The insurance Verification process with automated tools, accurate reporting, and human support to understand the coverage limits and the renewal details will help any dental care system retain their patients and increase the revenue. The patient support system relies on Insurance verification as most patients don’t have the time to read and update themselves with their dental insurance. In addition, patients rely on the dental care staff for verification and other coverage details. Unless the dentist’s office has efficient, automated, and reliable revenue cycle management software, it’s hard to generate revenue.
Challenges in Insurance Verification Process:
Taking care of the insurance verification process is not that easy for your billing department or front-office staff. So instead, Outsource the dental verification process to a trusted RCM (Revenue Cycle Management) company like MHRCM.
HOW MHRCM handles the Dental Insurance Verification Process?
- MHRCM completes the verification process in two business days with 100% accuracy.
- Our practice management software accurately delivers the maximums, deductibles, and percentages with a detailed report.
- The remaining maximums and deductibles are calculated accurately.
- Our team verifies all the information manually in the verification form and updates the system for quick claim approval.
- The breakdowns in the price and claims are labelled correctly.
WHY Choose MHRCM for Dental Insurances
- Save Thousands: We verify the patient’s insurance upfront and inform the payment details and the pitfall between the policy coverage and treatment cost. Patients will feel tricked when asked for additional payments after the treatment or during claiming. MHRCM has the right technology to process bills with 100% accuracy, save thousands, and generate more revenue each year.
- Simplified Accounts Receivable Management: Ensuring accurate insurance details in the patient’s treatment file helps patients plan their medical bills and pay without hesitation.
- Patient Satisfaction System: Your business’s profit lies in the customers’ happiness. Customer happiness is reflected in increased patient referrals, profitable practice, and decreased no-show appointments.
How Insurance Verification Increases Dental Revenue
In addition to creating accurate patient billing, insurance verification reduces the chance of a surprise patient statement, leading to frustrating phone calls, bad online reviews, and low patient retention. Verifying a patient’s insurance benefits is critical to developing strong relationships with patients and increasing case acceptance rates. Patients are also more likely to pay their copayments if they are confident that their coverage will cover their visit.
Reduced Claim Denials:
In the current healthcare environment, dentists and other providers need to ensure that all patients have the right insurance coverage; otherwise, claim denials will increase. Insurance eligibility verification helps reduce denials and minimizes write-offs. It is also an excellent way to engage patients on financial matters and increase their chances of receiving payment.
Insurance verification services are an essential first step in maximizing revenue capture and minimizing claims denials. Verifying patient insurance is the starting point for AR (Accounts Receivable) management. It is the first step in ensuring that your patient’s insurance is valid and allows you to charge them accordingly. In addition, insurance verification is a valuable tool for reducing the number of denials, which can be costly for the dentist and the patient.
Accounts receivable management:
In addition to improving patient satisfaction and reducing accounts receivable, insurance verification will help you keep track of your patients’ benefits. By verifying insurance, you will be able to provide accurate treatment plans and cost estimates and avoid overdue balances. In addition, this will help you lower your accounts receivable balance and streamline your front desk processes. Here are some ways to improve accounts receivable for dental insurance verification.
First, dental insurance verification involves verifying the insurance coverage of each patient. Dental insurance benefits differ greatly by plan, and it is important to be familiar with each. The more accurate insurance coverage clinics have, the more likely patients will accept the treatment plan. It also helps clinics avoid any unexpected payments or copayments. In addition, it helps dentists avoid mistakes when processing dental insurance claims and ensures an accurate and well-organized treatment plan.
Reduction in Processing Time:
Outsourcing insurance verification (IV) has many benefits, including reduced denials. It also reduces time spent on insurance verification, allowing providers to focus on other aspects of patient care and build stronger relationships with their patients. In-house IV is also beneficial but has many disadvantages. For example, outsourcing may be more expensive and provide less control than in-house IV.
Automated eligibility verification systems can automate the process, reducing the amount of paperwork required. They can automatically run coverage, and remaining benefits checks up to a week before a patient’s appointment. Unlike manual eligibility checks, automated eligibility verification solutions can also deliver comprehensive results in real-time, including the payer, provider, type of coverage, deductibles and maximums, and the patient’s financial responsibility.
The Importance of Insurance Verification for Dental Process:
Keeping track of patient insurance can be challenging for dentists. Unpaid procedures can negatively impact patient relationships and turn off potential patients. Outsourcing insurance verification can help you avoid headaches and save time. Outsourcing insurance verification services for dental practices can save time and money. In addition to the convenience, it can increase cash flow in your dental practice. Listed below are some benefits of using insurance verification services for dental practices.
Dental insurance verification is a crucial step in ensuring payment for services provided by a dentist. By confirming patient insurance details, dentists can streamline the dental process and avoid the need for repeated calls to insurance companies. Insurance verification services can also help dental offices educate patients about their insurance coverage so they can discuss payment options with patients. In addition, by verifying insurance information before dental procedures, dentists can ensure payment for procedures such as scaling and root planning and avoid receiving less than expected from insurance companies.
Benefits of hiring a dental insurance verification service:
Outsourcing your dental insurance verifications is a time and money-saving method that frees up your practice staff for other tasks. You no longer have to worry about traditional employee benefits, absenteeism, or turnover. Instead, you can focus on delivering quality care to your patients. You also get the peace of mind of knowing that your practice is doing the right thing. And with so many benefits to be gained, it makes perfect sense to hire a dental insurance verification service.
Collection of patient insurance information:
You should collect patient insurance information at the intake for your dental process. It will help you ensure you are following HIPAA regulations and avoid confusion. You can do this with a simple email widget that passes on basic information about the patient. You can also include a form allowing patients to authorize the processing of their personal health information.
Increasing cash flow:
Dental practices can boost their cash flow by utilizing insurance verification services. This process involves checking the insurance status of the patients before their visit. It can reduce the time between service and payment, as insurance companies are more likely to pay claims if they are verified properly. Many benefits can be reaped by dentists who take advantage of insurance verification. Below are some benefits of this service. The dentist can eliminate the hassles in billing the patient, as insurance claims can be processed quickly by medical billing services.
Identifying issues with a patient’s coverage:
Identifying issues with patients’ coverage for your dental process can be difficult, particularly because the regulatory and statutory language is not always clear and consistent. Yet, one carrier seems to have endorsed the coverage of oral examinations for patients undergoing kidney, heart, or liver transplants. This policy also allows these procedures to be done on an outpatient basis. In the absence of a specific policy, it is important to determine whether a patient has coverage for the entire process before attempting to bill insurance for any services.
When it comes to preventing denial of payment, insurance verification is essential. There are many options available to verify your insurance. There are three options to verify your insurance: fax, automated services, or in-house.
Health care providers can educate patients about their insurance benefits. In addition, providers can talk with patients about other payment options if their insurance doesn’t cover them.
MHRCM can help you make it easier to verify your dental insurance before arriving at their appointment.