Managing Your Accounts Receivable Is the Key Your Practice’s Profitability

Managing Your Accounts Receivable Is the Key Your Practice’s Profitability

Dental Profits
View outstanding claims as potential profits to support your practice—and go after them.

To maintain a healthy bottom line, your dental practice must constantly monitor the status of outstanding claims. This is known as claim statusing (checking on the progress of a claim).

The problem is, your staff members might be overburdened with administrative tasks, and so they’re not able to pursue claims in a timely manner.

The even bigger problem is, when claims aren’t followed up on, they become aging Accounts Receivable, which translate into substantial revenue loss for your practice. And here’s a fact: claims more than 30 days old have significantly less chance of getting paid.

There’s Buried Treasure in Unpaid Claims

Claim statusing involves more than identifying an outstanding claim. It requires being a forensic investigator of dental billing, because the only profitable solution is first to figure out what you must do after you identify an outstanding claim, and then taking those steps.

Then come the questions:

  • Has the insurance company declined to pay the claim?
  • Has the patient used all their allotted coverage for a service? (If so, that will shift the payment responsibility to them.)
  • Has the patient reached their maximum reimbursement?
  • Have they left the plan?

If there’s no way forward to payment, it’s just as important to establish close-out as it is to identify the outstanding claim in the first place. If your practice is forced to deal with monies that are expected, but not coming in, it will reduce the accuracy of your practice’s perceived financial status, and it will hurt your ability to make informed financial decisions.

You Need Both Advanced Technology and Billing Experts

Technology is certainly important in claim statusing. You need 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.

We’re National Experts in Dental Billing

Your staff members aren’t expert billing specialists (and they shouldn’t be expected to be). But Medusind’s experienced billing team members are trained to undertake in-depth review and completion of every outstanding claim, because claim statusing is one of our major points of focus.

A Flexible Service Model

A great thing about working with Medusind is that our services are totally flexible. Your practice pays only for the services it needs, and you can add or delete services any time to align with growth. In addition, we’ve devised our software so it’s easy to integrate with your existing system.

Our Accounts Receivable Follow-up Capabilities

In addition to claim statusing, we offer a full range of comprehensive services that follow up on your accounts receivable. We can assume the administrative burden of tracking unpaid insurance claims, attaching correct documents for timely resubmissions, and then updating notations in your practice management system.

The Bottom Line Never Lies

If you are unable to collect on unpaid patient obligations, your practice is bleeding money—and that’s the lifeblood of your business. Medusind Solutions can help you locate the source of your profits and where your cash flow pipeline might be getting clogged up. Learn more about how efficient claim statusing with Medusind Solutions can unlock the power of your practice to thrive.

See how Medusind can work for you

Tell us about your business or organization and we’ll connect you with a Medusind expert who can show you the products in depth, and answer any questions you have. See how a provider, office manager, or biller use Medusind to empower their practice.