HOW DENTAL BILLING FIRMS CAN SAVE YOU MONEY
Running your dental practice can be financially difficult. Getting your reimbursements from insurance companies can feel like a fight, but hiring a dental billing firm can make it easy.
Below are some key areas a dental billing firm can help your practice.
Patient eligibility verification is one of the most time-consuming parts of dental billing.
You must know what procedures the insurance payers are going to cover. Your in-house dental biller may struggle with the different policies from the different providers. They must also contend with new updates to your patient’s insurance policies.
Outsourcing the billing to a dental billing firm can save you a lot of time. These firms know the ins and outs of the many insurance companies to expedite the verification process. They also watch for updates and train their staff accordingly, so you’re never blindsided by new changes.
Hiring a biller for your dental practice can cost you a lot. First, you have to pay the biller’s salary and benefits such as healthcare and social security. Then you must cover office space, supplies such as paper and ink, workstation, and training. Your billers must be trained to use your billing software, or it may cause problems. You also have to monitor their continued education to keep up with the new codes and policies. All of your biller’s needs can quickly eat your profits.
Outsourcing this job to a dental billing firm removes all the costs above. Dental billing firms will handle all the overhead costs and training for the billers you get. They can even use your billing software, so you know the ins and outs of the system.
Insurance reimbursements usually make up about 50% of your dental practice’s business. It is, therefore, vital that you avoid claim denials to keep your practice alive. Unfortunately, navigating the many insurance plans and payers is not easy.
Your billers must know the ins and outs of the many insurance plans in the market. They must also properly verify a new patient’s eligibility to find out if their plan covers the procedure. Old patient’s insurance must also be verified because their coverage may change.
Hiring an outsourcing firm to handle your billing can ensure you get your reimbursements. Outsourcing firms hire and train their employees to be experts in dental insurance. Their employees know the ins and outs of each provider and plan to streamline eligibility verification and claims submission.
You can experience claim denials for many reasons. What’s important is your billers know what to do. Your billers must review a claim when you receive a denial. They must find the reason and start the appeals process. Usually, your denied claims can be resent to the payer to get reimbursement.
Your appeals process requires an in-depth review of the denial. When initiating the appeal, your biller must review, refill, and resubmit the claim. The process can get difficult especially if your biller is inexperienced.
Outsourcing your billing allows you access to a team of experienced billers who can
offer a fresh set of eyes to your denied claims. These billers are experts at navigating the different policies of the many insurance companies to appeal and convert your denials into cash. Even your old claims can be turned over to the dental billing firm and converted into cash.
In the end, hiring a dental biller can cost you more than you initially thought. Getting a dental billing firm onboard saves you time and money because you no longer have to pay employee’s salaries, benefits, and overhead costs. They can also remove the hassle of dealing with denials and may even turn your old denials into cash. The advantages of hiring a dental billing firm are undeniable and will only help your dental practice grow.