3 Ways to Make Insurance Participation More ProfitableMay 4, 2015 | Category Coding and Insurance
Although insurance participation may be putting pressure on practice profitability; a dental plan is still the major determining factor in whether or not someone sees a dentist. In fact, people with dental coverage are two times more likely to visit a dentist! To retain both patients and a profitable practice, here are a few things you can do to maximize your insurance reimbursement.
1. Regularly evaluate (and limit) the plans you participate with.
Know how many plans you’re participating in (probably more than you think due to insurance partnerships that allow them to share provider lists), how many patients are being driven by each plan, and what percent of your production each plan makes up. When ranking plans, also consider which companies require the most time and effort to obtain payment and which plans drive the highest quality patients to the practice.
2. Review contracts to determine how and when you can negotiate fees.
Start by researching your fees to determine how you compare to other providers in your area. If an increase appears warranted, check each insurance contract for the information that explains how to request a fee increase. Follow their instructions, provide a deadline for a response, and include your office fee schedule.
3. Monitor and communicate EOB information to patients.
Being able to explain EOB (Explanation of Benefits) statements to patients will help you increase treatment acceptance. Understand the language used, and how patient payment is calculated. Be prepared to answer patient questions and watch EOBs closely. Many of the initial statements issued are incorrect.
If you would like help optimizing your insurance participation, schedule a free consultation with Unitas Dental. Dental offices that sign up during the months of May and June will receive a $200 discount on the intake fee.