No matter whether your dental practice is new or well-established, cash flow is a vital part of any practice. However, the newer the practice, the more crucial cash flow can be for your practice. Once your practice starts seeing profits you can start taking home a real paycheck! Knowing this can help you to invest now in your business.
One of the main aspects of cash flow for your practice is billing. Since most practices rely on insurance payouts for 35-45% of their revenue, this means you need to ensure you have an efficient and thorough process for insurance claims.
- How do claims work in your dental practice?
- Do you have any Electronic funds transfer (EFT) set up with each payer to reduce the time for payment?
- Do you have a written process for submission and follow-up?
Here we have listed some insurance claims tips and how the process of getting paid directly impacts your dental practice’s cash flow.
Tip #1 – Claim Life Cycle Management
Each patient’s claim has its own life cycle, which is the journey a claim takes from being submitted to getting paid. And each payer has its own timeline for processing and paying the claim. To streamline the payment, you need to ensure that your part of the claim is processed correctly and efficiently.
Tip #2 – Improving Submission Error Rate
The more errors in your claims, the slower the processing time will be. Will slower processing time also comes slower payments. When you’re already waiting two or three months for error-free claims to be paid, adding extra time for errors can be a killer to your cash flow.
Tip #3 – Streamlining Your Claims Process
A claim process needs to be documented and streamlined, and it should be the same every time, no matter who is making a claim. From the claim information to attachments, notes, x-rays and more, the submission should be the same. You should also have a process in place for following up and checking on payments.
Is something missing? Is there an error in the submission? You need to be proactive in order to reduce the time required to get paid. If there are errors that need re-submission or correcting, you need to know as soon as possible.
We’ve made the insurance claim process super simple and streamlined with our dental billing software.
Additional Tip: Here Are Other Tips for Smooth Payments with our Dental Claiming Software.
Our last tip – Make sure to have an EFT set up with each payer. Yes, it takes time since each one should be done separately. But once you do it, that’s it! You won’t have to rely on or wait for paper checks in the mail anymore.
By using BPK Tech’s claims management software, you can streamline your claims and follow-up process, while reducing errors and improving the cash flow of your dental practice at one centralized place. While this is really crucial for brand new practices, it can also be a big help for established dental practices as well.
Do you want to learn more about our dental centralized billing and claiming software? Contact us today for a free demo!