What is Dental Billing Outsourcing? Dental Billing Companies for Patient Billing
When anyone signs with any dental billing company, then offices assign to an expert. It could be experts depending upon the size of the practice. The experts are the ones who would work on your insurance billing on an everyday basis. Your biller will be the one who would get to know about the team and also about your ongoing billing process, and would also look through wheatear there are any improvements that could be made.
In-house dental team members handle all these tasks. Outsourcing is a thing that helps and allows businesses to chop the costs of labour and training.
It doesn’t matter whether your office is a PPO dependent or if it is a fee-for-service. Insurance billing tasks provide a quality service to all your patients and cash flow to the practice.
In-house tasks managed dental billing, and now third-party agency manages it. These third-party agency entirely manage such tasks. This can result in more focus on patient care.
When you outsource any business it eventually helps in cutting down the employee costs and training. Additionally it also saves time and the hassle of hiring and management etc. Thus the benefits are plenty. Dental billers are the best people to outsource your billing work for a dental clinic. The billing team and the office manager are best for dental professionals to obtain accounting services. If you have outsourced billing to the best dental billing company then you can hike your dental practice’s growth.
New advanced technologies and secured access to software nowadays. Hence they have made it possible for outsourcing such complex and tiring administrative work to the dental billing company.
Now a question might arise in your mind why should I outsource my dental billing process of mine?
Why Should I Outsource My Dental Billing Processes?
Just operating a successful dental practice is not the only thing that could lead to great dentistry. There are so many moving parts that require skills and experience in the order for the dental practice to make it successful. The dental billing process is an important thing. The insurance of dental claims codes they are more complex than ever, making specialized dental billing expertise an important thing and also making it more and more of a necessity and important. Do you know that, with the exception of dentistry and dental hygiene procedures, the majority of the skill-based tasks mentioned above can be outsourced?
There is so much for the dental administrators to perform on the regular basis in the dental office, this includes scheduling, treatment planning, marketing, cross-training, etc. There is no surprise that a good amount of 70% of dental practices are not fully collecting which means what they are owed and the insurance claims due to the missed dental billing processes. Whereas outsourcing your dental billing processes of yours to a trusted source ultimately means adding dental billing experts to your team that would work directly with you in order to get a 100% of what you are rightfully owed from the insurance companies on services that are rendered.
The dental administrative teams are the ones who are spending too many unnecessary hours in which they are trying to work out the convoluted dental billing processes.
With the average insurance hold time at 52 minutes per claim, dental administrators are spending exuberant amounts of time on the phones. Well, outsourcing these time-consuming dental billing processes helps in freeing up their time for a schedule to goal, increasing treatment plan acceptance, connecting more with patients, setting goals, and many more things.
Which Are The Most Common Outsourced Services In Dental Practice?
There are many dental practice revenue cycle management responsibilities that are typically outsourced for alleviating unnecessary stress from the practice owner and the in-house team by freeing up time and by also preventing employee burnout. Below enlisted are some of the most common outsourced services:
# 1. Lab work
#2. Payroll & Accounting
#4. Equipment maintenance
#6. Employment agreements & HR management
#7 Dealing with insurance based on your insurance company
#8 Billing Manager help within the dental domain
#9. Efficient billing in the dental industry
Why Is The Dental Billing Department A Vital Thing?
Dental billing bounds every aspect of sending a completed treatment to the insurance carrier for reimbursement as per the insurance plan of the patients. This begins by ensuring the correct CDT codes that are on the claim and it ends with a payment from the insurance carrier.
But there are many steps that are involved in between, and if even one of those steps gets missed or if it is skipped then it can result in payment from the insurance carrier for being delayed or it can even end up worse or could get denied completely. This is the reason why it is important thing to have dental billing experts at your corner.
For example, the critical dental billing process is verifying the claim information is correct. This includes everything from the subscriber information to the insurance information to the CDT codes. Claims get denied due to incorrect or missing claim information which is the majority of unnecessary insurance denials and delays in payment.
The medical billing industry can offer accurate dental back office help and they can streamline your dental core works including dental billing.
Key Benefits As You Outsource Your Dental Billing:
With overall operations of practice and good billing, companies get engaged in great communication with the in-house office team. This also leads to accountability across your entire team. Whereas having the outside perspective is advantageous thing for the internal team. Billing company solves the issues, when something does not occurs properly.
If the billing company sees certain tasks are performed incorrectly or if they are not performed at all, then they can inform the team and get issues corrected.
This could be anything from data entry issues, misplaced x-rays and narratives, claims not being created, fee schedules being inaccurate, etc.
While sometimes an extra someone identifies the issues that would have been missed internally. Dental billing companies is an extension of your own team. Multiplying the number of employees is the result of same goal of collecting for what you have produced.
#1. Dental Admin Support: Medical Billing And Coding, Account Receivables, Dental Insurance Billing
There are many billing companies that can set aside time with their office so that they could train on certain aspects of office administration. This could be anything from how to do insurance for the verification and how to enter fee schedules.
#2. Watch for embezzlement: Dental Accounts, Denied Insurance Claims
This is a vital issue for many offices across the country. Scammers and embezzlers are quite a sharp thing. Embezzlement using virtual credit cards is just a single way in which this occurs. Dental billing companies know how to avoid this and can be a watchdog for your collections.
#3. Plan for Inevitables: Sudden Billing Needs, Covid Shutdowns, Claims And
When the production slows down altogether, then an outsourced dental billing company would be still there and they would work for the claims and continue by also adding value to your office.
What Are The Challenges When It Comes To Outsource Dental Billing?
Now that you have come across the advantages and benefits that are related to outsourcing your dental billing, hence it is also important thing to understand the challenges that are related to it. None of the systems is absolutely perfect. An outsourced dental billing company’s introduction into your office dynamic can potentially be a strain on the culture.
Know outsource dental billing problems and solve them accordingly. What are the requirements that you need to prepare for, having all this knowledge will help in the setting of your office and for success, you should choose to employ one. Outsourcing to dental billing could also result in delay in processing dental billing and coding services, dealing with dental insurance, rectifying billing errors, and including insurance to offer additional services.
Why Do Many Companies Choose To Outsource Dental Billing Services?
Now that you have known what dental billing service is and the advantages, and challenges related to this entire process. Now we would discuss why there are many companies who opt for outsourcing their dental billing services.
#1. Helps To Achieve Goals Faster:
Well, the most essential factor for performing dental practice is to maintain a consistent revenue flow. Outsourcing dental insurance verification tasks and other dental billing work can easily help in achieving the company’s goal much faster and more instantly.
#2. Decreases Overall Expenditure:
Outsourcing for a reputed company eventually decreases the overall expenditure, by creating a more efficient workplace for your employees and this also limits the demands of technology in order to stay updated with the current electronic data interchange.
When demands of patients predominantly increase, then management of a productive schedule, and effectively present and close treatment plans also increase simultaneously. As a result, the errors become more frequent and get much more serious.
#3. Right Outsourcing Makes Everything Correct:
Right outsourcing dental billing services makes everything correct. While leaving the front desk team to manage the schedule and focus on treatment plan presentations.
Well on average, hourly rate for staff to process claims is $18/hour, and this also includes taxes, cost of workman’s comp, vacation time, etc. Thus this costs close to $50,000 annually when said and done. How does it work?
When Is The Correct Time To Consider Outsourcing Dental Claims?
#1. It takes an experience with the proper coding, laws, regulations, and clinical knowledge in order to complete billing tasks.
#2. A collection ratio of less than 98%.
#3. Patients are upset about their claims not being processed or the ones who do not understand their balances.
#4. Low insurance reimbursement rates and delayed insurance payments.
#5. High adjustments without clear and legitimate justification.