Dental practice acquisition can be a fantastic move, as it gives you a practice that is already in operation. This allows you to skip over some of the more tedious parts of starting your own practice and reap the benefits of someone else’s labor. However, it also means that you’re taking over their messes as well. When you are buying a new dental practice, there are certain billing and credentialing considerations that you need to make.
Examine the Financial Statements Ahead of Time
When you are buying a new dental practice, it’s good to know how their billing is currently going. Take a look through the last three years of their income statements and tax returns, and make sure that they are consistent with information elsewhere. Examine the revenue and expenses and look for red flags like high accounts receivable. These can be a sign that billing is not currently going well and you might need to immediately implement new systems.
Know What You’ve Acquired
Before you can adjust billing and credentialing at your new dental practice, you need to know all current contracts and agreements. Are there any termination fees or auto-renewals that you need to be aware of? Are there any packages that the last dentist offered that you do or do not want to continue? It’s a good idea to sign updated agreements with vendors. Insurance carriers will require you to complete the credentialing process with your own information.
Start Early With Credentialing
The credentialing process can be lengthy and tedious, so it is always best to start the process before your new dental practice acquisition is complete. This will ensure that you are able to see insured patients right away and not have any hiccups in your cash flow. When completing the process, you should make sure that you:
- Get provider numbers
- Submit all of the appropriate credentialing applications to insurance carriers, including any relevant documentation
- Consider saving time on the credentialing process by working with a third party like APEX Reimbursement Solutions that can streamline things for you
- Maintain your credentialing status once you’ve completed the process
Take Care of TIN Management
When you buy a new dental practice, you’ll need to take care of tax ID (TIN) management. This process has to be completed when assuming the tax ID of any current business or changing the tax ID. If you don’t take care of it in a timely fashion, it can lead to losses. One of the services that APEX Reimbursement Specialists offers is TIN management. Through this, we can:
- Complete your TIN change with all insurance carriers
- Credential the providers and dentists in your practice with the new TIN (or switch them to another TIN)
- Complete fee schedule negotiation
- Handle any claim denials that might have occurred in the transitional period
Improve Your Dental Practice with APEX Reimbursement Specialists
Whether you’re looking for a way to make the insurance verification process easier or hoping to improve your overall patient communication plan, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.