If one of your 2023 resolutions is to acquire a new practice, one of the major considerations that you’ll need to make is tax ID management. What are some of the financial and tax considerations that you need to make when you expand your practice by purchasing another or acquiring a new practice outright?
Tax ID Numbers for Dental Practices
Every business, including dental practices, has a tax ID number (TIN) or FEIN. As a result, when you purchase another dental practice, that practice will typically assume the identity of your other practice. While this might seem like a straightforward process, any business owner who has worked with insurance carriers knows that it is often anything but.
What Is Tax ID Management?
There are many different frustrations that can occur throughout the process of switching the tax ID or assuming the tax ID of any business. If you do not swiftly and effectively get the job done, it can lead to serious financial losses and confusion that makes it hard for your practices to operate.
At APEX Reimbursement Specialists, we offer tax ID management services that make the process as smooth and seamless as possible and minimize your risk. We can handle each step of the process from start to finish, including:
- Completing the TIN change with all the insurance carriers that your practice works with (and following up to ensure that everything has been updated properly)
- Credentialing dentists and providers in your practice under the new TIN
- Handling fee schedule negotiation on behalf of the new TIN to ensure that you are receiving the best possible reimbursement
- Managing claims submission so that you do not miss out on potential revenue during the TIN transition process
- Resolving any insurance claim denials that occurred during the transition due to confusion or processing errors
By partnering with APEX throughout the process, you can protect your business and ensure that you are able to start helping patients under your new TIN as soon as possible. If you are ready to learn more about tax ID management, reach out to us today at (410) 710-6005.
APEX Reimbursement Specialists Is Here to Help Your Practice Grow
Whether you’re preparing for the re-credentialing process or looking to explore automating your dental practice, 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.