Back when you decided to become a dentist, you probably felt proud and excited about building your own practice, but the pressures of opening and running a small business are extremely real. In fact, according to the Chamber of Commerce, 595,000 businesses close every year in the United States, and about 65 percent of businesses fail even 10 years after opening! Obviously, every penny matters to stay afloat.
Although outsourcing your dental billing may not be at the top of your list of methods to improve your practice’s efficiency, perhaps it should be! Worries about the cost may make you hesitate, but rates usually depend on how much revenue you collect from insurance monthly. With the following benefits of outsourcing dental billing, you’re bound to find it’s well worth the cost!
More Revenue
When your pile of accounts receivable grows, you don’t get paid. Even if insurance owes you money, it doesn’t count as revenue until it shows up in your bank statement. In other words, you need to get insurance bills taken care of to see income and cash flow for your business. An outsourcing company does nothing but make sure this happens!
Cost Savings
Many dentists, while clinically savvy and personable, still believe the old myth that outsourcing certain tasks costs more than doing them within the office’s team. Did you know that paying for a third-party company to take care of dental billing often costs less than hiring a dedicated staff member? For under $40,000 of insurance claims, you likely will pay around $1,350 per month for outsourcing this task. More insurance income justifies a larger outsourcing fee, but simply put, the savings and efficiency can more than make up for the cost of a team member’s salary and training.
Less Fraud and Smoother Claims
Sadly, dishonest people try to take advantage of patients’ personal and financial information and your trust for their own gain. If undetected, they can get away with fraud for quite a while, causing significant damage to your practice’s reputation in the community and your business’s financial well-being. However, if you have another set of eyes looking at your billing records regularly, it’s much more difficult for anyone to steal from your business and your patients.
In addition, with another person checking your claims before submission, you increase the chances that the billing codes have been filled out correctly the first time, ensuring faster payments. As a result, you know more precisely how your business is performing in terms of income and expenses.
More and Better Time Spent with Patients
Having to stay on the phone with insurance companies and negotiate fees can take a toll on your staff, especially if they have to turn around and greet your patients with a friendly, welcoming smile. Even upbeat, outgoing team members can lose patience with insurance frustrations, potentially diminishing the pleasant experience your patients have in the office.
If you outsource billing responsibilities, then in-office staff can devote their time and attention to each person who walks through the door and keep the culture and atmosphere comfortable and positive. After having this kind of happy experience, patients want to continue coming, bringing in more revenue and stability for your business.
Whether you’re a seasoned dentist or just starting out, think carefully about outsourcing your dental billing for a reasonable cost. This step can help you accomplish your dream of having your own financially successful practice!
About Dental Support Specialties
The team at Dental Support Specialties consists of experienced dental professionals who offer remote support to practices throughout the country. Handling administrative tasks like answering phone calls, verifying dental insurance, filing and following up on claims, and completing special projects like chart auditing, we can help your practice thrive behind the scenes. If you would like to learn more about our services and rates, contact our team for an assessment and consultation.