At APEX Reimbursement Specialists, we help dental practices to streamline and improve existing practice management techniques for higher profits and better results. As it happens, we encounter many small errors that add up to serious financial losses and consequences for practices. APEX recently worked with a client who was recommended a fee increase and surprised to see that the fee schedule seemed to be lower than what was on file. In reality, the original schedule was not correctly entered into the practice management software, and the company had the wrong information on file. Human error and incorrect information can make practice management difficult.
Why Accuracy Matters: Your Bottom Line
In the above example, the wrong fee schedule was on file at the dental practice. Using the wrong set of fees, whether it is for reference or for billing, can lead to insurance companies denying claims, patients getting sticker shock or your practice collecting less than you need to. Your bottom line depends on your ability to accurately bill patients, receive payments from insurance agencies and charge the right fees for the right services. An external review for compliance can assess whether or not you’re billing the right amounts and staying consistent throughout your practice.
Why Accuracy Matters: Your Patient Health
While errors in your practice management might seem separate from medical errors, one can lead to the other. Human error in charting a patient’s medical history, procedures, side effects and preventative screenings can all negatively impact patient health in the future. Risk management is essential, and also closely tied to proper practice management techniques. A single error in entering medications a patient is currently taking could lead to an improper prescription and a host of terrible side effects.
Why Accuracy Matters: Your Protection Against an Audit
Dental insurance companies will often pay for preventative services and basic services without much resistance. However, significant payments and major services can lead to a company asking for supporting documentation and treatment notes. In other words, an audit. Beyond these papers, it is not uncommon for a company to request consent forms, treatment notes, medical histories or patient payment ledgers. If your practice management software and patient notes are not accurate and filled with human errors, an insurance company will not be understanding. Instead, they can utilize those inaccuracies to show why they should not reimburse you.
Work with the Right Practice Management Partner
Whether you’re concerned about accuracy at your practice or worried about an audit, our experts can help. It’s essential that you partner with someone who knows the dental market and understands how to turn a great practice into a great and profitable practice. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.