21 Sep Dental Insurance Verification: Where Your Practice’s Profits Can Go Off The Rails. Or Gain Revenue – And Staff Satisfaction – If Done Right.
Denied insurance claims can cost a dental practice tens of thousands of dollars, but only about 50% of all offices verify patient insurance – a leading source of denials. It’s an important but tedious task that, if approached well can bring big rewards.
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Okay, Insurance Verification is Important.
What methods could be used to verify insurance benefits?
One of the simplest methods is to go directly to payer portals and sites, but payer web portals often have outdated or inaccurate information. That means a phone call to the payer, which usually leads to getting put on hold. Sometimes for 20 minutes or more. And that lost time can add up across all the patients who have insurance.
After that, entering the data into the patient record is just as critical. And just as time consuming. There’s no such thing as a “yes” or “no” eligibility confirmation. Staff has to know the deductible, co-pay, coinsurance, frequency limitations, covered services, plan minimums, and waiting periods of the patient’s plan.
Multiply all that by the number of plans an insurance company has, and all the patients seen, and it becomes clear why insurance verification so often doesn’t happen.
A complicated process that also has to be accurate
Even when insurance verification is performed, if the information isn’t correct or current, the results can be costly, for the practice and for the patient experience. If, for example, the percentage of coverage isn’t correct, it can result in over-charging, which leads to dissatisfied patients.
But The Resource Costs Are Steep
Those costs are compounded by LOST opportunity costs - time staff could spend helping drive revenue and patient satisfaction.
The Solution: Remove Eligibility From Your Workflow
Save Costs, Free Up Staff And Improve Cash Flow
Medusind is your dental insurance eligibility and benefits verification partner.
By verifying patient’s eligibility and benefits in a timely and regular manner, and entering the information in your PMS, your practice will avoid claim denials and delayed payments. We also help your office provide more accurate patient estimates – increasing satisfaction.
As a leading provider of dental insurance verification services, we work with virtually every dental software platform. Our QuickVerify™ proprietary technology, implemented by our large team of experienced agents, ensures that dental practices get complete and accurate insurance information and that the information is entered in your practice management system.
Our clients use us to perform 45,000 verifications every day. Many have been with us for 10 years or more because being a Medusind partner helps their practice:
Learn more about our Dental RCM Solutions and dental insurance eligibility verification services. Then Contact Us to learn more.