As a small business owner, you wear a lot of hats: you manage the overall finances of the dental practice, lead your staff, continue your training as a dental expert, and perform outstanding care on patients, of course. However, you don’t have to get down into the weeds of each transaction with insurance companies or try constantly to find someone to do it for you in-house. In fact, for the reasons detailed below, you can outsource dental billing to an American company that specializes in this area of dentistry and maintaining the business you’ve worked so hard to build.
Revenue Optimization
As with any other industry, locally owned and operated small businesses like dental offices rely on incoming revenue to survive. Without a steady cash flow, you won’t be able to pay rent, salaries, payments on equipment, and obviously yourself. Unfortunately, money you’re owed doesn’t count as revenue—the bills have to be paid!
By outsourcing dental billing, your practice can keep your pile of accounts receivable as short and on-time as possible. With a reliable system in place, you can bet that your insurance payments will arrive efficiently.
Cost Savings
Spending any money on services can make you hesitate to pull the trigger. Isn’t that another expense for your practice? Although outsourcing dental billing does require you to depart from more revenue, it typically costs less than hiring a dedicated insurance coordinator. These professionals work all day simply on contacting insurance companies and confirming coverage for each patient as well as following up on submitted claims.
Instead of paying for an employee’s full salary, benefits, and other things, have a third-party dental billing expert handle this portion of the work, which could save you significantly over time!
Minimal Risk for Non-Compliance and Risk
In an ideal world, you could trust everyone would be honest and trustworthy, but that isn’t the case. Some people steal, cheat, lie, and violate the law. As a professional who depends on the good will of your community for financial stability, you can’t afford to have an employee use a patient’s information selfishly. Once news gets out, your existing patients may not feel safe or comfortable visiting you anymore, and you may find it difficult to get new patients, costing you thousands of dollars in revenue per year for a long time.
With more professionals keeping an eye on your insurance, your risk for fraud or stealing goes down dramatically, which helps you remain in compliance and scandal free.
Focus on Customer Service and Clinical Excellence
Although the potential income of a dentist can become high, many in the dental profession chose this calling with a genuine desire to help others. In fact, many dentists strive to have a spotless, hard-earned reputation for their excellent, patient-centered care. If your front desk team doesn’t have to worry about or deal with frustrating insurance companies, they can more easily assist callers and patients coming to be treated and provide a more enjoyable experience.
The list of reasons stretches beyond those discussed here, but you should have a greater idea of why this outsourcing choice makes sense. Work with a company you can believe in as much as your own!
About Dental Support Specialties
As a service company, Dental Support Specialties has been in business since 2008 and has boosted the success of countless dental practices around the country. In addition to general dental practices, we also serve oral surgeries, periodontic offices, and others. In what ways could we help you reach your financial and efficiency goals? Contact us for more information and to schedule a consultation!