Practices should review patient insurance participation each year. The doctor and financial coordinator should be aware of important data, such as what percentage of total practice collections is generated by insurance, which insurance plans pay the highest reimbursement rates, which ones pay the lowest, which ones are provided by local employers, etc. This information will help the practice make the best decisions regarding insurance participation.
Analyze fee-for-service versus insurance production. Tracking these numbers will raise questions: Do you need to focus more on elective services? Should you broaden or modify your insurance participation? Should you change management or marketing systems to improve profitability? The answers will provide insight into how to grow your practice.
Don't forget to double-check insurance claims. Your team should verify all claims before submitting so the insurance company has no reason to delay making payment. Double-check all insurance codes. Missing information can add extra weeks or even months before the practice is reimbursed for its services.
Roger P. Levin, DDS, is the founder and CEO of Levin Group, the leading dental practice consulting firm in North America. For the complete list of dates and locations where you can attend his latest seminar, visit www.levingroup.com/gpseminars.
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