COVID-19 has been ravaging the global economy for nearly three years, and dental practices are not immune to this tremendous financial impact. As a result, you may have noticed that your dental collections took a significant hit. Now, seeking virtual administrator services may be your best option to realize your practice’s full potential yet again.
At Dental Practice Enhancement, we understand that the pandemic may have derailed the plans you had for your practice. That’s why we offer virtual services that are designed to enhance and streamline your practice for optimal function and productivity.
If you’re ready to see how we can help you improve your dental collections percentage, then contact us online here or call us at 833-DPE-FOR-U. In the meantime, let’s explore reasons why your dental collections might be down, and what we can do about it.
Reasons Why Your Dental Collections Might be Down
There are usually three common reasons why your dental collections percentage might be lower than you’d like, including:
- Insurance payments aren’t being posted into your practice’s billing management software
- Dental insurance isn’t being accurately verified
- Your administrative team is overburdened
Payments Aren’t Being Posted
It is all too often that checks are cashed, but never posted into a practice’s billing management software. This, along with accidentally misplacing checks, can lead to lower dental collections percentages.
Inaccurately Verified Dental Insurance
You and your team know how important insurance verification is before delivering treatments and services to your valued patients. However, accidentally neglecting to verify dental insurance coverage may lead to delayed dental collections.
Overburdened Administrative Team
Your administrative team can juggle many tasks, but being responsible for too many tasks at once leads to inadvertent errors and unintentional negligence. Both of these factors can directly impact your dental collections percentage.
How to Increase Your Dental Collections Percentage
In an optimally functioning practice, you should be able to realize 98-100% of your dental collections. However, experts believe that many practices are reaping closer to 91% of their dental collections. This can add up to thousands of unrealized dollars that you and your practice need to continue providing excellent care to your patients.
So, what can you do to raise your dental collections percentage? You can outsource some of your administrative tasks to a qualified and trusted third party, like Dental Practice Enhancement.
Insurance Claims and Payment Posting
When you choose Dental Practice Enhancement, you’ll streamline your entire billing and claims process. For example, our virtual administrators can expertly and remotely submit insurance claims, review denied or rejected claims, and post adjusted insurance payments. In turn, you’ll notice an improvement in your dental collections percentage.
Verifying Insurance and Benefits
Our virtual administrators are thoroughly trained to inquire, understand, and note the insurance eligibility of all your patients. In fact, Dental Practice Enhancement’s virtual administrators will provide you with a complete insurance breakdown so that you, your team, and your patients can fully understand your patients’ insurance coverage.
Daily and Monthly Statements
Measuring and tracking your dental collections is key to realizing your practice’s full earning potential. That’s why our virtual administrators create daily and monthly statements. These statements will help you understand where your dental collections stand and allow our team to investigate accounts with overdue balances.
Seek Virtual Administration Services Today!
Offsetting the financial effects of the pandemic will require seeking ingenuity and innovation outside of your practice. At Dental Practice Enhancement, we make streamlining your practice and improving your dental collections percentage easy with virtual administration services.
Are you ready to explore our virtual services? Then, message our team online here or call 833–DPE-FOR-U now.