Tag Archives: insurance

Top 10 Reasons Why Dentists Should Carry Their Own Dental Coverage

8 Jun

CFS DENTAL OFFICE

If you have a dental practice, you should seriously consider setting up your own self-administered dental plan.  Here’s why:

  • Dental insurance covers less and costs more every year for patients
  • Dental insurance pays the dental office less and less every year
  • You can customize a dental coverage plan to meet the specific needs of your practice
  • Patients and staff always know how much is covered and what remains
  • Far easier to administer than conventional insurance plans
  • Makes dental care more affordable to the patient, resulting in more treatment plan acceptance
  • Provides treatment to patient immediately
  • The dentist earns a greater portion of service than paid by insurance companies
  • Patients will stay in the practice longer
  • Patients will get treatment they would otherwise neglect.

The purpose of the Private Dental Plan program is to help the patient receive immediate and personalized service through a dental service plan and allow the dentist to keep more money for their services.  This self-administered dental service plan allows dental offices to offer access to dental coverage for those who would not normally be able to afford it.

Through my new affiliation with Dental Practice Services, Inc., I am now able to assist practices in getting set up with such a plan.  Please contact me for more information about how your practice can benefit from a personalized self-administered dental plan.

INSURANCE MONEY WON’T PAY YOUR BILLS ANYMORE, DOC!

16 Jun

I was told today by a doctor that he refrains from pushing too hard to collect from a patient who owes him money, because of all the money he makes on the patient from insurance companies.  He is willing to write off patient balances, to keep making insurance money from the patient visits, and doesn’t want to offend the patient into leaving the practice by insisting he pay his bill.

This is the general attitude many doctors had 25-30 years ago.  It may have had some validity back them but times have changed!  Insurance money alone will not keep your doors open and your lights on any more doc.  You are putting your practice in jeopardy by not seeing what is happening around you!

High deductible health plans are the norm these days, and co-insurance is rising all the time.  Despite what the government tells us, there are more and more patients who do not have insurance, or have adequate insurance.  Self pay is now the highest payer in the medical world behind Medicare and Medicaid, and it is catching up fast.  According to recent statistics, patient balances now represent over 35% of a doctors income and soon, if major changes aren’t made, will be over 50%.

You can’t wish it away, or ignore it away.  You MUST find a way to motivate patients to pay you, and pay you faster than before.

Medicine, whether you like or not, or understand it or not, is a business.  You are trading a service for money, and the patient knows it.  They also know when you are leaving them alone about their bill so that you can continue to collect insurance money. Not only do they know, but guess who they tell?  EVERYBODY!!!  And guess what happens?  You get all the patients who don’t want to pay their bills.  Great!  Until, that is, until you watch your patient A/R go through the roof.  By the time you see this happen, you are already in trouble.

Don’t waste time.  There are automated tools to help your practice both maintain your good relationships with your patients, AND get them to pay you their portion of the bill sooner.  Call me today at 888-780-1333 and I will tell you about them.  Isn’t it worth 20-30 minutes of your time to keep the lights on in your practice over the long haul?

Medical and Dental Practices: Is insurance follow-up eating up your staff time?

11 Feb

Insurance companies have a vested interest in paying your practice as slowly as possible. They will delay, deny, and “on-hold” you to death just to keep your money a few days longer and earn interest on that money.

 

Living “on-hold” with insurance companies seems to be a way of life for some of your office staff, as clerks search forever for claim information. Sitting and waiting while they look up claims is costing you big time, not just in employee salaries, but also in lost productive time.

 

What if there was a highly effective, inexpensive way to motivate insurance companies to contact you regarding those claims? What if you didn’t have to waste the time of your employees “on-hold?” What if you could get an answer or your money more quickly?

 

Transworld Systems, a sponsored program with the AMA, a Preferred Vendor with the MGMA, and the largest collector of medical debt in the US, has a unique Insurance Resolution service that you can use to make these things a reality. For a low flat fee per claim, you can have them contact the insurance companies for you. When the insurance companies are contacted by a third party such as Transworld Systems, they will treat the inquiry with much higher priority than they will when they are contacted by your practice or a hospital. When receiving a third party inquiry, they are required to escalate the inquiry to a supervisor, and then have the supervisor contact your practice to resolve the claim.

It’s quick, it’s inexpensive, and it’s easy. And best of all, you can have your “on-hold” person spend their time on something less frustrating and more profitable for your practice.

It is just one of a whole suite of services that Transworld Systems can provide for your practice to help you get paid faster by both patients and insurance companies. Contact me for a free 30 minute demonstration of their services and a no-obligation analysis of your Accounts Receivable. Call me at 888-780-1333, or email me at davidhwiener@gmail.com.

Dental A/R and Collections

3 Oct

Dental-InfoGraphic-Oct3

Many dental practices are faced with outstanding bills and the issue of collecting on past due payments while trying to maintain patient relationships. There is a solution for you and your dental practice when it comes to recovering past due payments!
Transworld Systems has been helping dental practices and other offices since 1970 with the recovery of slow and past due payments from both patients and insurance companies! Contact me today to find out how we can help you start the road to faster cash flow!

Patient payment responsiblity increases | Healthcare Finance News

11 Jun

Patient Payment Responsibility Increases.

Does this surprise you????

If you have been paying attention these last few years, you already knew this.  It has been steadily going up for a lot of years.  What many doctors and practice administrators don’t know, or aren’t paying attention to, is the result of this increase.

Doctors MUST, perhaps for the first time, figure out how to get patients AND insurance companies to pay them faster.  In many cases, to pay them at all.  To fail to do this quickly is resulting in:

  1. A 10-fold increase in SBA backed loans made to medical practices over the last 10 years.
  2. An unprecedented number of physicians forced to declare bankruptcy, even though they have very busy practices.

This does not have to happen!!  It is foolish and unsustainable.  I can show you, in 22 minutes, how to get more patients paying you, and faster than before as well as speeding up the response time from insurance companies who benefit from dragging their feet before finally sending you a check.  I can show you how to do it for less than you are currently spending to do it the way that you are currently doing it, possibly the reason for the problem after all.

Respond to me via the form at the bottom of this email, requesting a 22 minute A/R strategy session.  It won’t cost you anything and you will know, when we are done, if the tools I recommend will help you put more cash in your accounts than you are currently getting.  Even so, after we are done you are under no obligation to take my advice.

Isn’t it worth a 22 minute phone call?

Patient payment responsiblity increases | Healthcare Finance News.

Self-Pay Is Here To Stay: And It’s Scary

18 May

medical bill

So are you one of those who thought that health exchanges would cause self-pay to go away?  You need to think again!!  Self-pay isn’t going anywhere anytime soon. and it’s growing.

It has been projected that out of pocket expenses nationally will rise more than $400 billion by 2016.  The advent of mandated medical coverage, which is coming in 2014 will markedly increase the number of “basic” health plans with the demise of “Cadillac” plans.  Higher deductibles and lower co-pay in these basic plans will leave the patient covering up to 40% of the bill.  All of this happening with a patient population that has an increasingly difficult time covering their portion of the amounts.  Couple that with the fact that percentage of Americans who are enrolled in the increasingly popular high deductible plans hit a record 28% in 2012,  It’s getting scary!

Some things you might not know:

  • 55% of patient responsibilities are never covered.
  • 81% of “true” self-pay responsibilities are never covered.
  • It costs twice as much to collect from the patient vs. the payer
  • Between 2007 and 2012, patient responsibility grew from 12% of total revenue to 30% and isn’t slowing down.
  • Self pay is the number three payer after Medicare and Medicaid
  • Each family will be responsible for up to 32% more in financial responsibility in 2014
  • An “insured” patient doesn’t guarantee full payment.
  • ICD-10 will also potentially increase patient responsibility.

These are just a few facts that indicate our future.  A strategy or partner will be necessary to respond well to these challenges that are before us.  The view of patient out of pocket will have to change.  No more can a practice just assume that they can absorb patient balances that aren’t collected.  Balances will need to be collected and early in the cycle, as accounts receivable depreciate in collectability very quickly, more quickly than ever.  Any A/R over 90 days, depreciates at .5% per day, and practices can’t absorb the losses any more.

Most practices cannot do this on their own.  What is not collected at time of service is both challenging and expensive to work adequately in-house.  The expense associated with pursuing these well is more than the practice can handle, so the choice is clear.  You can either “do the best you can with what you’ve got” or you can find a partner who can help you do it well, and for less cost.

Make sure that anyone that you partner with is 100% committed to compliance, because federal, state and local regulations are making it more and more challenging to accomplish the task.  Ensure they protect you, as well, from liability for what they do.

Again, I realize that many who read this will deny that this is the future, and rely on the belief that more patients insured will mean less challenge for the practice in pursuing patient balances.  If you are among those, I have a bridge I’d like to sell you.

If you realize the challenge, and would like to investigate what I believe to be the best available solution to this increasing problem, respond to this article and ask and I will be happy to share it with you.

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