Keeping track of collecting activities can be difficult for most dental practices. When your accounts receivable rise, it is usually due to a bad collection process. The rotation of accounts receivable can have a major influence on profitability. You must resolve the collection concerns as soon as feasible. You will have quick access to your funds once you have converted the accounts receivable into cash. You can improve the equipment, acquire and educate additional employees, and introduce more efficient office operations to increase the dental practice's income.
Tips for improving the billing and collection process in dental practices include:
Check your patient insurance as soon as possible-
When scheduling an appointment, the first step in the billing process should always be to inquire about your customers' dental insurance plans. You will know exactly what the timely filing procedure is and what the coverage includes or does not include if you obtain the information in advance. You might inquire about deductibles, yearly maximums for frequency limits, and even the missing tooth clause or noncovered items or services. It will not only increase your insurance collection rate, but it will also help you avoid difficulties such as mailing claims or treating patients who do not have active coverage.
Before beginning therapy, obtain quotes-
Instead of shocking patients with unexpected charges, you should always offer a cost estimate before beginning therapy. You've also gone through the payment rules and conditions. If your patient has a limited budget, you should suggest some alternative therapies to make the expensive therapy more doable.
The more you explain your dental practice and streamline payment, you will go through less confusing billing and collection processes that are less likely to negatively affect the firm.
If possible, collect money in advance-
It is usually necessary to establish the initial payments before therapy begins. It may not be possible to collect the full phase for expensive operations, but you can always seek payment of the service for less expensive treatment, which may help to reduce your collections.
Provide a wide selection of payment choices-
Accepting debit and credit cards and asking for direct deposit allows you to encourage more patients to pay on the spot or immediately once the services are completed. If we do not currently have these choices, you should explore offering third-party financing. External payment plans are beneficial because they allow more patients to afford expensive or non-covered procedures, and they can also help you avoid chasing down payments.
Forward your insurance claims every day-
The quicker you file insurance claims, the faster your dental clinic will get compensated. You must invest in software to electronically file your claims and speed up the collecting process.
Getting support with your billing and collection process is one of the finest methods to maximize your accounts receivable conversions and keep past-due sums in the check.
