There are a lot of benefits to be gained from engaging in dental billing outsourcing instead of trying to do everything in-house.
The average dental office faces daunting financial challenges which makes achieving consistent cash flow difficult, and at times what feels impossible. But, trusting an expert instead for dental support services can make a world of difference.
Why more companies are outsourcing dental insurance verification and billing
The most important factor of operating a dental practice is maintaining consistent cash flow. Through the outsourcing of dental insurance verification tasks and other billing work, you can achieve this goal much faster. By outsourcing to a reputable company, you are decreasing your expenses, creating a more efficient workplace for your employees, and limiting the demands of technology to keep up to date with the current electronic data interchange (EDI).
As the demands of patients and the need to manage a productive schedule and effectively present and close treatment plans increase, errors become more frequent and more serious. Outsourcing ensures everything gets done right, while leaving your front desk team to manage your schedule and focus on treatment plan presentations.
The average hourly rate for staff to process claims is $18/hour, not including taxes, cost of workman’s comp, vacation time, and bonuses. This costs close to $50,000 annually when said and done. Are you getting the results you need for the amount you’re spending?
How it works
It takes an expert with time, persistence, clinical knowledge, and constant follow-up to work with insurance providers.
NMG Practice Solutions systematically works insurance claims and predeterminations on a weekly basis, ensuring the process is seamless so you can get your reimbursement as quick as possible. We clean up unresolved claims and patient balances, and increase cash flow. We also maintain bi-weekly conference calls with clients to update them of any issues that may inhibit claims from being processed
We stay abreast of State and Federal Laws that dictate how you balance bills for non-covered procedures. We send out clean claims the first time, eliminating the delay and denial due to additional information needed to process a claim. Typically, we get claims paid and resolved within 3 weeks, boosting your cash flow, keeping it consistent, and increasing your collection ratio to a healthy 99%.
Is it time to make the switch?
As practices get busier, patients become more demanding, and accounts receivable and insurance processing falls to the wayside, you start to see restricted cash flow, angry patients, inaccurate balances, and a spider web of financial problems.
When it’s time to consider outsourcing dental claims:
- Constant front office staff turnover. It takes experience with the proper coding, laws, regulations, and clinical knowledge to complete billing tasks.
- A collection ratio of less than 98%/
- Patients upset about their claims not being processed or who do not understand their balances.
- Low insurance reimbursement rates and delayed insurance payments
- High adjustments without clear and legitimate justification.
Benefits of utilizing a company to outsource your dental claims and accounts receivable processing:
- Your practice is guaranteed to save money. At a fixed rate to pay for this service, you avoid paying employer taxes, vacation time and medical contributions, and have the tax benefit of utilizing professional services.
- Increased cash flow and regular insurance payments.
- Monthly patient account receivables being processed.
- Significant reduction in account adjustments.
- Staff members not being overloaded and enabled to spend more one on one time with your patients.
- Consistent and accurate coding, eliminating the risk of an insurance investigation due to insurance fraud red flags.
- The ability to spend more time on your practice marketing, networking, and communicating with your patients.
Outsourcing your dental insurance processing and your accounts receivable will give you the relief of using a trusted company, and will minimize financial risks and setbacks while boosting your revenue. Learn more about our services and contact us today to learn how we can help make insurance verifications and billings easier for your practice.