Your Practice May Be Losing Money Because You Don’t Understand Dental Insurance

In an article from Dentistry IQ written by Jennifer Schultz, she explains how many dental practices lose money because of their misunderstandings in dental insurance. Schultz states that during the 20 years she has spent in the dental industry, she has seen practices lose money because of costly mistakes. Here are some of the errors that you might be making:

  • Writing off money when it is not necessary
  • Missing the timely filing deadline for insurance claims
  • Submitting PPO plan fees on the insurance claim form
  • Not charging the full practice fee when procedures are not covered by insurance (when applicable)
  • Not following up on unpaid insurance claims
  • Credentialing errors
  • Not leveraging benefit information in the practice management software
  • Not reading or understanding the PPO contract
  • Not asking for a fee schedule of the PPO plan before signing
  • Not knowing which companies the practice is in network for

This can all be prevented with proper training and education. Schultz collaborated with other leading dental experts to develop Dental Insurance Navigator. It’s a membership website that provides your entire dental team with education and training on all things dental insurance. Learn more about this great resource here: Is Your Dental Practice Losing Money Because You Don’t Understand Insurance?

Dental Practices Use The Cloud

cloudManaging a dental practice has become more complex with more compliance demands, medical records, changing health laws and just the administrative tasks. One thing that has made business a bit easier is the cloud technology.

Cloud technology enables users to retrieve information through web based tools and applications rather than from a direct server connection.  Some practices have found a lot of success with switching to cloud based online employee time and attendance systems.  It has saved them time, and payroll processing has become easier.

Read more about the cloud system and how it may help with your dental practice in an article by Scott Mulka here: Dental practices use the cloud to better manage time and attendance: Can the cloud help you? – DentistryIQ

Dental Practice Finance Loans

dental practice finance loansStarting a dental practice is not an easy task.  It is important to gain and establish patients and make sure that they are receiving a positive experience.  But another important aspect is the financial steps that will keep the business operating smoothly. In an article written by Daniel Croft on Dentistry IQ, he lists 3 things that dentists should know when applying for dental practice finance loans.

First, examine your fiscal health.  You should examine key practice performance indicators, production, continuing care, schedule optimization and also patient analysis. You will need to evaluate your practice’s cash flow, revenue and profitability to give you an idea of how much you need to finance.

Read the other two tips here: 3 things dentists need to know when applying for dental practice finance loans

Dental Marketing Tips From An Expert

dental marketing tipsDr. Jacob Plawner, DDS, has more than 30 years of successful dental practice ownership under his belt. In this article, found on Dental Economics website, you can read all about his marketing strategy and how it can help you in your dental practice. Here are 3 dental marketing tips from an expert in dentistry:

Tip #1 –It’s important to track your marketing and know where all your leads are coming from. How else will you know which marketing methods are working best? Dr. Plawner leaves it up to his front desk team to ask each caller how they heard about his practice.

Tip #2 – Once you’ve found out which marketing methods are working best, fine tune them until the results are maximized. Are leads coming from referrals, web searches, post cards or other? Dr. Plawner found that postcards were working quite well for his office. He was getting and ROI of 1, 323%! So maybe he will send out postcards twice a year instead of just once.

Tip #3 – Under promise and over deliver! This is what Dr. Plawner calls internal marketing. Basically, the infrastructure of his practice, including everything from good service to competitive pricing and same day results. It’s important to exceed patient expectations. This is how you can get return patients and referral patients.

Read more about Dr. Plawner’s marketing experience here: 3 Dental Marketing Lessons (and Mistakes) From A Super Generalist In Practice 30+ Years.