Dental insurance verification is a tedious task. If you've never done it before, it can be time consuming. The process consists of going through each patient file, making sure their information is accurate, and then reaching out to each insurance agency to verify their coverage. This is not the best use of your time management. Which poses the question, should you outsource dental insurance verifications?
When this task falls onto one employee it can be overwhelming, especially if it isn't their main role. This doesn't set your employee or practice up for success. A strategy like this is counterintuitive to wanting to be proactive by reaching out in the first place. This is why it's ideal to have a strategy and tools in place to help you accomplish your goals. You could continue to keep your insurance verifications in-house, or you could outsource them.
Evaluate what your practice's current process is first. What is your practice's current solution for insurance verifications? Is it efficient? Is the staff member working on this project able to complete their other tasks on time as well? You need to decide if this current process makes sense or if you need to change it. If you decide that you need to change it, try to identify the specific problems. Doing this will make finding a solution easier.
Could outsourcing fix some of the problems you're running into OR is it something you can fix in-house?
An in-house/practice solution could be a good task management system to generate tasks and lists. Task management helps define roles and keeps things easy and smooth. Update your software and use dental insurance verification software if you plan to keep it in-house. Another solution could be bringing in a dedicated staff member for scheduling and insurance verification. Having someone work solely on these tasks prevents them getting distracted or not completing all of their work.
Outsourcing Dental Insurance Verification
Like anything you choose, there will be pros and cons. The best case scenario is that you choose a solution that specifically has the most pros for your practice.
Pros and Cons to Outsourcing
The biggest pro to outsourcing, in general, is that it alleviates extra work for your team. When you outsource to a company instead of having one individual handling insurance verifications, you have an entire experienced team working for you. Although you'd be paying for an entire team, it's more cost effective to outsource than it is to hire the same amount of experienced staff within your practice team. Having an outsourced staff, that is dental specific, is a huge benefit to you because they will know exactly what questions to ask, understand all the terminology, and know how to qualify someone quickly.
The con of outsourcing is that it can be difficult to find the right company to work with. Finding the right fit can take several calls and interviews. You'll also need to make room in your budget and build it into your practice's processes.
Best Patient Care
During your evaluation and when weighing the pros and cons, a consideration you shouldn't forget is which solution will make your practice more profitable while giving your patients the best care. This is a massive consideration! You want to ensure that whoever is in charge of making insurance verification calls has your patient's best interest at heart and will pay attention to all the details. Your insurance collections directly effect the profitability of your practice. Keeping your insurance verifications clean will make it easier to know what to expect and predict your profitability.
Use Your Dental KPI's
If you are testing out a new method for verifications and have decided to outsource, use your dental KPI's to track their progress. Run a report before they begin and then run another one every week for the first month. Review the report together and ask questions. If there is no growth shown, begin a dialog and have them explain why. It could be the process needs another month to show results or that it's time to move on to the next prospect.
Key KPI's you should be paying attention to are: collections, adjusted production, and your broken appointment list.
Your top priorities for your practice are providing the best patient care while still being a profitable business. If outsourcing your insurance verification process does that, then you should be moving in that direction if you have not already.
Consider working with a dental coach or consultant to help you improve your dental insurance verification process. A coach can give recommendations of good companies to outsource to. They'll also be able to help you in your assessment of your current processes. Their experience and expertise is to make you successful in reaching your goals!