Are you a dental practitioner struggling to get your ROI boosted? We understand how difficult it could be to manage to provide quality dental care to your patients and also look upon improving your revenue at the same time.
The financial success of a dental practice mainly depends on how you’ve strategized dental billing. The more efficiently you’d communicate with the insurance companies, the quicker would be your reimbursements – contributing eventually to the ROI.
If you’re wondering how to come up with the finest strategies for managing your dental billing and reimbursements, we’ve got you covered with detailed information in this blog post.
How Can An Improved Dental Billing Strategy Help Boost Your ROI?
Efficient dental billing is key to generating good revenue. No matter how good the dental care services you provide to the patients and how incredible the turnout is at your clinic, you cannot attain financial gains unless you’re managing the billing rightly.
Since most patients come with a dental insurance plan for their treatments, it’s important that you have a clear strategy for verifying their benefits, informing patients of their co-pays in time, as well as for the creation, submission, and reimbursements of the dental billing claims from the respective insurance companies.
The more clear and straightforward your dental billing strategy, the easier it would be to collect payments from the patients as well as the reimbursements from insurance companies. An effective dental billing strategy can help you collect all you owe without compromising the cost of precious time and effort you’ve spent on procedures.
Here’s How To Best Improve Your Dental Billing Strategies & Boost ROI
Take a look at these incredible tips to improve your dental billing strategies and get inspired!
Ensure Verifying Patient’s Eligibility –
If you really want to see a growth in your ROI, it’s important that you ensure verifying your patient’s eligibility beforehand. Every time a patient schedules their appointment at your clinic, it is your responsibility to verify their eligibility and overview the dental coverage they have and the active benefits they can avail of at the moment.
In case an existing patient of yours has scheduled the appointment, you must verify whether they still have the same coverage plan or it has been changed. Even if they have the same old plan active, you shall also review to see what benefits they still have under the coverage. If they have a new plan, you must go through the entire process of dental insurance verification again.
Ensuring to verify your patients’ eligibility can help prevent the situation where you’ve sent a dental billing claim to the insurance company, and they sent it back, notifying the service wasn’t covered for the patient.
Review Your Contracted Fee Schedules –
Reviewing the cost of dental treatments you provide is essential. You cannot just stick to singular for years and forever. The recent guidance shared by ADA also indicates that the cost of infection control and that of using personal protective equipment is more likely to increase in recent times.
This calls for a serious measure from the dental practitioners to review their contracted fee schedules. The increase in the fee of even a few dental procedures can pose a major yet positive impact on your ROI.
Build Transparent Payment Policies For The Patients –
Most practices don’t consider this as an important factor, but it certainly can play a crucial role in improving your dental billing strategies – contributing majorly to your ROI as an outcome.
Since you’re conducting a patient’s eligibility verification beforehand, you’ll know what services are covered, which of them require co-payment from the patients, and the ones not covered at all by the insurance company.
Having this information at hand, you shall always inform your patients about the co-pays or full payments they’ll have to make. Also, you should introduce transparent policies – asking the patients to pay their fees at the point of service.
In case your patients cannot pay the full amount once, you may also introduce weekly or monthly installments. However, the key is always to inform your patients about the co-pays and ask about their preference for the payment method beforehand.
Having transparent payment policies at your dental clinic can really help reduce the stress of collection, keep the cash flows at your office flowing and prevent the chances of bad debts from your patients at best.
Establish An Efficient Process For Claim Submission –
The key to improving your dental billing strategies and boosting ROI is to have an efficient process established for the submission of dental billing claims. The more accurate dental claims you’ll submit, the easier it will be to get them reimbursed, and that too without any delays or hassle.
To ensure submitting accurate dental billing claims, you must know all the codes correctly, understand the insurance company’s policies you’re dealing with, and, of course, have the most elicit description of the dental treatment you’ve provided to the patient.
Make Sure To Assign The Right Codes –
The most crucial part of your dental billing claim is the codes you assign. ADA has provided dental practitioners with a list of codes against each procedure, and they also keep updating them over time. The ideal way to assign the right dental codes to each of your claims is to be fully updated with the latest list of codes.
If you’ve got a dedicated individual responsible for creating and submitting the dental billing claims at your clinic, you must train them well. They should always be updated with the latest dental codes and know exactly how to create and submit righteous claims to the insurance companies.
If you’re unable to assign the right codes, your claim would likely be declined by the insurance company – eventually delaying the reimbursement and sometimes even minimizing the chances of getting reimbursed.
Keep track of Your Dental Billing Claims –
The most crucial part of your overall dental billing strategy is the traction of your claims. Since the overall financial growth of your dental clinic depends on the reimbursements made by respective insurance companies, it’s important that you keep a track of them.
You cannot just submit the claim, and boom – you’re free from the responsibility. Instead, you have to keep tracking and sending reminders to the insurance companies unless the claims are processed.
The claims also get rejected at times. In such cases, you have to review them, identify the problems and send an appeal to the insurance companies after necessary adjustments. If you fail to do so in a timely manner; you are much more likely to lose the reimbursement of that claim.
Outsource Dental Billing & Get Your Revenues Boosted
The above-listed tips are great to help improve your dental billing strategies and even contribute to maximizing your ROI at the same time. But wait! Do you have all the time to manage to provide quality dental care while implementing these tips at your dental clinic? Most likely not.
To help ease the situation, DentalRevu brings the most exquisite dental billing services to your disposal. We’re a top-tier dental billing company with all the certified industry professionals hired on the team. They’re all experts with years of experience in helping dental practitioners uplift their dental billing game and generate maximum revenue.
All you have to do is outsource dental billing to us, and boom – the rest is our responsibility. From ensuring your patients’ eligibility is verified on time and reviewing your contract fee schedules every year to establishing transparent payment policies for your patients and a streamlined claim submission process, our dental billing experts can do everything integral to boost your ROI.
Join us today and get aboard to witness the unimaginable growth of your dental practice!