There are a number of common revenue leaks that dental practices may overlook if they are not on top of their finances, according to an Aug. 25 news release from the California Dental Association.
Here are five areas of common revenue drain for dental practices:
1. Preferred provider organization participation and credentialing: If fee schedules are not regularly negotiated or updated, reimbursement for common dental services can drop below market value. For common services with a high volume of patients, unaddressed reimbursements can lead to long-term revenue loss. Dental providers need to keep their credentials up to date, as credentialing delays can lead to services being provided without reimbursement.
2. Insurance verification: Gaps in a patient’s insurance are typically missed until after care is provided, which can lead to denied claims or a disputed balance. Verifying insurance before treatment allows for an accurate financial conversation with the patient beforehand.
3. Coding and documentation: Dental practices should ensure that all supporting documents and codes are included on claims, as missing clinical narratives and outdated CDT codes lead to denials and delays. Accuracy and efficiency are important, because the longer the submission takes, the longer the payment takes.
4. Outstanding patient balances: Statements sent to patients late or do not receive consistent follow-up are more likely to go unpaid. Gaps in daily reconciliation can make it more difficult to catch posting errors, unmatched deposits or missed payments before they become problematic.
5. Medical billing opportunities: Dental practices often do not take full advantage of billing for medical procedures, such as sleep apnea appliance therapy or TMJ treatment, that may be eligible for medical reimbursement.
At the Becker's 5th Annual Future of Dentistry Roundtable, taking place September 14-15 in Chicago, dental leaders and executives will gain insights into emerging technologies, practice growth strategies and the evolving landscape of dental care delivery, with a focus on innovation, patient experience and operational excellence. Apply for complimentary registration now.
