14 Jun 34X ROI: How to Achieve It. Who Can Help You Get There
A growing dental group on the East coast had open claims approaching one million dollars that weren’t being paid by the insurance company. Scaling initiatives for acquiring additional practices and attracting investments were suffering because of the substantial amount of owed monies on the balance sheet. The teams’ focus was being pulled from patient care to address the claims issues.
It Had to Stop. They Turned to Medusind.
With the Medusind team handling their A/R, in less than 90 days, this multi-location practice cleared more than 52% of their outstanding accounts, recovering more than 48% of outstanding monies — for an ROI of 34X their initial investment outsourcing with Medusind. Over $343K to be exact!
In less than 90 days...
of outstanding accounts
of outstanding monies
An ROI of 34X their initial investment outsourcing with Medusind.
Over $343K to be exact!
An invaluable resource: www.medusind.com
As a leader in providing high-value content that addresses the many aspects of dental billing that can either advance a practice’s vision and quality of life, or become its biggest stumbling block to success, Medusind has become a trusted resource in a practice’s educational journey.
For this dental practice, the information on aging Accounts Receivable (A/R) on the Medusind website helped pave the way toward a highly profitable solution.
Since the group’s aging A/R problem was only getting bigger, their scaling efforts continually stymied, and the team’s stress factor raised — the questions from the practice’s principals were: Can this be fixed? Can you work inside our existing practice management software so that we all don’t have to start from scratch? Can you make it easy in our world?
The Medusind Answer: Yes
Aging A/R is already a super-stressor. It doesn’t need a solution that’s going to cause more problems. We work inside a practices existing practice management software (PMS). So, there are zero barriers to entry. There are no reports to download or Everest-high learning curves to scale in order to get onto a special platform. We’re just going to become an extension of the existing group and help navigate the A/R process from claim generation to collection.
Big deep breath right there.
Medusind Gets it Done
Here’s what we did for this practice, and for every practice burdened with aging A/R: We find out what’s missing from a denied claim so we can resubmit it successfully. If the information isn’t readily available, we’ll get the information from the respective office. If a claim is past its resubmission window or the documentation doesn’t exist, we’ll close the claim. Either way, outstanding claims move toward resolution. Balances that are appropriate to be transferred to the patient side are re-allocated.
The Medusind team is on it – every day. Any claim that’s about to cross the 30-day threshold gets our attention. We proactively move forward to achieve Paid status efficiently with no stress for the team, and a solid financial picture for expansion.
Dental practices across America outsource Aging A/R with Medusind for:
- Updated claims count
- Completed documentation
- Communication with the insurance companies
- Accurate Resubmissions
- Expired resubmissions closed
- Balances appropriately assigned
- Claims approaching the 30-day mark
