When you chose to become a dentist, you may have thought about the financial gain you could have, but you probably didn’t necessarily realize how much you’d need to understand about business and accounting to be successful. Well, the truth is that there is a way that you can stick mostly to the clinical side of your small business: you can outsource the billing process and accounts receivable recovery.
In this post, you’ll learn more about accounting and billing, why you may need support, and how outsourcing can benefit your practice.
What Is Dental Accounting?
Every business, including a dental practice, needs to have clear and well documented accounting paperwork. Unfortunately, dental schools don’t prepare their students for owning and operating a small business. Although graduates may understand the clinical concepts and treatments, they may struggle to have a successful practice unless they also have business savvy.
Dental accounting deals with the overall finances of a dental practice, including tax requirements and more, and dental billing focuses on correctly and legally filing claims with insurance, collecting money from insurance and patients, and making sure accounts receivable keep coming in on time.
Why Would a Dentist Need Support with Dental Accounting Tasks?
Although assistance with tax and legal matters is undoubtedly essential to keep a practice afloat and compliant, often the billing process is where dentists may underestimate the importance of seeking support. At face value, it may seem simple: you collect payment for services rendered.
However, submitting insurance claims and following up to get them approved and paid by insurance can throw off your practice’s daily groove as well as its financial well-being. If you’re not careful, you can have a booming, busy dental practice and still have financial issues.
Benefits of Outsourcing Dental Billing
Thankfully, you don’t need to add the expense of hiring a dedicated billing or insurance coordinator to manage your accounts receivable and keep revenue coming in. You can simply outsource your billing to experienced experts in the field, who not only are compliant with HIPAA and other requirements but also know how to deal with insurance companies efficiently, ensuring that you get paid in a timely manner.
When your practice’s finances are accurate and run smoothly, you can make smarter business choices, such as bringing on an associate, acquiring new technology, or even expanding or opening another location.
In running your business, you’ll need lots of support, and billing is one area that you can easily outsource to trusted experts. While you treat and care for patients, they can work behind the scenes to make sure your pile of unpaid claims remains low, and your practice succeeds.
About Dental Support Specialties
Dental Support Specialties has been in business for more than 15 years and has helped countless practices throughout the country with the dental billing process. Our team of dental professionals have years of experience working with insurance companies and dealing with accounts receivable for our clients. To learn more about our team and how we can help your business thrive, contact our team online today!