The challenges in dental billing mainly occur when it comes to the dealing between dental practices and the dental insurance verification companies. The dental practices have to submit their claims to receive what they owe, while the insurance carriers tend to reject claims that do not align with their set parameters.
The claims usually do not comply with the parameters of insurance carriers because of their complexity. The claim forms are also very complicated, and the policies of the dental industry keep updating at a much more frequent pace. All of this makes creating and submitting the right claim forms really difficult for most dental practices, losing around 9% of their yearly production.
The figure 9% might not make an impact that real numbers can. So, an average dental practice tends to earn somewhat $1,500,00 every year. If you’re anything near that – you’re probably losing $135,000 off your total earnings due to denied claims.
Guess what? This uncollected revenue multiplied to something near $ 4,050,000 in 30 years. And keep the fact in mind – all of this uncollected revenue is what you’ve hard-earned from the practice. So, do you want to lose all of this revenue you truly owe?
No sane business would want that, right?
And the worst part is that dental billing challenges are not only limited to this growing uncollectible revenue.
The Dental Billing Challenges You Face As A Practitioner
You face many more challenges every day as a dental practitioner when dealing with dental billing procedures. They include –
The Cash Flow & Staff –
Since dental billing and insurance verification is complicated, it certainly requires professional expertise and skill set to get the job done. From engaging patients and maintaining the office to conducting insurance verification, creating claims, submitting them, and ensuring to collect them the right way – the staff has got a lot on their plate.
Even the most professional office managers tend to negatively impact the cash flows with this complicated load of work. In addition to that, dental offices usually tend to deal with claims in the form of batches – leaving behind a week or month of inflow on hold. The outcome is – most of them get denied and delayed due to the lack of information, and the reclaim process is much more difficult than it would have been if the claims were sent right after the treatment.
The Patient Care Experience –
A very alarming challenge you’ll have to face while handling the dental billing process at your clinic is providing an adequate patient care experience. While the primary concern for a dental practitioner is the patient’s health, most patients think of the financial burden associated with treatments they’re recommended with.
Though they have insurance policies covering most of their dental procedures – a common patient lacks enough information to utilize those benefits rightly. As a dental practitioner, it is your primary responsibility to help patients make the most of their insurance benefits.
Accurate financing that’s free from all kinds of unannounced and surprise copays is definitely a major contributor to the overall patient care experience. And dealing with your dental billing processes in-house makes it a lot of challenging to maintain the expected quality of patient care experience.
How To Overcome The Challenges of Dental Billing?
Do you feel overwhelmed by the above-mentioned dental billing challenges?
They sure are overwhelming and do impact the growth of your practice at the same time. Even if you have hired dedicated dental billing professionals at your clinic who are not burdened with anything else than the core job – their absence or resignation can lead to a deprived patient experience. Also, hiring just one dental billing professional is not enough. It’s a full-scale operation that requires multiple different skill sets and experiences.
You can either hire a full-fledged team of dental professionals in-house and bear an unimaginable financial burden or simply outsource your dental billing operation to reliable service or company.
Which of these alternatives seems great?
While hiring an in-house team of dental billing professionals could be great, outsourcing the entire operation is cheaper and more effective.
What Makes Outsourcing Dental Billing A Beneficial Alternative?
If you want to excel at the dental billing operations of your clinic, meaning to reach a place where you’re collecting everything that you owe – you need tons of knowledge, experience, and skill sets that suit the field. The daily challenges of managing the staff, employee turnover, the complex insurance ecosystem, and the never-ending complexities of the dental codes and policies – all make a lot clear why outsourcing the entire operation is a beneficial alternative.
The core operations managed at your clinic make it difficult to dedicate uninterrupted resources and hours required for effective information gathering, insurance verification, claim submission, and collection. Thus, it’s almost necessary to acquire dental billing solutions from some professional service or organization.
You can argue here – why not hire a dental billing specialist in-house? Well, an average individual will cost you around $20 per hour, excluding the cost of onboarding and other overhead expenses. The cost can multiply up to $36,000 per year. That’s excluding all the taxes and related expenses. Outsourcing your operations to a dental billing company is way less costly, especially because they exclude all overhead costs.
What Are The Benefits of Outsourcing Dental Billing?
While the most prominent benefit of outsourcing dental billing is an impeccable recovery of all your uncollected revenue, it comes along with a lot more goodness.
Take a look at these amazing benefits of outsourcing dental billing, and get inspired!
- Improved cash flows and uncluttered, fastened payment procedures
- Declined errors in the billing claims resulting in maximizing the rate of reimbursement
- Faster adoption of technology with reduced paperwork and the fear of losing important data
- Saves time and effort of your in-house staff that could be spent on their core jobs such as patient care and management, etc.
- Enhanced patient care experience and loyalty with transparent guidance related to insurance benefits and coverage
Ease Your Hassle With DentalRevu Today!
Do you also want to get rid of the tiring dental billing challenges? Earn everything that you owe straight, and provide a premium dental care experience to your patients at the same time?
We’ve got for you the perfect dental billing solution. Outsource your entire operations to DentalRevu and free your mind from all the hassle. We are an expert dental billing service equipped with dedicated experts in each area of the billing process and all the latest technology required to run a smooth system.
We can help reduce existing account receivables to a negligible figure, maintain a positive flow of cash and revenue, and provide your patients with all the coverage information they want to know before you even begin with their treatment.
Save yourself from the hassle and hire DentalRevu as your dental billing partner today!