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Do you dream of a thriving orthodontic practice? Of course, you do! And what’s the secret sauce behind every successful venture? Financial stability. It may not be the most glamorous aspect of your practice, but it’s undeniably crucial. You’re not just creating smiles; you’re building a business.
What if you could tap into decades of expertise in one of the most critical areas of your practice — billing and insurance claims? Meet Amanda DeMoura from Essential Dental Services. With nearly 20 years of experience in dental billing and insurance, Amanda has crafted the best practices for new orthodontic practices like yours.
Understand the Insurance Landscape
You wouldn’t start a journey without a map, would you? Similarly, as you plan your practice, research the major insurance carriers in your area and their orthodontic coverage. Amanda advises a careful evaluation of potential contracts: reimbursement rates, estimated patient volume, and more. It’s not just about setting your own fees; it’s about maximizing opportunities for referrals and new patients from in-network plans.
Empower Your Team
The success of your practice lies in the hands of your team. Hire individuals with orthodontic billing experience, or invest in training. Amanda has even created an orthodontic billing training guide to set you on the right path. Remember, an investment in training today is a promise of accuracy and efficiency tomorrow.
Establish Robust Systems
Structure, consistency, and organization are your allies. Amanda aids her clients with customized spreadsheets to track outstanding claims and accounts receivable. The aim? To prevent any revenue from slipping through the cracks.
Monitor Your Accounts Receivable
Keep a sharp eye on accounts receivable. Aim to keep accounts over 90 days past due below 3% of total AR. Don’t let old AR gather dust — tackle denied or unpaid claims.
Consider the Power of Outsourcing
Outsourcing can be your secret weapon. Amanda’s remote team handles everything from claims submission to AR management for practices nationwide. They bring expertise and bandwidth that a small startup might not have. Plus, you gain the flexibility of having staff available evenings and weekends.
But outsourcing isn’t a one-size-fits-all solution. Ensure you have someone in-house who can liaise effectively and that you have basic systems in place before considering outsourcing.
Orthodontic billing is the lifeblood of your practice’s financial health. Mastering insurance workflows and AR management from the outset will pave the way for a flourishing patient base and minimal headaches.
Ready to take control of your practice’s financial future? Reach out to Amanda at Essential Dental Services at contact@essentialdentalservices.com or download her orthodontic billing guide today — essentialdentalservices.com/dental-insurance-training-and-digital-downloads. Because when it comes to the success of your orthodontic practice, every detail counts.
