As a dental practice owner, one of the many key decisions you need to make is which insurance providers to accept. The insurance providers that you choose to work with can significantly impact your patient base and revenue. What are some of the factors that you should think about?

Know Your Demographics

Before choosing insurance providers, it is essential to understand the demographics of your patient base. What types of insurance do your current and potential patients often have? Are there any major employers near you that work with specific insurance providers that you don’t accept yet? By making sure that the insurance providers you accept line up with the needs of your core patient base, it will be easier to attract and retain more patients.

Check the Reimbursement Rates

Even though they are negotiable, knowing the baseline reimbursement rates is a critical factor in choosing which insurance providers to work with. Different insurance companies offer varying rates for the same procedures, and you might be surprised by how much they can vary. It’s critical to compare these rates and understand how they align with your practice’s financial goals. Make sure that you work with APEX Reimbursement Specialists for your reimbursement rate negotiation needs.

Read the Coverage and Exclusions

Take the time to thoroughly review the coverage details and exclusions of each insurance plan. Some plans may cover a broad range of dental procedures, while others may have major limitations or exclusions. It’s a good idea to ensure that the plans you accept offer coverage for all or most of the services you offer. By ensuring a good match between what you offer and coverage that your patients carry, you can minimize future patient dissatisfaction and financial disputes.

Learn the Size of the Network

The size of an insurance provider’s network is not everything, but it can play a big role in how much your potential patient base will expand. Larger networks often mean more potential patients. However, you should also consider the level of competition within the network. If many other dental practices in your area accept the same insurance, you’ll need to find ways to stand out to still attract and retain new patients.

Examine the Contract Terms

Insurance contracts can vary a great deal from provider to provider. Make sure that you carefully review the contract details with your attorney and other stakeholders at your dental practice. Pay close attention to details like fee schedules, reimbursement terms, and the duration of the contract. Some insurance providers may offer more favorable terms than others or be more open to negotiation.

Don’t Forget Growth

Finally, you should consider how accepting different insurance providers might impact the growth of your practice. Will the plans help you attract new patients, particularly in demographics or areas where you want to expand? Will working with this insurance provider allow you to offer new services or invest in new technologies? Aligning your insurance providers with your long-term business goals can help take your practice to the next level.

Improve Your Dental Practice Revenue with APEX Reimbursement Specialists

Whether you’re looking for a way to make revenue cycle management at your dental practice 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.