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6 Strategies to Increase Dental Practice Revenue

by | May 27, 2022 | Podcasts, Dental Billing & Coding | 0 comments

One of the leading dental billing companies in the U.S., Outsource Strategies International (OSI) is a reliable provider of comprehensive dental eligibility verifications and other services.

In today’s podcast, Loralee Kapp, one of our Solutions Managers discusses some strategies that can boost dental practice revenue.

Podcast Highlights

00:33 Perform patient benefit verifications

01:06 Review the contracted fee schedules

01:47 Establish clear payment policies

02:21 Assign the correct codes

02:39 Ensure an efficient claim submission process

02:57 Track claims

Read Transcript

Hi all, this is Loralee Kapp, the Solutions Manager with Managed Outsourced Solutions. Today, I want to discuss with you strategies to help boost your dental practice’s revenue.

The financial success of a dental practice depends greatly on proper communication between the practice and insurance companies. This proper communication will help maximize your reimbursement. Outsourcing your back office needs to a reputable billing company can make this process much easier. Here are 6 strategies to boost your practice’s revenue.

00:33 Perform patient benefit verifications – The success to billing depends on performing comprehensive dental insurance verifications before services are rendered. Comprehensive verifications should include checking the patient’s eligibility, coverage as well as active benefits with the insurance companies as well as verifying the demographic information. An important step is to ask if there has been a change to the employment status of your patients. Such a change may affect the coverage of their benefits.

01:06 Review the contracted fee schedules – The fee schedules are constantly changing. It is important to review them annually to help ensure the long term financial success of your practice. In order to review and readjust fee schedules, you will need to individually negotiate fee increases with third party payers. The ADA news reports say that dentist may need it to provide payers with the information such as – the desired fees for procedures, the costs associated with operating the business, and the date when the fees were last revised. It is also very important to review your contracts with them very carefully.

01:47 Establish clear payment policies – Establish clear payment policies for patients such as – collecting a patient’s copays or fees not covered by their insurance at the point of service can help reduce the outstanding claim, having a written financial policy outlining the patient’s obligations and what happens if they are not meant as a proactive strategy. In order to ensure that you are collecting payments, it is important to implement a process of sending out statements on a weekly, bi-weekly or monthly basis.

02:21 Assign the correct codes – As ICD 10 and CDT codes are constantly changing, it is vital to ensure that you are signing the correct codes for procedures and services rendered. This is very important as assigning incorrect codes and modifiers can lead to allegations of fraud.

02:39 Ensure an efficient claim submission process – Having a proper system in place to timely submit insurance claims is crucial to ensure reimbursement. Submitting claims the daily and implementing a system of reviewing claims for accuracy before sending them out can help improve the turnaround time.

02:57 Track claims – This is one of the most important services provided by dental billing companies. We regularly monitor claims to ensure the timely correction of any issues. Tracking the claims process ensures timely follow up in payment posting. If a claim is rejected the claim can quickly be appealed with the necessary adjustments made. Many providers have chosen to rely on experienced dental billing companies as a cost-effective option that can help increase their practice’s revenue as well as ensure efficient claim submission and maximize your reimbursement.

For more information on how Managed Outsource Solutions can help you with your back office needs, please contact us.