One of the most important yet challenging parts of private dental practice management is dealing with dental billing and revenue cycle management (RCM). As a provider, you want to focus on patient care and provide a frictionless experience for every patient. Still, the complexity surrounding Outsourcing dental billing, coding, insurance claims, and revenue cycle management usually take you away from what you do best.
The solution is right here; outsourcing these functions to a professional company like Synergy HCLS will change your practice for the better financially, operationally, and in patient satisfaction. In this blog, we will discuss why private dental practices should outsource dental billing and RCM.
1. Stop with the Paperwork, Start with the Patient Care
Dentists didn’t go into dentistry to treat patients only to become mired in the administrative morass of billing. While handling billing and RCM can take up a lot of time and can be quite complicated because of things like claim rejections, coding updates, and payment tracking, etc.
You and your staff are unburdened of administrative headaches, when experts such as Synergy HCLS take care of these tasks. All of which means you can spend more time with your patients leading to greater care in the long run.
2. Expertise in Outsourcing Dental Billing and Coding
There are specific coding requirements for outsourcing Dental billing with CDT (Current Dental Terminology) codes and that is not a very easy thing to handle. Coding errors or lack of supporting documentation can result in denied claims, payment delays, and even compliance issues.
Outsource to a specialized service insures that, with extensive knowledge of Outsourcing dental billing codes, insurance regulations, and payer requirements. Synergy HCLS keeps abreast of coding changes and further enables timely and correct claim submissions to optimize reimbursements.
3. Minimize Participation Denials and Delayed Payments
Claim denials represent a frequent problem in dentists and can have a great influence on money movement. Rework and delays occur when documentation is not provided or is provided incorrectly or when insurance requirements are not met.
By outsourcing your billing to Synergy HCLS, you reduce these risks. We validate all claims prior to submission so that they are accurate and complete. They also manage denied claims in a timely manner, resubmitting them with appropriate corrections so that lost revenue is recaptured quickly.
4. Improved Revenue Cycle Efficiency
A seamless Revenue cycle management is great to maintain financial flow. But, verifying patient eligibility, submission of claims to insurance, following-up, and posting the payments are challenging tasks to juggle for an in-house team.
The Synergy HCLS attracts payment quickly, regardless of whether from enforcing health care guidelines to insurance coverage coverage to then acquire for all outstanding claims. This minimizes delays in the revenue cycle and payment realization and enhances your practice’s cash flow.
5. Cost-Effective Solution
For private dental practice planning to hire and train an in-house billing team, the cost can be prohibitive. The overhead of billing software, system maintenance, and continual staff reeducation is not negligible either.
Flat Billing Here is an affordable surrogate to outsourcing your billing to Synergy HCLS. It gives you access to experienced professionals and advanced billing tools without the overhead cost of in-house operations. You save a lot of money using our solution while still getting high quality billing and RCM services.
6. Scalability and Flexibility
The less you have to worry about your billing and RCM processes, the less you will have to bear the pressure of growing your dental practice. As patient volume increases, an in-house team may not be able to keep up, resulting in bottlenecks with claim processing and revenue collection.
Synergy HCLS provides the flexibility and scalability that comes through outsourcing. We can scale to any practice size whether you are a solo practitioner or a multi-location practice and this ensures billing does not halt when your practice evolves.
7. Improved Compliance and Lower Risk
Outsourcing dental billing is difficult when it comes to compliance. Between HIPAA compliance, payer guidelines, and everything in between — there’s no margin for error. Non-compliance might have penalties, legal problems, and reputation risks.
Synergy HCLS provides you with a compliance-focused partner. We minimize risk exposure and safeguard your practice from potential liabilities by ensuring your billing practices conform to regulations.
8. Access to Advanced Technology
New technologies and tools will be developed that are intended to increase the efficiency and accuracy of the Outsourcing dental billing process. Private practices may find it daunting to invest in and sustain these systems, both financially and logically.
Outsourcing to Synergy HCLS gives you access to the most cutting-edge billing and RCM technology, without the initiation cost. These implement give processes a head, present actionable insights, and preserve data protection, replacing you the jade in competition.
9. Transparent Reporting and Insights
It is important to understand how your practice is performing financially in order to help you make decisions. But, it can be rather tricky to keep an eye on important KPIs like collections, denial rates, and outstanding balances without the right set of tools and expertise.
Synergy HCLS enables full visibility reporting and in-depth insights into your revenue cycle. This allows you to discover trends, troubleshoot bottlenecks, and optimize your financial approaches for long-term results.
