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Three Strategies to Keep Your Dental Insurance Claims from Ballooning in Accounts Receivable

Three Strategies to Keep Your Dental Insurance Claims from Ballooning in Accounts Receivable

Learn How to Submit Claims to Gain Maximum Revenue

Your dental practice can only pay the bills if there’s a reliable flow of revenue from insurance claims—so you realize pretty quickly that you don’t want your valuable claims languishing for an extended period in accounts receivable (A/R) “jail.” But how do you see to it that your claims aren’t trapped in a holding pattern indefinitely?

Here are three effective strategies to help streamline the claims process and minimize delays in receiving payments from dental insurance companies.
1

Upgrade Your Claims Submission Process

Many claims linger in A/R because they weren’t submitted correctly. To improve your chances of payment, consider taking the following steps:

  • Use Electronic Claims Submission: Are you still submitting paper claims? Shame on you! Electronic claims are processed faster and can be tracked in real time, so you can identify any issues immediately. By transitioning from paper claims to electronic submissions, you can drastically reduce the time it takes for your claims to be processed.

  • Pre-Verify: Before you render services, verify the patient’s insurance benefits and coverage. This can help identify potential issues with coverage, so you can discuss treatment options and costs with the patient upfront. By addressing these concerns early, you can minimize disputes later on.

  • Attach All Required Documentation: Are you attaching all necessary documentation to the claim? This is non-negotiable. You must include clear narratives, correct coding, and all required attachments. If you create a checklist for your team, you can help ensure that nothing is missed before submission, reducing the chances of denials or delays.
2

Know Your Insurance Companies

Once you submit your claim, it’s in the hands of the insurance companies. Here’s how you can improve your relationship with insurers to help get your claims paid:

  • Train Your Staff on Insurance Policies: Regular training sessions can guarantee that your administrative staff is well-versed in the nuances of various insurance policies and requirements. Keeping everyone updated on changes in policy or procedures results in fewer mistakes and misunderstandings.

  • Follow Up on Submitted Claims: Establish a routine for checking on your claims. Set a reminder to check the status of a claim within a week after submitting it.  By adopting a proactive approach, you can identify and resolve issues quickly to prevent claims from getting lost or forgotten in the system.

  • Build Relationships with Insurance Representatives: It helps to have a friend on the inside. By having a contact person to reach out to for clarification on denials or delayed claims, you can expedite the resolution process and ensure you receive accurate information. That’s why it’s smart to develop rapport with insurance company representatives—it facilitates smoother communication when you need assistance.
3

Monitor and Analyze Your Accounts Receivable

Another excellent way to improve your claims process? Regularly monitor your A/R. By analyzing trends, you can identify areas for improvement in your claims management system. Here are three strategies you can pursue that can pay off later with claims revenue sitting in your bank:

  • Use Reporting Tools: Buy dental practice management software that provides powerful reporting features. It will enable you to analyze A/R aging reports to identify which claims are taking longer to process and identify them by insurance company, type of service, or other relevant factors. This data can help you identify recurring issues and focus on the most problematic areas.

  • Set Performance Benchmarks: Create key performance indicators (KPIs) related to claims processing, so you can measure 1) the average time taken to receive payment, 2) the percentage of claims denied, and 3) the follow-up time on claims. By regularly reviewing these benchmarks, you can adjust your processes as needed to improve performance.

  • Review A/R at Regular Staff Meetings: Schedule routine meetings with your team to review the status of outstanding claims. Ask people to discuss any challenges they’re facing. Any ideas for potential solutions? Don’t wait for claims to resolve themselves. A proactive approach will yield results.

Consider the Medusind Strategy

But we should add that if you pursue all the initiatives included in our three strategies, it can be very time consuming and frustrating. Did you and your staff get into the dental profession to devote a large chunk of your time to chasing down claims 24/7? Or to advance patient care?

You and your staff may not be experts at dental RCM—but Medusind is considered a national leader in dental billing and collections. We execute all the strategies and initiatives listed above, delivered with high-touch service. We’re noted for our speedy insurance verification—three hours for same-day appointments, two days for future appointments.

We handle all the bureaucratic details of dental billing so you can enjoy increased revenue and spend less time on paperwork hassles. Another benefit: Our clients get a 12% increase in collections revenue and a 40% reduction in labor costs.

If you’re interested in learning more, please contact us.



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