Every dental practice relies on its patient base and provider relationships for income. Without consistent income, your dental practice can experience financial instability and eventual closure. By improving your billing and payment processes, you can reduce the variables that lead to delayed payment and increased stress and make your dental practice more economically viable. Here are some of our best tips for smooth end-to-end claims, billing and payment.
Don’t Wait to Submit
When you only submit claims a couple of times a week or month, it can quickly lead to bottlenecks or total breakdowns when a key staff member goes on vacation. Submitting claims every day gives you the ability to stay on top of rejections and keep your billing and payment department running smoothly.
Collect and Update Information
Most dental practices don’t have trouble collecting billing and payment information from their patients, However, many have trouble keeping it updated. Make it a habit of asking patients to confirm their information before their appointment and at their appointment. By routinely asking for any updates, you will catch insurance changes and personal information changes even if patients forget to reach out to you proactively.
Accept Multiple Payment Types
Accepting as many payment types as possible makes it easier for your patients to pay you. When you make it simple to pay, you can accept payment faster and increase your rate of on-time payment. This is especially important as apps like PayPal and Venmo become more common and some patients prefer paying electronically instead of via traditional debit or credit means.
Look Out for Coding Errors
Coding errors happen throughout the year, but they are particularly common when new code updates go into place. Make sure that every member of your team that takes care of billing and payment understands changes to codes. Additionally, you should be vigilant for upcoding and under coding. Both of these practices can lead to losing a relationship with a provider, even though they are often completely accidental. Don’t let an unintentional mistake lead to serious revenue losses for your practice.
Don’t Be Afraid to Outsource
Finally, don’t be afraid to outsource various billing and payment functions at your dental practice. In many cases, taking care of administrative tasks, including invoicing and payment, can take away time from other things, like working with your patients, education, or training. APEX Reimbursement Specialists can help you explore the world of outsourcing to optimize your dental practice.
Make Billing and Payment Easy 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.