There is more to dentistry than simply offering superior service to your patients. One of the most crucial aspects of running a successful practice is managing your billing processes. However, with frequent changes in insurance requirements and codes, the need for dental billing experts has become even more essential. Fortunately, you have the option to outsource these skill-based tasks. While outsourcing may not be suitable for every office, this article presents several reasons to consider this approach.
Firstly, outsourcing allows you to cut costs. According to the Levin Group Annual Practice Survey, practice growth has not kept pace with inflation, and higher overhead costs are one of the contributing factors. Failing to keep up with inflation may require the average dentist to work an additional six years beyond their expected retirement date.
By outsourcing with Swift Claims Dental, your practice can save an average of $35,000 per year. According to Salary.com, the national median income for an insurance coordinator is $58,943 annually as of November 2021. Additionally, you can avoid the increasing costs associated with federal and state unemployment, workers' compensation, internal benefits, social security, bonuses, Medicare, and your 401(k) plan.
What sets Swift Claims Dental apart from competitors is that we only collect a percentage of your insurance collections. Unlike some other outsourcing companies, Swift Claims Dental does not collect a percentage of any patient-paid portion of your receipts. Consider these additional benefits of hiring Swift Claims Dental:
No cost for training a new employee.
Our services are tax deductible as a business expense for your practice.
No additional employee taxes.
No additional benefits like 401(k) matching, medical, vacation, sick/vacation days, or free dentistry.
No risk of embezzlement.
No risk of frivolous lawsuits or people problems.
No risk of making the wrong hire.
No need for additional space.
With Swift Claims Dental, our expert billers are readily available to you and your staff for questions, concerns, coordination, problem-solving, and more. Having an expert biller on your side provides an additional set of eyes and perspectives to catch internal errors such as data entry issues, uncreated claims, incorrect write-offs, and inaccurate fee schedules. Our billing experts dedicate their time and expertise to your billing operations. If your outstanding claims are not being properly tracked, your practice may be missing out on revenue you have earned. According to the Levin Group Annual Practice Survey, the collection percentage for a typical general dental practice averaged 91% in 2016. This means that for every $100,000 in production, the average practice loses around $9,000 per month. The revenue lost easily exceeds the cost of outsourcing to Swift Claims Dental.
Finding and retaining adequate staff is a challenge faced by dental offices nationwide. With staff turnover, the lack of trained staff in the market makes it even harder for an office to maintain productivity. Current front office staff typically have multiple responsibilities, making it difficult to focus on one task at a time, thereby increasing the risk of mistakes and missing timely claims filing requirements.
Another advantage of partnering with Swift Claims Dental is that our services remain available during a COVID-19 shutdown. As the pandemic continues to pose a global threat, mandatory shutdowns have exacerbated workforce shortages, putting additional strain on dental and medical practices. Our expert billers are always ready to work on your accounts receivables and outstanding claims, ensuring that no payments are missed and overall office productivity is enhanced.
While nobody wants to believe that their staff is capable of embezzlement, statistics indicate otherwise. According to Dentistry IQ, three out of five dentists fall victim to embezzlement. ADA case studies have shown that 49% of dental practices have experienced employee theft, and two-thirds of dental practices report being victims of theft, embezzlement, or fraud. The Dental Tribune states that 50-60% of dentists become victims of fraud during their careers. Outsourcing your billing to Swift Claims Dental provides an additional layer of scrutiny over your production, further ensuring the integrity of your business practices.
There is a national trend towards outsourcing billing, and for good reason. Lower costs, improved revenue, access to billing experts, reduced staffing concerns, and streamlined office activities are the primary advantages of choosing Swift Claims Dental to support your business. We are here to help you achieve even greater success.
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