Graham-Field (GF Health Products, Inc)’s Post

Rise and Shine!✨Let’s talk Revenue Cycle Management (RCM) in 5 simple steps! 🌈Patient Registration and Insurance: Ensure accurate and complete patient information is collected during registration, including insurance details. Verify insurance coverage to prevent claim denials and delays. 🥼Claim Creation and Coding: Ensure all services provided to patients are accurately documented, coded, and charged for. Optimize coding practices to maximize reimbursement and prevent underbilling or overbilling. 💰Claims Submission and Follow-Up: Submit claims promptly and accurately to insurance companies. Follow up on unpaid or denied claims to identify and resolve issues promptly, reducing the time between service delivery and payment receipt. 📄Payment Posting and Reconciliation: Post payments received from insurance companies and patients accurately into the practice management system. Reconcile payments with billed amounts to identify discrepancies and resolve any discrepancies promptly. 👩💻Accounts Receivable Management: Monitor and manage accounts receivable to ensure timely payment collection. Implement strategies to reduce aging of accounts receivable, such as following up on overdue payments, setting up payment plans, and addressing claim denials efficiently. Dental practices can optimize their revenue cycle management and ensure a steady flow of revenue while minimizing payment delays and denials following these 5 steps! If you need assistance following these steps effectively contact us today ☎️916.269.9899. #revenuecyclemanagement #practicemanagement #financialhealth #billingprocess #claimsmanagement #healthcarerevenue #healthcareadministration #medicalcoding #accountsreceivable #patientbilling #dentalbilling #businesstips #successmindset #businessgrowth #socialmediamarketing #dentalcare #dentistry #teeth #smile #dentist #dentalhealth #oralcare #dentalclinic #dentalimplants #dentaltechnology #toothcare #oralhygiene #dentistappointment #dentalcheckup #smilecare

The dental industry is constantly changing. Right now, there are several challenges that owners are facing as they head into the new year. ⏩ Staffing issues. With the struggle of hiring and training, employee retention can lead to delays in care and make it difficult to maintain patient demand. ⏩ Financial management. Everything from billing and collections to payroll and insurance reimbursement can be daunting to handle yourself. ⏩ Keeping up with technology. Because of how quickly the industry is moving it can feel impossible to keep up with every new piece of equipment. Instead, focus on acquiring what you’ll need to complete your services effectively and precisely. ⏩ Attracting/retaining patients. It can feel impossible to stand out against your competition in an overcrowded market. Finding and retaining a strong patient base requires multiple pieces including efficient treatment times, a well-trained staff, and more, all of which cost you time and money. To help with all of these categories, it’s best to keep a bookkeeper, a CPA, and a CFO on retainer. So, even when the deck feels like it’s stacked against you, you’ll always have someone to lean on. DM us to learn more about our CFO services for dental practices! #mavenfinancialpartners #dental #dentalindustry #dentalcfo #businesspartner #financialpartner #financialanalyst #financialcoaching

The 2024 ADA Claim Form introduces changes aimed at expediting claim reimbursement. Three key updates include: 1. **Locum Tenens Dentists (Box 53a):** Designed to address challenges in billing for temporary dentists, this box includes the question "Locum Tenens Treating Dentist?" with a checkbox. Checking the box notifies the insurance company of the temporary status, potentially easing credentialing issues. 2. **Scaling & Root Planing Dates (Box 39a):** To enhance the accuracy of perio maintenance claims, a dedicated space labeled "Date last SRP" is introduced. This addition streamlines the inclusion of perio history, facilitating both manual and electronic submissions. 3. **Payer ID (Box 3a):** Acknowledging the need for proper identification in electronic claims, Box 3a now provides a designated area for the Payer ID. With the phrase "Payer ID" and a space for identification, this ensures uniform billing and accurate submission to the correct payors. claims, a dedicated space labeled "Date last SRP" is introduced. This addition streamlines the inclusion of perio history, facilitating both manual and electronic submissions. 3. **Payer ID (Box 3a):** Acknowledging the need for proper identification in electronic claims, Box 3a now provides a designated area for the Payer ID. With the phrase "Payer ID" and a space for identification, this ensures uniform billing and accurate submission to the correct payors. #dentalpractice #dentalbilling #revenuecyclemanagement #dentalpracticemanagement

After analyzing roughly 450,000 claim submissions from over 450 ASCs, we found that, on average, claims are: ➡ 7% accurately paid   ➡ 8% overpaid   ➡ 85% underpaid     Monitoring this data point is extremely important to ensure that your surgery center collects every penny you're contractually owed.     So, why does an ASC get underpaid?    First - getting underpaid does not necessarily mean you or the payor made a mistake.      However, there are many reasons you may have been incorrectly underpaid: coding errors, documentation issues, policy changes, outdated contracts, late submissions, bundling issues, lack of preauthorization, secondary insurance issues, clearinghouse errors, etc. Plus, sometimes, payors underpay simply because they don't anticipate anyone catching it.     If you're looking to audit your numbers or reduce underpayments:     1️⃣ Conduct a thorough audit of the claims and payments to identify patterns and specific instances of underpayments.      2️⃣ Review your contract terms with each payor to ensure you clearly understand the agreed-upon rates and payment terms. You'll also want to check fee schedules and any changes to your contract terms.     3️⃣ Analyze the breakdown of the underpaid claims and your contracts to try to understand why the claims were underpaid or find trends.      4️⃣ Based on your findings, your next steps will vary, but here are some different directions you may need to take: invest in more training for your staff, look to outsource to a revenue cycle partner, look into RCM software that would help scrub claims before submissions or flag underpayments for you, contact your payor reps, or request a review and correction.     5️⃣ If it's an ongoing issue, scheduling recurring, standing meetings with your payor rep(s) could help, or maybe it's time to renegotiate contracts.      6️⃣ Look at your payments on a daily or weekly basis – are the payment amounts generally matching the contract fees? If payment amounts are consistently lower than contract fees, why? Are there any visible trends over time?    #ThisWeekinSurgeryCenters #SurgeryCenters #HealthcareNews 

🦷 DENTISTS: Considering buying your first dental practice? An ethical and transparent organization like DDSmatch NY and Western PA can help you through what can be a very stressful and foreign experience. If it’s time to get the process started, I encourage you to set up your buyer profile at www.ddsmatch.com/signup. In addition, here are the crucial steps to take before making that important decision: 1️⃣ Research, Research, Research: Dive deep into the local dental market. Understand competition, patient demographics, and potential growth opportunities. 2️⃣ Financial Check: Assess your personal finances and consult a financial advisor. Determine your budget and secure financing options. 3️⃣ Due Diligence: Scrutinize the practice's financial records, patient base, and contracts. Seek professional help for a comprehensive evaluation. 4️⃣ Legal Matters: Hire an attorney experienced in healthcare acquisitions to review contracts and ensure compliance with regulations. 5️⃣ Team Building: Assemble a skilled team, including dental staff and administrative support, to ensure a smooth transition. 6️⃣ Location Matters: Evaluate the practice's location for convenience and accessibility for patients. 7️⃣ Marketing Strategy: Plan your marketing approach to retain existing patients and attract new ones. 8️⃣ Transition Plan: Develop a detailed transition plan that outlines the handover process and minimizes disruptions. 9️⃣ Insurance and Licensing: Ensure all necessary licenses and insurance policies are in place before taking over. 🦷 Working with a Dental Practice Broker who leads every transition with integrity/transparency and taking these steps can help you make a confident and informed decision when buying your first dental practice. #ddsmatch #ddsmatchnyandwesternpa #ddsmatchnortheast #hereforyou #leadingwithintgrity #ethicalbrokers #absolutetransparancy #DentalPractice #firstimebuyers #DentalJourney #buyerswanted

Let us ask you a question, would you try to remove your own tooth or would you seek the expertise of a dentist? 🦷️ Imagine trying to pull your own tooth with a pair of pliers. Ouch! That's like tackling sales tax alone and risking costly mistakes that might leave you in pain with penalties and audits. 🦷️ It's like attempting a tooth extraction blindfolded! Without expert advice, you might not even realize which sales tax rules and regulations apply to your business. 🦷️ Think of it as yanking out a tooth without proper anesthesia. Managing sales tax without expert guidance can be a nerve-wracking experience that leaves you feeling numb and confused. You wouldn’t take on dental work without a dentist so why take on sales tax without a sales tax expert?

Navigating your #DentalAccounts and tax position can be daunting. Take the stress out of the process and let our experts take a look at your #finances. We can help you organise your accounts and budget for your tax liabilities so you can plan for the future. Contact our client services team today to book your free consultation: https://lnkd.in/dxWE_dzY #MedicalFinance #MedicalAccountants #Dentist #NHS #PrivatePractice #DentalAssociate #DentalTherapist

🚨 𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗮𝗹𝗹 𝗱𝗲𝗻𝘁𝗮𝗹 𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗼𝗿𝗶𝗲𝘀! 🚨 . Are you tired of constantly chasing down payments from delinquent dentists? 😫 We understand the frustration and stress it brings to your business. That's why we're introducing the 𝗗𝗲𝗻𝘁𝗮𝗹 𝗕𝗹𝗮𝗰𝗸𝗹𝗶𝘀𝘁, a platform designed to keep you informed about problem dentists nationwide that could disrupt your workflow and revenue stream. 💰 . Don't suffer in silence! Share your experiences and file complaints at 𝗕𝗹𝗮𝗰𝗸𝗟𝗶𝘀𝘁𝗗𝗲𝗻𝘁𝗶𝘀𝘁𝘀.𝗰𝗼𝗺. Together, we can hold these dentists accountable and protect the integrity of our industry. . Click the link here https://lnkd.in/eiWJC2A to register and take action today! Let's ensure other labs don't have to endure the same challenges you're facing. 💪 #BadDentists #AccountsReceivable #AccountsPayable #Payroll #Accounting #DentalOffice #BadDebt #OutstandingBalance #Debt #AccountingServices #Invoices #Finance #DentalLab #Blacklist #Accuracy #DentalLaboratory #Finances #OverdueInvoice #IntegratedPayments #Bookkeeper #DelinquentAccounts #LicenseBonded #Professional #IntegratedPaymentSolutions #Insured #CashFlow #BRBusinessConsulting #BRAccountingServices #DentalIndustry #BusinessIntegrity #ProtectYourBusiness

I felt like a bad patient yesterday. At the dentist for my monthly ortho check (and first visit of 2024.) I reminded them that I’d like them to run my benefits for my yearly ortho benefits. Front office team member: “your benefits have been used, you can’t use them again.” Me: “I know it’s uncommon, but my dental benefits pay yearly towards ortho.” FO: “no, it doesn’t work like that” … You get it. This went on for a minute or 2, until the office manager stepped in and confirmed - they had checked - and had already sent it to their billing team. I don’t believe I was being a bad patient, I was just being thorough. I wasn’t rude or off put, but I felt bad for arguing with this professional whom I respect! It reminded me of a few things: - be kind, others don’t always have all the information - when on the other side, verify your information and ask questions from the patient/customer to understand their perspective - just because you haven’t seen it before, doesn’t mean it isn’t possible If I’m supporting someone: Stop. Listen. Inquire. If I’m being supported: Be calm. Be kind. It was a good reminder of things for me to mindful of regardless what side I’m on. Arguments aren’t worth it, ask Donald Duck!