Posted on March 19, 2020
The dental profession in the US is going through a transition stage right from the start of this decade. One major factor which influences this transition is that of the changes and challenges in the financial sector. Some published stats from the U.S. government talks mostly of the annual spending in the Dental department, which has increased in the last year. Also, the number of new dentists entering the sector carries a considerable amount of loan debt. These changes prompt a shift in dental practices from solo to group or corporate practices.
Yet a typical dental office in the US cannot afford to appoint a dedicated team member looking after the insurance claims and patient billings. Now that the medical industry becomes more dependent on the various insurance schemes, many practices have outsourced medical billing, realizing that it is the most efficient and productive way to do.
The dental industry witnessed the change from fee-for-service to insurance schemes, which opens for high-quality dental billing expertise. There is formal training for the dentist, assistant, and hygienist as well. But each office staffs including the dentists have their duty to take care and might disastrously end up in improper billing.
Considering the changes in Dentistry, there is a need for efficient planning to limit the expenses. One step towards this can be the adaptability of technology investment and expert assistance by outsourcing services for more productivity and cost-effectiveness. “Offices that have skilled, motivated, and sharp team members working on accounts have no more than $3,000 to $5,000 in over 30 days aging (total insurance and patient balances) for every $80,000 of monthly production” read a report published in Dentistry Today.
To be more precise about the fund that’s spent on individuals in the dental office, we can see that a typical dental office structure on average has one dentist, a hygienist or two, and an assistant or two. There also may be an office manager who covers the front desk and manages the needful resources. So these accounts need to be included in the billing department along with Patient Billings and their Insurance procedures.
Most of the time patients never pay their hospital bills in full, and for dentists, the challenging part is collecting the due amount from them. Patients often find it hard to understand between their duties and their insurance company’s duty. By outsourcing medical billing, you hire staff who are keen on collecting the money and maintain the professional quality and educate the patients of your duties.
Medical Billing requires a lot of paperwork. There can be n number of boxes and files, filled in drawers and cupboards with information related to billing. But if you outsource, all such documents become the outsourcing company’s burden. Your practice will look more orderly and clean that leaves you with more space for new patient records. You also may be able to get rid of unwanted furniture from your office since you don’t require any specific person to sit behind it and that leads to the second point.
When you hire a particular person just to do the billing part, you need to pay him/her a good amount of money by the month-end. Not just that, but they are the only person who knows the ins and outs of how you are running things. So if the person quit suddenly, then there will be a pause in your billing department until the next person picks it up. But if you outsource, then there will be a whole team of people working for you. That way, someone will always know what’s going on.
Billing issues are quite stressful to deal with. If you find your receptionist debating with patients over their bills, then you can understand the amount of pressure they are taking in. By outsourcing, either you or your receptionist doesn’t have to deal with such phone calls. They will be much more relaxed and able to help patients in your office.
While you spend time focusing on billings and insurance processes, you are wasting the energy that you could use it for your patients. Consider outsourcing so that you can put your attention where it needed more.
Imagine you are filing large amounts of paperwork that are inappropriately arranged and prone to errors? Even having such thoughts are nightmarish. But, if you outsource to a company that specializes in medical billing, then you will have a significantly fewer number of errors than when you do it on your own. This helps the patients as well. Patients can become highly dissatisfied if they get any excess amount on their bill. By having accurate billing techniques, your patients will feel that they can trust you and make often visits to your practice.
Since you are following the outsourcing method, there can be no room for errors, this way you don’t have to hire someone to run the billing department in your office. You will also save money because you won’t have to purchase any billing software.
When you spot blockages in your cash flow caused by poor billing, it might be too late to save your practice from going broke. But, when you outsource your billing, things will run much more smoothly. You will be able to manage your finances better and stay on top of the game.
Most importantly, outsourcing helps your patients to have a convenient and anxious-free time while they visit you the next time. Patients find it hard to go to the dentist and consider it a stressful experience that gets intensified when the bill comes. Outsource your bills; then your patients will be able to deal with a professionally trained staff whose sole job is to properly handle their bill. In return, they’ll continue coming to your Dental office in the future.