As a dental practice owner or manager, you know the importance of properly billing and collecting payments for services rendered. However, sometimes, claims can become “held” or delayed in processing due to various reasons, such as incorrect coding, missing information, or insurance company delays.
These aging dental claims can significantly impact your practice’s revenue and cash flow, hindering its growth and success. That’s where a professional dental billing service can help. By utilizing their expertise and strategic approach, they can assist in unlocking held revenue and ensuring timely payment of aging claims.
In this article, we’ll discuss the significance of addressing aging dental claims and how a strategic approach can benefit your practice.
Segmentation and Prioritization Strategy
Dental billing services start the process of recovering revenue by segmenting aging claims into distinct categories. They classify these claims by age, dollar amount, and reason for denial. This segmentation enables them to identify which claims are nearing the insurance company’s filing deadline and which have the highest financial value.
By doing so, they strategically prioritize their recovery efforts, focusing first on the claims that pose the most significant risk to revenue loss or those that can significantly boost the practice’s cash flow.
For example, claims approaching the insurance company’s filing deadline may be prioritized to ensure timely payment and avoid potential denials due to missed deadlines. Similarly, larger dollar amount claims may also be prioritized to bring in a higher influx of revenue for the practice.
Overall, this segmentation and prioritization strategy allows dental billing services to efficiently allocate resources and efforts, maximizing revenue recovery and cash flow for your practice.
Dedicated Follow-Up Teams
Dental billing services assign specialized teams to monitor and address aging claims. These teams engage in persistent and focused communication with insurance companies to determine the causes of payment delays.
They initiate contact, provide necessary documentation, and negotiate to resolve any issues that prevent claim processing. By dedicating resources specifically to follow-up tasks, dental billing services ensure that each claim receives the attention it needs for a timely resolution.
Customized Appeals Process
Dental billing services execute a tailored appeals process for claims that are denied or underpaid. They begin by analyzing the insurer’s reasons for denial or underpayment.
Next, they compile a detailed appeal letter, addressing each point of contention with precise evidence, including dental records, billing documentation, and relevant correspondence. This process demands a deep understanding of dental billing codes and regulations, ensuring the appeal targets the specific issues cited by the insurance company.
Addressing Aging Claims With The Help of a Dental Billing Service!
Aging dental claims can be a significant burden on your practice’s finances and operations. This is why working with our reputable dental billing service is crucial. We can help you resolve aging claims!
