Dental industry revenue is forecast to grow an annualized 2.1 percent to $131.7 billion.
If you’re a dental entrepreneur who has or is thinking about buying a dental practice, your likely doing so for the investment opportunity.
When most people think of a billing and claims company, their perspective is limited to collections. When in reality, a collections and claims service can offer a dental practice so much more.
Here’s how a billing company can help you with your practice acquisition.
Recovering Lost Revenue
This is likely what first comes to mind when you think about what a claims and collections service can do for your dentistry. Whether you’ve made a new dental practice purchase, or are elevating a practice you’ve owned for years, a billing company can help retrieve lost revenue.
The core purpose of the business is to ensure that payments are collected, but to also retrieve all the missing payments from your backlog. A billing company has the time and know-how to track down money that’s rightfully yours, and ultimately your profit margins.
Saving On Overhead Costs
Aside from dental costs, keeping a dental practice up and running smoothly can become very expensive. Successful businesses have to be masters of their budgets, and a claims and collections service can help with cost-reduction, specifically in overhead.
If you have many different staff members contributing to managing billing and claims, they are likely going to approach it in slightly different ways. This equates to a high cost in administrative functions, with a less successful result. However, if you choose one person, or team to oversee and specialize in billing claims, this will help lower costs due to efficiency improvements.
Developing a Long Term Strategy
There’s really no such thing as a quick fix for sustaining long-term success. It’s all about having the right systems in place and consistently following through with them. Choosing a billing and claims company is about more than collecting revenue if you’re serious about growing your business.
It’s smart to align yourself with a company that will not only solve short-term problems but align your practice for a successful future. From support to education and training, it’s key to choose a company that will set you on the path to success.
Educating Staff, Offering Support Where You Need It
At the very minimum, your employees will need to know the fundamentals of the claims and billing process, and how it integrates into your management software. If you just want us around temporarily to help your team create and streamline processes, or want us to completely take over your billing and claims process for the long-term, we’ll be there for whatever your needs may be.
It’s Time to Get Help from a Billing CompanyBetter Practice Solutions helps growing dental practices throughout Westchester, Putnam, and Dutchess counties, that struggle to get their insurance claims processing optimized. If you’re an older practice that needs help cleaning up outstanding claims, or a new dental practice, we offer a complimentary practice consultation. If you have outstanding insurance claims, click here to get in touch!