satisfying patient care poses several considerable challenges, including:
According to research, at least 60% of healthcare professionals labor on billing-related chores for a whole working day each week, indicating that 52 days a year, they could have invested in improving patient care. Moreover, proper results of dental billing also require personal management as a time-consuming and resource-needing factor of Practice.
Finding and retaining expert team members in Practice is also a more significant challenge for practitioners as the costs increase. Moreover, the staff must be experts at billing and coding and able to manage the intricacies of the process without dividing the focus on any other task. Dental practices deal with significant financial downfalls if the Practice doesn’t have an experienced and trained staff, as even the expert billers lack similar expertise for coding.
Dental procedures must ensure accommodating the Practice by adding staff, resources including necessary equipment, and space for team members to perform the billing activities efficiently as the need for Practice develops. To ensure the staff and members are working with the latest coding and billing procedures, your Practice must invest resources in dental insurance billing training, educating the team, and compliance.
A successful dental practice must genuinely understand the policies and demands of their insurance payers as it significantly determines the timeframe of payments and your practice revenue. Although your staff submits the claim correctly, dental insurance billing companies may delay payments ranging from 15 to 20 days for an electronically submitted claim. At the same time, it takes payers to proceed within 30 to 45 days for a claim submitted in print. The tension increases more if the claim is subjected to resubmission after its accuracy is confirmed.
Dental practices opt to write off claims repeatedly to collect even small balances from the insurance companies, specifically if there are coding issues in claims. So far, these seem minor errors, but these can significantly impact your Practice's profitability. Because payment re-settlement is an essential part of the payment collection process, professionals must pay heed and dedication to the accuracy of the process; weakness in the Practice may lead to payment problems.
Choose most rightly while looking for an expert dental billing partner. Give some time to investigate their credentialing, qualifications, and experience adequate to handle the intricate dental billing. The specialist dental RCM members will efficiently streamline the many tasks related to claim payments by accurately proceeding with them, help your Practice get previous claims appealed and paid successfully, decrease your accounts receivables and increase in revenue, and help you work quietly on improving patient care. Your dental Practice can reduce the risk of minimizing revenue and avoid the confusion related to complicated billing since the contracted relationship with the dental billing partner holds specific rules and regulations to account for the performance of these experts.
Not only the revenue optimization but outsourcing your dental billing with the right RCM partner will eliminate your staff’s efforts and human resource pressure, resulting in immediate savings. Hiring an in-house billing expert or a full-service dental billing RCM company varies in many ways. The significant among them is the collaboration and expertise that the billing company will serve to your Practice with fixed, predetermined payment terms, whereas hiring an in-house dental billing coordinator costs you considerably beyond their base salaries. Furthermore, the practice productivity will be influenced significantly if the biller hits any incident and takes leave for a few weeks in a year. At the same time, a dental billing team with experts can quickly compensate for such events and absences to your practice account.
The challenging step for a dental care practice is to stay updated and competent with the current
regulations and updates set forth by the healthcare regulatory bodies and insurance providers.
Outsourcing dental billing with expert RCM members always remains informed of the ongoing changes, such
as novel billing and payment trends, necessary training required on dental insurance billing codes and
updates. That means your Practice is compliant and error-free, leading to increased reimbursement.
Furthermore, equipped with the necessary resources and workers, these partners are adequately
focused on your dental billing processes while working away from your office in a specific environment
to perform billing activities efficiently, such as patient emergencies, sales representative visits, and
the general regular activities of a busy office.
Their expertise and sharpness to get informed on billing code changes, claims requirements, and
insurance policies yield fruit in terms of fewer errors, claim denials, and a boost in revenue.
Moreover, the right dental billing partner also utilizes the right technology in streamlining billing,
and their commitment to innovation helps you keep away stress and increase the financial stability of
your Practice.
Hiring an in-house dental biller or a full-service RCM company is a matter of your practice
requirements. However, outsourcing your
dental insurance billing services with the RCM team will cost
you less than hiring an in-house full-service expert when comparing the costs of both options. For
example, if you hire a dental insurance coordinator, their salary will cost you between $50,000 and
$65,000.
The general cost of a dental billing company ranges from $13,00 per month for the low total monthly
claims, let’s say less than $40,000. Considering a mid-sized company, let’s say the entire insurance
collections are less than $100K monthly; the service fee will start from $14,00 and $35,00, resulting in
around $30,000 per month. Ultimately, it indicates the difference of $20,000 to $30,000 between hiring
an in-house service provider or an experienced dental billing revenue cycle management company with a
significant benefit of lower costs for your Practice.
Patient satisfaction and revenue generation are the products of the entire process and the result of all
the efforts put in. One of the significant benefits of outsourcing insurance billing services is to get
your patients satisfied and trusted towards your performance as the team working with less billing
stress keeps improving the areas needed quality and offers patients all they require from your Practice.
Outsourcing will help your team get each step of the process streamlined and boost your team
collaboration, ultimately resulting in the patient’s satisfaction that they gain by witnessing the
collaborative team environment and pleasing experience. Moreover, your patients can get all their
queries resolved regarding their insurance and treatment payments while communicating comprehensively
with your team workers. Providing a considerable amount of time with your patients will help them get
educated on insurance benefits and coverage terms and ensure fewer awkward conversations on their
treatment costs and bills, and your Practice will acquire reduced AR on patients.
Relieve your team from the many hassles of handling dental insurance billing. MedsDental Billing is the right partner dedicated to facilitating you with many billing responsibilities your team may need to be more manageable due to time shortages and other essential tasks related to patient care and consultancy procedures. Our services adhere to patient privacy regulations, including the Health Insurance Portability and Accountability Act (HIPAA). We are serving you with the best outsourcing with innovative dental billing software to streamline the process and ensure accuracy within a cost-effective budget and within an appropriate time span.
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