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

Establishing A Fee Schedule For Dental Services

fee scheduleAdjusting fees for your dental services is a required part of running a successful dental practice. You may be hesitant to increase fees but you need to look at the bigger picture. Here are some tips to consider when you are establishing your fee schedule.

Know the competition: Be sure that you are aware of competitors fees in your area. You shouldn’t be too far below or above the local marketplace.

Establish a standard fee: Having a standard fee for each service based on your overhead, expenses, patient base, individual profession expertise, and debt will help you be successful.

Build relationships: When patients have a good relationship with their dentist, they don’t question the fees. They know they are getting the best care in town.

Read about some more tips for establishing a fee schedule here: 10 Steps To solid Fees For Your Dental Practice|Dentistry IQ

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

Are Dentists Paying Too Much For Financial Advisors?

financial advisorIf you own a dental business, you may be paying for a financial advisor to help you out.  Are you paying too much? A recent poll found that many dentists don’t even know how much they are paying their financial advisors. In an article written by John McGill and Bret Miller, they give you advice on how much you should be paying your financial advisor.

Doctors and dentists can avoid these costly mistakes and generate the best rate of return by taking some of these recommendations. One of these tips is to hire a fee only advisor.  Read the full article, found on Dental Economics here: What’s the true cost of high investment fees? What every dentist should know about paying a financial advisor