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Strategies to Recover Lost Revenue from 2020

The COVID-19 pandemic affected businesses throughout 2020 and, unfortunately, most are still struggling with financial loss now in 2021. Business closures, drastic decreases in clientele, and staff layoffs are just a few of the changes that affected dental practices across the United States and the world.

Now that it has been deemed safe by the Centers on Disease Control to reopen your dental practice, how can you recover the financial losses from 2020? Here, we will discuss ways to start recovering lost revenue, including the following:

  • increasing patient flow
  • increasing financial flexibility for patients
  • evaluating collections processes.

Increase Patient Flow

During the pandemic, most dental practices closed for routine appointments and only scheduled emergent appointments to help prevent the spread of COVID-19 infections. In 2019, only 64.9% of adults reported seeing a dentist in the last 12 months. In the year 2020, it is expected that the percentage of dental visits was significantly lower due to financial hardship and dental practice closures.

As the first step to increasing patient flow, make personal phone calls to each client on your established patient list and help your patients schedule routine appointments for themselves and their families. Perhaps you could offer a special on certain cosmetic treatment appointments, such as teeth whitening.

Some patients may be concerned about financial obligations, so discuss your various financial payment plan options during the call. Again, this is a good opportunity to offer an ongoing special for popular cosmetic treatments. Once patients are in for their appointment, be sure to schedule all follow-up appointments before they leave to ensure continuous patient flow.

Offer Flexible Financial Options

Due to financial hardships, many patients may not wish to seek routine dental care or treatment for problems due to being unable to pay for treatments at the time of service. There are many options for payment assistance that you can consider using and sharing with your patients; some that you may not have previously offered pre-pandemic.

One option is interest-free financing. Many offices offer patients third-party lenders to collect payment. The issue with these lenders is patients may be denied due to credit. What some people do not know is that dental practices can offer financing themselves. This is beneficial because the cost of service is the same, but patients will like the idea that they won’t be charged extra for payment plans.

Another option is payment plans for patients who have lost dental benefits or are unemployed. Patients could pay 50% of charges at the time of service and agree to payments for the remaining balance. This is beneficial to both the practice and the patient, as the practice still receives a large payment at the time of service, and the patient can have the flexibility of monthly payments for the remaining balance.

Don’t overlook the convenience of credit cards for payment. Many patients will readily place charges not covered by their insurance, and especially some emergency treatments, on a credit card. Make sure you share which credit cards you offer, including specialty medical and dental cards.

Evaluate for Collections Opportunities

Most patients should pay for treatment and services at the time of their appointment. However, those with payment plan agreements may fall behind due to unfortunate circumstances. One way to help with payment collections is to call patients that are late on payments to offer to take payment over the phone.

When calling patients to collect a payment, ensure you are following proper procedure. Patients should have provided prior written consent to receiving phone calls or text messages from your dental practice. If patients are unable to make a payment when called, you can offer one of your financial arrangement options. Either method gives your practice an opportunity to collect payments. And the patient can continue to receive services from your practice when needed, without facing more financial hardship.

Recovery Plan

The American Dental Association recently released a strategic recovery plan for dental practices recovering lost revenue from the COVID-19 pandemic. The plan suggests setting goals in four main areas for ideal revenue recovery. The four sections are practice, staff, patients, and financials. Examples of financial goals listed include expanded practice hours, cross-training team members, cash saving, and streamlining processes.

Most dental offices are open during weekdays. Consider offering appointments on weekends or late appointments on weekdays to service patients who have started back to work. Cross-training team members and streamlining office processes can save time and money by being more efficient. Finally, evaluating your cash flow to look for ways to save money is an easy method to save money for emergencies. Selecting specific recovery plan goals and planning accordingly for improvement will help ensure success in revenue recovery.

Seeking assistance from a professional agency like PPO Negotiation Solutions to perform a revenue assessment on your dental practice can be a great option for recovering lost revenue fast. PPO Negotiation Solutions starts by analyzing your practice’s payor mix index, reviewing PPO schedules and negotiating PPO fees. The company will ensure credentialing of all providers and monitor the implementation of their established game plan to increase your practice’s revenue. They will also provide education to staff on the best way to reduce costs and renew processes to save money. Give them a call today and get back on track in 2021.

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Acknowledging Where Your Money Goes

Whether you have a dental practice up and running already or you are looking to start your first corporate journey, it is important to keep track of where your profits are going. Money can get lost quickly in the details of running a business if you do not have an established tracking method. And that means soon you will be asking yourself, “Where did all my money go?” Here, we will discuss a breakdown method of tracking your income, and ways to save money for your future endeavors, so that you can keep your dental practice running smoothly.

Taxes

I do not know of anyone who enjoys paying taxes but, unfortunately, there are numerous laws that govern when and how taxes must be paid. That includes business and personal taxes. Personal taxes can account for an average of 12% of a person’s income. There is not much you can do about tax payments for you or your business. But one way to help is to stay updated on the latest tax reform laws as it relates to dental practices to make the most of your hard-earned dollars.

Personal Spending

Of course, you have your own bills to pay. For most people, expenses include food, living expenses, basic utilities and personal miscellaneous spending. But the range of your personal spending is largely flexible and dependent on you. It is reported that Americans spend an average of 4% of yearly income on entertainment, 3% of yearly income on clothing and 2% of income on other miscellaneous purchases and services. That is nearly 10% of yearly income that is flexible.

So, if you are earning $300,000 yearly, that is an estimated $30,000 of flexible spending. We are not recommending that you skip a much-needed vacation, but it could be beneficial to evaluate what personal purchases eat up the most income and consider ways to save costs.

Debt

Debts can include student loans, personal loans and credit cards, as well as home and auto debt. The average American citizen’s debt totals nearly $53,000. The number one largest debt is mortgage, followed by student loans and auto loans. If debt is calculated to be where most of your money is being spent, consider talking with a loan adviser about ways to reduce your monthly expenditures.

Savings

A key to having healthy finances and living a more comfortable life is to save, save, save! Ask yourself, what are your goals? If you are considering retirement, you should consider saving 10-15% of your yearly income. Some employers offer matching retirement contributions, in which case your 5% contribution would be matched to meet the 10% recommended savings.

In the case of an emergency, do you have enough in savings to live and pay your bills for 3-6 months? Maybe you want to save up for a particular item. If your goal is to buy a car in one year, calculate the cost of the car divided by 12 months and you have the total monthly savings you will need to set aside.

Evaluate and prioritize what is most important to you. Then you will have an idea of how much savings you will need for each project or idea.

Ways to Save

Now that you know where your money is going, it is time to investigate ways to save your hard-earned bucks. Perhaps, the first area to evaluate where you can save is your amount of owed debt. Paying off debt quickly will save you money in the long-term. There are a couple of methods to pay off debt quickly. Two of them are the avalanche method and the snowball method.

The snowball method differs from the avalanche method in that you will start paying off your smallest debt first, gaining momentum to pay your largest debt. The debt avalanche method tackles debts with the highest interest rates first. With average credit card rates nearing 18%, debts can get out of hand and one of these methods can save hundreds or even thousands of dollars long-term.

Other methods of saving include debt consolidation and refinancing. With debt consolidation, multiple debts are combined into one debt. One way to do this is with a personal loan, eliminating multiple monthly payments and multiple interest rates. Refinancing may be an option for debts like mortgages when interest rates are lower. A financial advisor could provide more detail about which cost-saving option would work best for you.

If you are still looking for financial advice, look no further than PPO Negotiation Solutions for your business needs. PPO Negotiation Solutions takes a multi-step approach to ensure that your business is receiving the most revenue possible. Whether you are an established dental provider office or are starting a new service, they can help you get on track, financially. Call for a free consultation and assessment!

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Tips for Negotiating Dental Credentialing Contracts

As a dental practice, you are likely investing ample time and energy in your patients, to ensure the best patient outcomes. But are you also investing enough time and energy to ensure you are getting the most opportunities for growth and profit? Why is credentialing important and how can it help my dental practice? Since organizational growth and development equals positive patient outcomes, let us look at some successful tips to negotiate dental insurance credentialing contracts.

The Importance of Credentialing

First, it is important to understand why credentialing is important. In short, credentialing is the process of verifying a dentist’s background for an insurance company. Patients are now more likely to choose services from dental providers that are in-network with their insurance company due to costs. It is very important to be credentialed with various insurance plans. By credentialing with a wide number of popular plans, your client base can be greatly increased. Different insurance companies require different applications and processes to become credentialed with their organization. Weighing the pros and cons with each insurance provider is essential before entering a contract.

Assess Opportunities

Assess your opportunities for growth with different payment options and insurance companies. Explore in-network vs out-of-network opportunities. If your dental practice is in a populated area, explore different employers in your local community. Are there large organizations that carry a particular plan? If you were to enroll in their plan, is there potential for a large gain in clientele? Becoming in-network with that plan may be a good financial move.

Consider other competing dental practices in the area, as well. Enrolling in a large organization’s plan could increase competition between you and other practices. Contact the large organization’s HR department for marketing and insurance. But be sure to understand all the details of the plan first to avoid any unneeded stress on your practice. Evaluate the potential workload and ensure your staff is equipped to handle the increase in workload.

Here’s an example scenario for seizing an opportunity for growth. There is a large healthcare chain in your local area, and it owns several local hospitals, walk-in clinics, and offices. You contact the HR department of the chain and find that they use a particular insurance plan for the entire healthcare organization. Enrolling in this plan would make you an in-network dental provider to all employees of this chain, increasing your potential client gain.

Reimbursement Opportunities

Using a skilled negotiator to negotiate fees and credential scheduling can be a useful tactic. Stay up to date on the latest information about popular insurance plans. Even though some insurance companies advertise that they are non-negotiable, ask to negotiate. Some plans will only offer negotiation if you are a specialist, so be mindful, and consider hiring a negotiator.

Be aware of third-party companies. They may have better scheduling, but there could be hidden costs. If needed, consider outsourcing negotiations until your staff is up to date. The American Dental Association posted an article on their website encouraging dental companies to negotiate with insurance companies for higher reimbursement rates. The article stated that companies used to negotiate with insurances were “on the rise,” and a doctor in the article mentioned that it allowed her more time to focus on her patients. Carefully consider which negotiation specialist is right for you and your company.

Read the Fine Print and Renegotiate

It is safe to say that if it is not mentioned in the contract, it is not an offered service. Do not make assumptions. If you feel like there is something missing from the contract, investigate whether or not it is an offered service and request clarification in the contract. Be aware of some insurance companies with contracts that are more difficult to navigate and weigh the pros and cons of entering a contract.

For example, Medicaid can be difficult to navigate and typically requires a lengthy credentialing process. However, if a large population in your area carries Medicaid, it may be beneficial for your dental practice to offer Medicaid as an in-network service. If you are looking to re-negotiate with an insurance plan, make sure you are updated on current plans in your area and what your fees should be. Determine the leverage you can use by knowing what services you can offer in your area and the patient demand of the services. Contact the plan carrier and request a custom fee schedule based on your selected billing codes.

Company Contracts

Consider contracts with companies to do negotiations for you. How can companies like Strategic Practice Solutions be helpful? They can increase insurance reimbursements, create new patient opportunities and decrease negative impacts on patients. Their goal is to increase your revenue and increase your dental practice’s knowledge of insurance negotiations. They work full-time on your dental contract negotiations, so you can be free to better serve your patients. Save yourself the time and money and contact them today.

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Five Medical Billing and Practice Tips

Medical billing and coding for your dental practice can seem overwhelming. Taking a proactive approach to your medical billing process can save costs and lead to increased revenue for your dental practice. Being proactive means preventing problems before they happen. This can be done by establishing a clear collections process for patients, minimizing claims and coding errors, quickly responding to denied claims, and staying informed on the latest healthcare regulations. If these steps are not giving you the results you want, outsourcing to a professional company is also an option.

Establish a Clear Process for Payment Collection

A step-by-step process for payment collection should be available for patients upon entering your dental practice. Patients should have a clear understanding of what they should be expected to pay at their visit. This can be done by providing an agreement in their new-patient paperwork. Some practices also post signage to remind patients that they may be responsible for copays or out-of-pocket costs at the time of their visit.

Another way to ensure that payment is collected is to be sure the patient demographics and contact information is correct. Patient addresses, phone numbers, and insurance information should be verified at each visit. When insurance is verified with patients, make it a habit to also very eligibility. Patients may be mailed a bill for services, but also consider options for electronic billing via patient portals or a website.

Electronic billing can be an easier, hassle-free way for patients to pay their bills and can avoid missed or late payments. This can save time from a team member making follow-up payment calls. Ensure patients are aware of the various ways that they can pay for services, including financing options or other payment plans, and the methods of payment accepted at your dental practice.

Minimize Claim and Coding Errors

It can be easy to make a medical bill error. If a medical claim is rejected, the cycle for acceptance can take weeks to receive insurance reimbursement. Common sources of error to be aware of include incorrect patient information (name, birth date), incorrect billing information, duplicate billing, poor provider documentation of dental visit or procedure and missing procedural codes.

Double-check claims prior to submitting for diagnosis code errors. ICD codes should be specific to avoid claim denials. An article in Business News Daily calls auditing for errors “scrubbing,” which “generates cleaner claims, a reduction in denials and improved payor communication.” The article also suggests using technology as a way of error prevention.

Certain software automates steps in the claims process, such as “suggesting medical codes” and “checking medical claims against common insurance payor rules.” Use of this technology can save your practice time and money. The cost of the software and the time invested in training your team to use it can usually be recovered by the added revenue you will realize from reduced coding errors.

Respond to Denied and Rejected Claims

It is important to differentiate between rejected claims and denied claims. Claims can be rejected due to an error, like an incorrect patient name or incorrect insurance identification number. In that case, the claim could be resubmitted. It is an avoidable process that costs your dental practice more time and money.

A claim that has been denied has been deemed unpayable by the insurance company, usually due to contract terms. A denied claim may be appealed by the patient. This is a lengthy process for the patient and the dental practice, and may require more documentation on the part of the practice. Regardless of the reason for rejection or denial, prompt handling of the claim will result in faster reimbursement. Be ready to cooperate with patients who appeal rejected claims in order to facilitate faster payment.

Stay Informed

Healthcare is constantly changing and so are best patient care practices. To maximize your dental practice’s revenue, you should stay updated on the latest healthcare and dental care regulations. Medicare billing regulations are important to follow. It is likely that a significant amount of your patient population is covered by Medicare, and thus, errors could affect reimbursement rates.

Also, keep updated on problem patient payment accounts. For example, patients whose accounts are routinely late or are behind in payments should be regularly reminded to make payments, or possibly outsourced to a collection agency. Using the latest billing and coding software, as mentioned above, can also help you keep track of problem patients and make routine contacts to remind them of payment.

Consider Outsourcing

A vast amount of work goes into running a dental practice. From patient management to staff management to billing and claims management, there is a lot to manage! Sometimes, errors can fall through the cracks when there are so many other concerning issues, leading to denials, rejections and decreased revenue. Outsourcing medical billing to a professional company that specializes in these services can have several benefits.

Strategic Practice Solutions can offer dedicated staffing to handle claims processing, allowing you to have more time to focus on patient care. They are completely knowledgeable about the most recent healthcare rules and dental care regulations, so you do not have to worry about missing important information and updates. Other benefits include faster claim submissions and decreased claim errors. These professionals know dental coding and claims, and especially the most problematic ones. They can prevent many coding and billing problems that cause you headaches.

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What is Credentialing in Dental Care?

Dental credentialing is a process in which a dentist enters a contract with an insurance provider in order to offer those dental insurance benefits to clients. The benefit to the dentist is access to a larger client base and increased business opportunities. However, it can be a rigorous process to get credentialed by an insurance company. So, why would a dentist choose to be credentialed? If you choose to be credentialed, what is the process for doing so? This article will discuss the ins and outs of dental credentialing to get you started in the right direction for your dental practice.

Benefits of Credentialing

In order to enter a contract, dentists must provide proof of a dental degree and license, malpractice insurance, and law compliance. It is important to read through a contract before signing it. The contract gives details about the insurance plan and will also list what a dentist can and cannot charge a patient for specific dental services.

Sometimes, an insurance company will state that some services are not billable. For example, if a patient’s temporary crown becomes loose and needs to be replaced, insurance may state in its terms that this is not a billable service. But for self-pay or out-of-network, a dentist might bill a charge to replace a temporary crown. These may seem like cons to credentialing. However, many patients rely on dental insurance to afford dental care. Often, patients will refuse dental care based on their out-of-pocket costs.

Dentists within the same dental practice can choose to either be “in-network” or “out-of-network” with the same insurance provider. Each dentist will be credentialed individually if they choose to be in-network. Take time to explore which insurance providers are common in your area, and which ones will most affect your client base before entering contracts.

How to Get Credentialed

Once you have decided to move forward and join with an insurance company, there are a few steps that you need to take. First, you will need to do a full application before reaching out to dental insurance companies. This can be made easier by using the credentialing tool on the American Dental Association’s website. It will give you a list of documents that you will need. These include your NPI number, dental license, proof of malpractice insurance, DEA certificate, specialized degrees or certificates and professional references.

Once your application is submitted, you can reach out to dental companies and make inquiries. Begin by going to the company’s website and looking for an option to join their network. After submitting an inquiry, the company will send you a contract. Make sure you receive a fee schedule, and thoroughly review it. Negotiate to your approval. Sign only when you are satisfied with the results.

Tips for a Smoother Application Process

Now that you know the importance of credentialing and the basics of how to get started, let us discuss how to get the process done quickly and efficiently so that you can get to taking care of your patients.

First, make sure that you enter a response for each application question. Even if it does not apply to you, enter “N/A” rather than leaving it blank.

Next, make sure your malpractice insurance, all submitted forms, and signatures are updated. The credentialing process can take several months, and you do not want it to take longer due to a clerical error that was preventable.

Once you submit the application, confirm it was received. Routine follow-ups via email with insurance companies are important. Keep a log of who you contacted, when and what the details of the response. Routine follow-up will ensure you get the responses in the timeliest manner. It can be a painful process, but will be worth it for both your patients and your practice.

Beware of Medicaid

Depending on the size of your practice, there are some insurances you may want to look out for when it comes to choosing with whom you want to enter a contact. Medicaid insurances require a few more steps and a bit more effort to maintain and therefore may be recommended for larger practices. For one, it is two different application processes – one process with the state, and another with a managed care company. You will need a state Medicaid provider number. And typically, the credentialing process takes longer than other insurances. It may take more time in consistent follow-up emails and phone calls.

Getting credentialed for your dental practice is time-consuming and leaves less time to focus on your patients. There is another option. Consider outsourcing and hiring a third-party company to take over this process for you. Companies like Strategic Practice Solutions can provide company training for office managers to help dentists keep up with credentialing or manage it all for you. Contact them today for your dental practice needs.

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How to Improve Patient Communication

Good provider-to-patient communication is essential in a dental practice. Studies have shown the value and essential relationships between good provider communication and positive patient outcomes. In a rapidly changing healthcare world where more technology is utilized, it’s important to improve and maintain good communication with patients.

This article will discuss more about why communication is important. And, what steps you can take to improve communication in your dental practice. Also, it includes maintaining positive nonverbal communication, being respectful of patients, simplifying patient interactions, making good first and final impressions.

What are the Benefits of Improved Communication?

The most obvious benefit of improved communication is patient satisfaction. People like to be well-informed about their health care status and plan of care. When patients are satisfied with the communication between themselves and their dental care provider, they are more likely to return to the same dental practice for their oral care needs.

There is a correlation between adverse events with patients and poor communication. An article that summarizes a Health Grades report from May 2012 demonstrates that this has been true for years. In the report, hospitals that were ranked by patients in the top percentages for nursing and physician communication had lower rates of adverse patient safety events. For example, bedsores occurred approximately 46% more frequently in hospitals that patients had ranked in the lowest 10% for provider communication.

An article by TeamHealth lists several more benefits, including patient adherence, lower readmission rates, improved mortality rates, lower malpractice risk, and reduction in care costs. Also noted are reduced adverse advents and medical errors. Simply improving how a practitioner communicates with a patient can have a drastic effect on both the patient and the entire medical or dental practice.

How can you improve patient communication in your dental practice?

Improve Nonverbal Communication

Sometimes our actions speak louder than words. Possibly, the easiest changes we can make in the way we communicate is in our nonverbal communication. Examples of negative nonverbal communication include frowning, foot-tapping, crossing arms, rolling eyes, grunting, or sighing. Our non-verbal communication can present as being pushy, impatient, or uncaring even if that is not our intention. Be mindful of how you appear to your patients. Maintaining an open stance and smiling can make all the difference in an encounter.

Be Respectful

This point can seem obvious; however, there are some things people do unintentionally that can make others feel disrespected. Typically, one could say to follow the “golden rule” that states to treat others the way you want to be treated. But in today’s world, we often come across many cultural differences, and not everyone wishes to be treated the same. There are few pointers, though, that can generally be used across the board to show respect.

One of those ways is through active listening. Active listening involves maintaining eye contact, focusing on your patient, and asking appropriate questions to ensure that you understand your patient correctly. This lets your patient know that you are engaged and care about their well-being.

Another way to show respect is to greet patients by their formal names. Examples are Mrs. Jones or Mr. Smith. If you know your patient well, or if they have asked, it is acceptable to call them by their first names, but using a name can make an encounter more personable.

Make Interactions Easier

As dental providers, we can sometimes get caught up in the medical jargon when explaining a diagnosis and processes to patients. And, patients may not always stop you to ask questions when they do not understand. This can lead to non-compliance, mistakes, and patient dissatisfaction. Try to simplify the conversation and use layman’s terms when discussing each patient’s dental diagnosis and treatment options. Use short sentences and allow ample time for patients to respond with questions. Finally, provide simple written instructions, if necessary, to ensure that patients do not forget important topics that were discussed at their visit.

End on a Good Note

We discussed the importance of greetings and first impressions, but last impressions are also important. After the completion of a dental care visit, follow up by asking the patient if there are more questions or concerns that you, as their dental provider, could address during the visit. Summarize the visit and review the next steps, including follow-up appointments, testing, and treatment plans.

It can be helpful to end the visit with positive words, such as, “I hope you feel better now” or “Hang in there, you are making progress!” A positive ending to every dental visit will make a patient feel cared for, important and valued, and much more likely to return to your dental practice.

Consult an Expert

Have you tried to improve communication in the workplace but still feel like you could use some more training? Consult a professional agency that specializes in workplace communications. Strategic Practice Solutions provides private consulting and team member review to provide a customized approach to help your business thrive.

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