The New Year is synonymous with personal resolutions, but have you considered making them for your practice as well? This is an ideal time to reflect on the health and wellness of billing practices to improve productivity, compliance, and reimbursements and payments.
Here are a few areas to consider for bringing more efficiency and convenience in 2023.
- Embrace Technology
Maximize billing and payment productivity by adopting technology designed to simplify processes and reduce manual tasks. Integrated clearinghouse solutions such as claims, remittances (ERAs), eligibility, attachments and more help eliminate barriers to efficiency for staff and can increase the realization of revenue. These solutions enable more management of the claims lifecycle within a single system and normalize payer responses into a consistent, readable format. Integrated solutions also help consolidate claims, remittance, and payment data for easier reporting. Increased use of technology can help free up time to focus on other tasks.
- Automate Eligibility
Stop manually checking patient benefits via payer websites and dedicated numbers! By utilizing eligibility solutions through DentalXChange, real-time eligibility responses can be obtained directly from the payer. Fully electronic benefits verification not only presents an upfront savings of between $3.17 and $5.85 per transaction according to the 2021 CAQH Index, but it also prevents downstream rejections and denials that can create a ripple effect across the practice.
- Monitor Clean Claims
Make first pass clean claim submission percentage a key performance indicator (KPI). A clean claim is one that contains all information required by the payer to process the claim without rejection.* Clearinghouses assist by running claim files through a series of edits to catch common problems before they reach the payer. Common clearinghouse rejection reasons include:
A clean claim rate below 90% should be considered a red flag for billing practices. On average, DentalXChange clients realize a 98% clean claim rate.
*Note that a clean claim does not mean that a denial will not happen.
Make a New Year’s Resolution for Healthier Revenue
Increased billing practice efficiency and convenience can be achieved with process improvements and robust technology offerings. For best results, ensure your practice management solution and claims clearinghouse work well together.
DentalXChange has supported the dental industry for more than 30 years reducing friction across the dental industry value chain. We have strategically partnered with more than 40 practice management systems to create a straightforward claims management experience for our mutual clients. Depending on the practice management system, we offer integrated and stand-alone solutions, including:
- Real-Time Patient Eligibility and Claim Status
- Claims Processing
- Electronic Attachments
- Electronic Remittance Advice (ERA)
- Merchant Services
- Electronic Patient Statements
To learn how DentalXChange can help your practice achieve revenue goals in 2023 and beyond, request a call from a Sales Representative or call 800.576.6412 Ext 455.