The business side of your orthodontic practice may not be all glamorous. The insurance industry and the healthcare marketplace are part of a complex labyrinth that can challenge even the most experienced orthodontists. It can be challenging for individual practitioners to follow up on claims and bill payments.
Orthodontic billing services remain a strategic competitive edge for practices that want to bolster their bottom line. Outsourcing orthodontic insurance collections can help streamline your cashflows and help you focus on your primary objective, taking care of your patients’ teeth.
Here are five reasons why you should consider outsourcing orthodontic insurance collections.
Improve Office Efficiency
Like any health care provider, patient care and satisfaction are critical pillars to the running of your practice. However, filing billing and claim forms for the different insurance companies can divert your attention from your primary objective. Outsourcing orthodontic insurance collections ensure that your clinical staff can focus on their work without worrying about navigating through payers, insurers, and regulators minefield. You may streamline not only your cash flows but also improve patient satisfaction.
Increase Your Revenue Streams
Hiring a billing company to handle your orthodontic insurance collections may help increase your income. Manual coding and claim submission may have loopholes that make you lose out on cash that you would have otherwise billed. The orthodontic billing company’s software can help plug the holes by billing each service at the highest billable level. Additionally, you can eliminate billing and coding mistakes, which are a huge cash drain for most orthodontic practices.
Compliance With Billing Standards and Regulations
Orthodontic consultants that are well-versed in the latest coding regulations can ensure that you remain compliant with the laws set. 15% of all rejected insurance claims can be traced to inaccurate coding. Additionally, your practice may need to adhere to strict HIPAA rules on patient information handling. Automating your billing system ensures that you can safely secure the information in a cloud server without risking a HIPAA violation.
Reduce Administrative Strain
Your clinical staff may be overstretched trying to follow up on patients that haven’t paid, rejected claims from the insurance company, filling in the correct patient information, all while providing the necessary care to your clients. Outsourcing orthodontic insurance collections to an ortho consulting group can help take some tasks off their plate. Your practice can focus more on patient care with the staff having a better work-life balance.
Hiring an in-house orthodontic practice biller can be expensive. You may have to consider the time and costs of training as well as retaining them as part of the staff. Additionally, billing errors in your insurance claims can be quite costly. Statistics show that insurance companies write off 50 to 65% of all rejected claims as most practices fail to resubmit them. Outsourcing your orthodontic insurance collections can reduce the cases of rejected claims due to billing errors, saving you money.
Finding orthodontic practice management services to handle your orthodontic insurance collections can ensure that you reduce your billing errors and increase your revenues. To learn more about orthodontic billing and marketing, reach out to OrthoSynetics.