{"id":7363,"date":"2021-06-09T10:29:56","date_gmt":"2021-06-09T14:29:56","guid":{"rendered":"https:\/\/www.opencare.com\/blog\/?p=7363"},"modified":"2021-06-09T10:30:51","modified_gmt":"2021-06-09T14:30:51","slug":"are-you-collecting-what-youre-owed-on-claims","status":"publish","type":"post","link":"https:\/\/www.opencare.com\/blog\/are-you-collecting-what-youre-owed-on-claims\/","title":{"rendered":"Are you collecting as much as you’re owed on claims?"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

\t\t

\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t

Worry-free insurance verification<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

Opencare takes the guesswork and effort out of insurance verification.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tLearn more<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/span><\/p>\n

As a hard-working dental professional, you want to get paid what you\u2019re worth, right? Unfortunately, many dentists are not collecting as much as they are owed on their dental claims. If you\u2019re one of them, that means you\u2019re missing out on thousands of dollars each month.<\/span><\/p>\n

So how do you find out if you\u2019re collecting what you should be? More importantly, since it\u2019s likely that you\u2019re not, what needs to change to make that happen? Let\u2019s discuss.<\/span><\/p>\n

The 99% collection rate benchmark<\/span><\/h2>\n

If you\u2019re not already aware of this, a healthy dental practice should be collecting 99% of production. Because of the monthly fluctuations of insurance receivables and other payment cycles, you shouldn\u2019t measure this over a short-term period. So, look at your collection percentage over a one-year <\/span>period<\/span><\/a>.\u00a0<\/span><\/p>\n

If your practice is like most dental offices, you\u2019re probably collecting about 91-92% of your production. You might think that\u2019s pretty good. After all, that percentage will earn you the coveted \u2018A\u2019 in school. Anything over 90% is good, right?\u00a0<\/span><\/p>\n\n

Well, not when you realize how much money you\u2019re missing out on. For example, if your production is a nice even $100,000 per month, 91% means you\u2019re missing out on $9,000 per month! It gets even worse when you look at the whole year. You\u2019re leaving $108,000 (more than one entire month\u2019s revenue) on the table.<\/span><\/p>\n

Why aren\u2019t you collecting what you\u2019re owed?<\/span><\/h2>\n

Why is this happening? Who is dropping the ball at your practice?<\/span><\/p>\n

It\u2019s likely that there isn\u2019t one specific reason. Dental billing and claims can be complicated and keeping track of all the little details is time-consuming. What\u2019s worse, many dental office employees simply don\u2019t have the time to be managing it all.\u00a0<\/span><\/p>\n

You\u2019re running a busy practice and your staff is hard at work with many tasks. The front-desk staff, who are usually responsible for billing and payments, wear a lot of hats. They are responsible for promptly answering the phone every time it rings. Plus, they must greet patients with a bright, warm smile and ensure their visit is pleasant from the moment they walk in the door.\u00a0<\/span><\/p>\n

When there isn\u2019t an immediate need with a patient in front of them, they have to squeeze in verifying insurance, scheduling <\/span>dentist appointments<\/span><\/a>, calling about outstanding insurance claims, auditing patient accounts, presenting treatment plans, preparing and sending outstanding patient statements \u2013 and the list goes on. That\u2019s a lot for anyone to manage!<\/span><\/p>\n

Ask yourself if any of these things have ever happened in your practice (or worse, happen often).<\/span><\/p>\n