Does your front office staff face extreme challenges in collecting and posting payments? Payment posting could be time-consuming and costly. So, how does your front office staff handle them? As a dentist, how do you handle such a task without hiring more employees or spending a lot of money?
We offer you our Payment posting services, where payment posting is all about applying Insurance Payments to a claim and allocating it by procedure code in the Practice Management Software.finalizing the claim without forgetting to attach a scanned copy of the Explanation of Benefits or Electronic Remittance Advice or a PDF of the Explanation of Benefits which was extracted from the insurance company’s website.
We meticulously compare the claim details, input the insurance payment amount, determine the suitable write-off, and ultimately conclude the claim process by utilizing either a scanned Explanation of Benefits or electronic remittance advice.
We know that you and your team are busy serving the patients.
Is your team posting the insurance payments received as soon as you receive them at the correct procedure code level?
Do you know which procedures are being constantly underpaid by the Insurance company?
Are you collecting the reminder from your patient before their next appointment?
Are you enforcing your broken appointment policy by adding the fee to the patient account?
If you are unsure of the answers to any of these questions, you need to outsource your payment posting task to our dedicated, trained, highly qualified (Accountants in India) and significantly low-cost resources.
Payment Verification Service – The procedure starts with the read-only access you granted to your bank account, which is used to verify electronic cash transfers and cheque deposits made by insurance companies, patients, and other parties based on explanations of benefits.
Balance Verification Service – A balance verification service is all about updating the account and sending a statement to patients, informing them of the Balance they have, the day before they come for the appointment.
Enforcement of Broken Appointment Policy Service – We essentially charge the patient if they fail to show up for their appointment. Patients tend to respect their appointments more when they have to pay for broken appointments.
Entering the payments – We enter the payment details to the claims and post the same in the Practice Management System (PMS).
Pricing
Transactional Based Pricing
Extraction of EOBs – per EFT ($0.40 cents)
Payment Posting (per claim) – ($0.90 cents)
Verification of Electronic Fund Transfer/ Cheque deposits ($0.50 cents)
Balance Verification Services – ($5 per patient)
Enforcing Broken Appointment Policy ($0.30 cents per broken appointment)
In today’s dynamic healthcare landscape, dental practices are experiencing significant transformations driven by technological advancements, changing patient expectations, and a rising tide of competitive rivalry. This abstract aims to provide an attractive and informative overview of the evolving dental industry, highlighting the key factors contributing to its transformation and the challenges posed by increased competition.
Solo Dentist – From Burden to Bliss, Payment Posting Services Empower Solo Dentists
As a solo dentist, your responsibilities extend far beyond patient care. You find yourself juggling multiple roles, including strategist, HR manager, finance manager, operations manager, marketer, IT manager, web developer, SEO expert, accountant, and procurement manager. Amidst these numerous hats, the task of payment posting often falls on your office manager, whose ability to handle it efficiently can impact your practice’s cash flow.
By entrusting payment posting to a dedicated team of trained and highly qualified accountants in India, you can experience several benefits that contribute to the efficient running of your dental practice:
Time and Focus: Outsourcing payment posting allows you to reclaim valuable time and redirect your focus towards core dentistry tasks. Instead of grappling with financial intricacies, you can concentrate on providing quality care to your patients and growing your practice.
Cost Savings: Hiring and maintaining an in-house accounting team can be expensive, especially for a solo dentist or small dental clinic. Outsourcing payment posting services to skilled professionals in India provides a cost-effective alternative. You can benefit from the expertise of trained accountants at a significantly lower cost, saving on salaries, benefits, office space, and equipment.
Expertise and Accuracy: The dedicated accountants handling your payment posting possess the necessary expertise and knowledge in financial management. Their specialized skills ensure accurate processing and recording of payments, reducing errors and potential delays.
Timely and Consistent Cash Flow: By outsourcing payment posting, you can avoid bottlenecks caused by delays in processing payments. The dedicated team focuses solely on promptly posting payments, ensuring that your cash flow remains steady.
Scalability and Flexibility: Outsourcing payment posting services provides scalability to adapt to your practice’s evolving needs. Whether you experience a surge in patient volume or decide to expand your services, the outsourcing provider can accommodate the fluctuating requirements seamlessly.
Security and Confidentiality: Reputable outsourcing providers adhere to strict security protocols to protect your practice’s financial data, ensuring confidentiality of sensitive patient and financial information.
Enhanced Practice Management: By offloading payment posting responsibilities to experts, you can optimize your practice management processes, gaining valuable insights into your revenue streams for better profitability and growth.
Regional Group – Improvise Your Practice’s Potential with Payment Posting Services Across the State
As a regional group practice aiming for aggressive growth, consolidating receivables management and accounting becomes a critical aspect of streamlining operations. Without proper consolidation, individual practices within the group may handle insurance payments independently, leading to a lack of visibility into consistent underpayments from insurance companies.
AI-Enabled Reports for Problem Identification: By outsourcing payment posting services, you gain access to AI-enabled reporting capabilities. These reports analyze data to identify areas where insurance companies consistently underpay, helping to optimize reimbursement processes.
Expert Analysis and Insights: The outsourcing provider’s experienced accountants possess a deep understanding of insurance billing and reimbursement processes. Their insights enable you to make informed decisions and implement strategies to mitigate underpayments.
Centralized Receivables Management: Outsourcing payment posting allows for centralized receivables management across your regional group practice. This centralization improves cash flow management and reduces administrative burden.
Timely Payment Processing: The outsourced payment posting team focuses solely on timely and accurate payment processing, ensuring improved cash flow and reduced delays in claims.
Streamlined Accounting Processes: The dedicated professionals employ standardized accounting procedures to streamline accounting functions, improving financial reporting and decision-making.
Scalability and Flexibility: As your regional group practice grows, outsourcing payment posting can seamlessly scale to meet evolving needs, ensuring continuity in receivables management.
Cost-Effective Solution: Outsourcing offers a more cost-effective solution compared to hiring and maintaining an in-house team, resulting in improved financial outcomes.
National Group – Elevate Your Dental Practices Across the Nation
As a national group dentist, rapid growth can sometimes lead to fragmented methods and procedures across your practices, hindering visibility into consistent underpayments from insurance companies. To address these challenges, outsourcing payment posting services can prove highly beneficial.
AI-Enabled Reports for Problem Identification: By outsourcing payment posting services, you gain access to AI-enabled reporting capabilities. These reports analyze data to identify areas where insurance companies consistently underpay, helping to optimize reimbursement processes.
Consistency and Accuracy: The team of accountants ensures consistent, accurate payment posting, eliminating islands of methods across your practices and streamlining processes.
Management Reports for Decision-Making: Comprehensive management reports provide detailed insights into financial performance, enabling data-driven decisions for improved revenue generation.
Enhanced Visibility and Transparency: The centralized approach to payment posting ensures transparency, allowing you to monitor and address underpayment issues effectively.
Cost-Effective Resource Allocation: Outsourcing payment posting reduces the need for an in-house team, optimizing costs while enhancing financial efficiency.
Scalability and Flexibility: The outsourced services can scale with your national growth, adapting to new practices and complex reimbursement processes.
Focus on Core Dentistry Tasks: By outsourcing administrative tasks like payment posting, your team can focus on improving patient care and growing the practice.
Services Offered by Todays Dental Partners
Experience unmatched payment posting services
Does your front office staff face extreme challenges in collecting and posting payment? Payment posting could be time-consuming and costly. So, how does your front office staff handle them? As a dentist, How do you handle such a task without hiring more employees or spending a lot of money?
Our Payment Posting Service will help you to be up to date with the payments received from the Insurance companies and the patients, ensuring that your days outstanding are under control.
Electronic Extraction of Explanation of Benefits Services
Is your front office staff occupied with multiple tasks, does your front office staff have no time to extract explanations of benefits? Does your front office staff face any challenge to handle the extraction of explanation of benefits tasks?
Our Explanation of Benefits (EOB’s) management service professionals retrieve the EOB’s from the Insurance Company websites or from a cloud location where you store the scanned copies of the Paper EOB’s and attach them to the patient file in your practice management system.
Discover the power of verified payments for Seamless Transactions
Does your front office staff struggle to match the amount deposited in bank accounts and the amount mentioned on your Practice Management System?
Through our payment verification service, we verify the Electronic fund transfer deposits and cheque deposits in the bank.
Embrace the confidence of verified balances for optimal peace of mind
Are there any significant issues that your front office personnel have with the balance verification procedure? You may struggle to correctly verify patient balances because insurance providers may have delays in updating their systems or inconsistencies in the data they supplied.
With our Balance verification service, we go through the patient account in detail, a day prior to their appointment and ensure that the account balances are accurate.
Elevate your practice with our Broken appointment policy
Do broken appointments frequently occur at your dental office? It’s painful, right, when patients fail to show up for their scheduled appointments or cancel at the last minute. These empty slots result in lost revenue and wasted time that could have been utilized for other patients in need of dental care.
Our Broken Appointment management service helps you enforce your broken appointment policy, by charging the patients who broke the appointment a fee as per your office policy.
Day 1
Our Team will provide you with a letter of engagement, our comprehensive payment posting services, providing efficient and accurate handling of your payment transactions. With our expertise in the field, we ensure timely and secure posting of payments.
Day 7
After your dental practice accepts the letter of engagement, we will essentially take up to a week to comprehend your statements, paperwork, and other pertinent documents so that we can handle your payment posting jobs effectively and promptly without making any mistakes.
After Day 07
We will set up a target for the number of claims that need to be posted on a regular basis, ensuring that we post as many claims as possible with efficiency and accuracy.
Monthly Review
Payment posting is an iterative process. To maintain accurate records, ongoing verification is necessary. We perform a monthly assessment to ensure that your reports are error-free, and we provide you with an analysis report of your practice at the end of the month.
Day 60
You’ll have clear records, your front-desk employees will have enough time to focus on their work, and dentists can concentrate on what they do best—carefully treat the patients. When you outsource your payment posting activities, your practice can save an enormous amount of time.
Dr. Lisa Anderson
Dr. Mark Robers
Dr. Sarah Thompson
Sparking Smiles Dental, California
Happy Teeth Family Dentistry
Perfect Smile Dental Clinic, New York
“Todays Dental Partners has revolutionized the way we handle Explanation of Benefits (EOB). Their electronic extraction system is a game-changer! It saves us an incredible amount of time and effort by automatically extracting and organizing EOB information. This has significantly improved our claims processing efficiency and accuracy.”
“We now have a clear and organized system that ensures accurate recording and reconciliation of payments. Todays Dental Partners’ payment posting services have transformed how we handle our practice’s financial processes.”
“One of the primary problems I faced was the struggle to correctly verify patient balances due to delays in insurance providers updating their systems or inconsistencies in the data they supplied. This resulted in confusion, inaccurate records, and potential financial instability for my practice. However, ever since I enlisted the help of Today’s Dental Partners, these challenges have become a thing of the past.”
FAQs (Frequently Asked Questions)
How can index Explanation of Benefits assist during patient visits?
Indexed Explanation of Benefits allows for quick and easy retrieval of specific EOBs when patients have questions or concerns about their insurance coverage. Having organized and indexed records enables your front office staff to provide accurate information promptly, enhancing patient satisfaction and reducing waiting times. It improves communication with patients regarding their insurance claims and financial responsibilities.
How much time and effort does it take to implement the electronic extraction of Explanation of Benefits?
The implementation process varies depending on the size of your dental practice and the complexity of your existing systems. Reputable service providers typically work closely with your practice to ensure a smooth transition. They handle the technical aspects of implementation, including data integration and training, to minimize disruption and maximize the benefits of electronic extraction.
How can your payment verification services help me maintain financial stability and peace of mind?
By entrusting my payment verification tasks to your service, I can maintain financial stability and gain peace of mind. Your team’s meticulous verification process ensures that all electronic fund transfers and cheque deposits are accurately confirmed, reducing the risk of errors or missing payments. With up-to-date and reliable financial records, I can make informed financial decisions, effectively manage cash flow, and address any discrepancies promptly, ultimately fostering financial stability for my dental practice.
How does your service handle the security and privacy of my financial information?
The security and privacy of my financial information are of utmost importance to me. I would like to know how your service ensures the confidentiality and protection of my bank account data during the payment verification process.
