27 Jun Is Accounts Receivable Management the Key to Profitability?
Outstanding claims are potential profits sitting in a pool at the top of a waterfall.
Continually monitoring the status of these outstanding claims, a.k.a. Claim Statusing, is one of the most important processes a dental practice can implement to maintain a healthy bottom line. To which any (overworked) staff member would say, “Okay, sure. But do you know how many things have to be done right now?”
And that is precisely how claims that go unchecked become aging Accounts Receivable, that then translate into substantial revenue loss for a practice — because claims more than 30 days old have significantly less chance of getting paid.
The High Cost of a Zero-Sum Game
Claim Statusing involves more than identifying an outstanding claim. It requires being a CSI investigator of dental billing, because figuring out what has to happen after an outstanding claim is identified, and then taking those steps, is the only way to a profitable solution.
Has the insurance company declined to pay the claim? Has the patient used all their allotted coverage for a service, because that will shift the payment responsibility to them. Have they reached their maximum reimbursement? Have they left the plan?
If there’s no way forward to payment, establishing close-out is just as important as identifying the outstanding claim in the first place. Monies that are expected but not coming in will reduce the accuracy of the practice’s perceived financial status, and impact the ability to make informed financial decisions.
Platforms vs People
Is technology important in Claim Statusing? Absolutely. You can’t do anything without intuitive software that can accurately track the progress of a claim. BUT there’s also no substitute for the expertise and experience of seasoned Claim Statusing professionals, who can discern the best way to resolve any claim. Software can’t provide those process answers. And it can’t get on the phone to an insurance company. Only the expert on your team can.
Who Has the Time for Comprehensive Upstream Engagement?
Medusind Solutions. Our experienced billing team members have the time for in-depth review and completion of every outstanding claim because Claim Statusing is all we do. Well, that and Insurance Verification, Accounts Receivable Follow Up, Accounts Clean Up, Fee Schedule Maintenance, Payment Posting, and Accounts Payable Outsourcing — but it’s all part of Dental Billing, which is what we do best for thousands of practices across America.
Not all at once for every practice, though. The other great thing about working with Medusind is that our services are totally flexible and the robust systems that support them integrate with almost any software already in use. A practice pays only for the services it needs, and can add or delete services any time to align with growth.
Upstream Engagement is Not a Luxury
If Claim Statusing keeps being one of those, “Maybe next quarter,” items, it may be time to rethink where the source of your profits really are. Or where they might be getting dammed up. Find out more about how efficient Claim Statusing with Medusind Solutions can unlock the power of your practice to thrive.
