why insurance verification is so crucial for your dental practice

Why insurance verification is so crucial for your dental practice?

Insurance verification significantly impacts your patients. If something slips between the gaps, the patient can be responsible for the cost of the service. The SEM model demonstrated that patient satisfaction was positively correlated with awareness of health insurance policies, the fulfillment of expectations by the insurance program, and the patient’s perceptions of insurance coverage’s value. (Jinsong Geng, Xiaowei Chen, and Hao Yu, 2021)

Adding more, verifying dental insurance is a crucial step in the billing process. Its importance in filing and billing makes it essential to a dental office. The invoicing procedure is undoubtedly streamlined by insurance verification. It involves gathering data from patients and cross-checking it with insurance providers. Basically, Insurance verification is the method of confirming a patient’s insurance benefits and coverage before giving treatment in order to guarantee reimbursement for the services. (Helen Lowenwirth) This article will elaborate on why insurance verification is so crucial for your dental practice. So, without wasting time, let’s go to the main discussion.

Reasons why dental insurance verification is crucial

One of the most important aspects of revenue cycle management is insurance verification. (Helen Lowenwirth) Myriads of reasons support that insurance verification in the dental profession is essential regarding your smooth billing, patient services, revenue cycle, and so on.

Determines the patient’s eligibility

To correctly identify the patient’s eligibility for the following dental service, your dental office has to verify insurance coverage. The process of submitting and filing claims each day should include additional steps, such as the verification of insurance.

Clean claims submission

You may submit clear claims by carrying out insurance verification. You may file claims with accurate information when you confirm your patients’ insurance information. Research states documentation needs to be timely, precise, and accurate. (K Srinivasulu,V Tejaswini Namburi,AB Sai Samhitha, 2016) This is because correct documentation will result in clean claims. In addition to lowering the number of claims refused, it fosters positive connections with insurers.

Reduce disgruntled patients

Patient satisfaction is a crucial consideration for all healthcare centers. (Yurdagul Meral, 2016) Following the under-mentioned points, you can maximize the patient’s experience to the next level:

Better service to your patients:
Feeling ignored is the main reason for people to quit a dental office. You won’t need to worry about filing claims and getting paid when a reliable verification framework is in operation. You will put all of your attention into giving your patients excellent dental care. According to the report, membership in HI has the most significant impact on the utilization of healthcare services at district hospitals among all healthcare providers. (Thuong, 2020) Patients are more inclined to make on-time payments when they are happy with your services.

Helps build a transparent relationship with your patients:
Feeling misled by a preliminary treatment plan also becomes the reason for patients leaving treatment. You may inform your patients about their insurance plans’ coverage by using eligibility verification. They will be well aware of what their insurance provider is covering and what they are responsible for. It facilitates the development of respect and trust with your patients. According to a research outcome, the enrolled population’s outpatient visits increased from 0.87 to 1.29 due to the health insurance (HI) policy. (Thuong, 2020)

It helps prevent last-minute cancellations, claim denials, and co-pay rejections

As we all know, claim denial is the primary concern among healthcare providers. A survey by the Medical Group Management Association (MGMA) found that respondents in the profession reported an average increase in denials of 17% in 2021 alone.  (MGMA STAT, 2021) When claims are filed with accurate information, the number of unpaid claims, last-minute cancellations, claim denials, and co-pay rejections are decreased. Insurance companies are more inclined to make timely payments instead of rejecting the claim, and your revenue cycle finally improves.

You’ll be able to communicate to the patient what their coverage is with a full breakdown

You will assist patients in understanding their coverage in depth by checking their dental insurance benefits in advance. Most patients are unlikely to be familiar with the specifics of their insurance policies. As a result, you must let them know what is covered by their insurance and which services need a co-pay. By checking their insurance, you can inform your patients about their expected out-of-pocket costs. Additionally, the patient will know what their insurance plan should pay for.

The benefits of outsourcing dental insurance verification services

Outsourcing is a widespread practice in private and public enterprises and is a critical component of business strategy. When a company wishes to focus its resources on core competencies, it decides to outsource some of its less profitable services. (Ana-Maria)

Adding more, Significant cost savings, expanded services, and more expertise are all advantages of outsourcing. Companies may spend their resources on their primary business thanks to outsourcing. (William M. Lankford, Faramarz Parsa , 1999)

Optimize revenue cycle

Outsourcing insurance verification is the best way to enhance your dental practice profit. An Indian study indicated that public hospitals that use outsourcing could decrease direct and indirect costs by about 40%.(Chandra, Hem, 2007)

Reduction in processing time

As professionals do the verification, they take less time in this process as compared to the practice’s staff. By outsourcing, time and many costs can be safe and focus on something else.(Somjai, 2017)

Cost-effective services

Companies that verify dental insurance offer flexible payment plans that enable dental practitioners to reduce costs. The research showed that outsourcing is a cost-effective method in healthcare that can result in increased service quality. (Saeed Karimi, Zahra Agharahimi, and Maryam Yaghoubi, 2012) Most dental billing service providers charge dental practices according to size and income. Depending on the practice size, the charge might range from $1300 to $5000 per month.

Accurate documentation of patient details

The profitability and success of all firms rely on accurate and timely billing, a universal reality. Documentation problems can be caused by a lack of documentation, by inconsistent or insufficient documentation, or by forgetting to include some papers when assigning codes. (Jyothi M Borkar, Manjunatha R)

Outsourcing companies have professionals who perform their work more accurately than admin staff. They put error-free information and recheck it using reliable technologies to assure accuracy, eliminating claim denial.

Hire MedsDental billing company for insurance verification and other dental billing services

The ideal option for your dental facility is to use the MedsDental Dental Billing Company to check the insurance of patients that approach your dental office. Numerous reasons may influence your decision to use MedsDental billing services.  The highlighting reason is that to safeguard the security of patient information, the company is HIPAA-certified and provides HIPAA-compliant services to all partners. Moreover, using our experience of more than five years, we provide flawless documentation and insurance verification since we realize how important accuracy is in preventing claim denial.

Through proper insurance verification and documentation, our firm is committed to increasing the income and profit of your dental practice. Utilizing cutting-edge hardware and software, we deliver effective services, including rapid insurance verification for patients. Now concentrate on your primary responsibility, which is providing the patient with appropriate care and treatment, while allowing us to handle the administrative and billing responsibilities, such as correctly submitting claims, correctly coding services, audits, verifying insurance coverage, etc.

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