02 Dec Dental Insurance Verification
Dental Insurance Verification: where your practice’s profits can go off the rails. Or gain patient satisfaction if done right.
Denied dental insurance claims can cost a dental practice tens of thousands of dollars, yet only about 50% of all offices verify patient insurance. Why is this happening?
Often, office staff does not have the time to perform eligibility and benefits checks. Payer web portals often have outdated or inaccurate information. That means a phone call to the payer is required, which usually leads to getting put on hold to reach a representative. Sometimes for 20 minutes or more.
After finally getting the information, 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 it becomes clear why insurance verification doesn’t happen.
- Eligibility and benefit verification is the single most expensive activity associated with claim generation
Manual verifications by dental office staff cost dental providers $8.07 per transaction 20 patients/day = $160/day to verify insurance for just one provider’s daily schedule
There’s an even more critical downside to not verifying insurance eligibility
More damaging to a dental practice than revenue loss from verification failure is the impact on patient satisfaction. When patients receive surprise bills from denied claims they stop making referrals to the practice. Or they leave it. And since competition in the field is only increasing, an insurance verification that isn’t made suddenly becomes very, very expensive.
The solution: remove eligibility from your workflow
Insurance verification has reached a level of complexity that requires a professional to do the job right. That’s why the best solution is to remove the burden of checking eligibility and benefits from your workflow altogether, and use a trusted RCM professional instead.
Medusind is your dental insurance eligibility and benefits verification partner
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:
- Increase staff focus on patient satisfaction rather than paperwork
- Enjoy smooth interactions with patients. Eligibility and insurance information is entered into the patient record, so office staff can discuss charges with patients before visits and treatment
- Have the security of knowing the practice is using the most accurate billing information
- Experience improved efficiency and lower labor costs
- Receive faster payments with claims paid upon first submission
Learn more about our Dental RCM Solutions and dental insurance eligibility verification services. Then Contact Us to learn more.