Dental Billing Advice
The right dental billing advice can help your practice earn more. Running a dental practice is not easy because your training as a dentist does not include financial management. Read on to find out steps you can take to increase your revenue.
Auditing your aging claims regularly can show you the many outstanding claims at risk of missing their timely filing deadline. These claims must not exceed their timely filing deadline, or you may lose thousands of dollars.
Best tips for auditing
- Create a regular auditing schedule at least once a week to ensure you do not miss timely filing deadlines for old claims.
- Learn all of the different timely filing deadlines for payers when creating your auditing schedule.
- Double-check your electronic claims and make sure they are sent to the clearinghouses or the insurance companies.
- Gather the missing documentation to ensure your claims are processed.
- Watch your orthodontic claims because some may need an orthodontic statement to receive quarterly payments.
Check Your Patient’s Balances
Canceled/missed appointments and uncollected balances cause lost revenue. Reminding your patients about upcoming appointments and balances may help.
- Sending daily reminders for patients that make partial payments may result in payments.
- Review approaching and canceled appointments. You can try asking for a deposit to secure appointments and remind patients of their upcoming balances.
- Apply multiple payment options that allow for flexible yet accountable payments to your practice.
Adjust Your Fees
Most of your insurance reimbursements are calculated by checking the cash fees reported in your area yearly. You must do regular checks to ensure you’re earning what you’re owed.
- Check your UCR cash fees yearly to maintain an even playing field against the competition.
- Get with the highest paying insurance network because insurance carriers compare how many networks you share and will pay the lowest fee possible.
- Consider a 5-15% fee increase across the board to cover your PPE costs. Check your state if charging for PPE is allowed.
- Get with a marketing team and target high-dollar procedures to get more revenue. You can also offer discounts to get people through your door.
Apply Updated Codes
Coding updates are implemented regularly. Your claims will be denied if you use old codes, so please check for updates and implement them. Get your billers the training they need to keep up your revenue.
Your education as a dentist doesn’t teach you accounting and how to run a business. You may be prepared to handle patients, but not how to run your practice. Recruit admin staff with business education/training. As a dentist, you should also take some business courses to understand how to run a practice. These courses may give you knowledge that can benefit your practice.
Make sure your staff is also trained to do other tasks that aren’t their jobs. The redundancies will ensure your practice won’t suffer if one of your staff goes on vacation, calls in sick, or leaves.
Outsourcing can help you run your practice while saving you money. Your staff may be overworked from organizing appointments and files. Outsourcing billing allows your staff to focus on taking care of your patients for a better customer experience. Synapse can handle your billing to prevent loss of revenue from errors in coding and missing deadlines. They are staffed with well-trained billers to handle your finances, so you can focus on your patients.
In conclusion, auditing, checking patient balances, adjusting your fees, updating your codes, providing training, and outsourcing billing can all increase your revenue. Running a practice requires proper business practices to keep your practice sustainable.