One of the most important but often frustrating financial functions in a dental practice is managing insurance billing and collections.
We created this article to help dental practices get to the next level in their overall financial performance.This is accomplished through increasing your profitability, gaining access to upfront capital, and improving patient care by partnering with Elevate Billing Solutions by Nobility.
What does it mean to work with an experienced dental billing partner? As a busy practice, having experts that monitor your accounts and your complete revenue cycle is a huge asset.
Now more than ever, due to today’s increasingly hectic healthcare environment, dental practices are discussing whether to keep their dental billing in-house or partner with a dental billing company. Dentists and staff want to focus their energy on serving their patients, but the distraction of dental insurance billing hassles can make it seem impossible. And if enough time isn’t devoted to properly supporting dental insurance billing processes, your practice inevitability loses money.
What can the right dental insurance billing partner do for your practice?
An excellent third-party billing partner can help increase a dental practice’s profitability within weeks and ensure your practice is both compliant and cost-efficient.
Following are the main ways the right dental billing partner will help a busy dental practice run more efficiently, particularly if the partner can offer a complement of administrative support services.
UNDERSTANDING INSURANCE COMPANIES AND COLLECTIONS
Many dental patients choose providers based on out-of-pocket costs and payment options, and provider options vary widely. Dentists are focused on treatment and don’t always have time to deal with the complexities of navigating all these different insurance providers during a busy workday. Third-party billing partners make it easier to manage those complexities because they have a deeper understanding of what each dental insurance company offers. Elevate Billing Solutions by Nobility has worked with an extensive number of dental insurance providers and brings that level of experience and know-how to each dental practice with which we partner. Our expertise enables us to collect efficiently and effectively. We also assist with other challenging and complex tasks, such as insurance verification, where we handle complete breakdowns for new patients and maintain accurate profiles for existing patients, to identify effective dates, deductible information, benefits tied to a particular plan, and accurate co-pay amounts for collection by the practice.
FINANCING AND CAPITAL
As a growing practice, you may need access to capital, and Elevate acts as an extension of your practice in a number of different ways. In addition to providing comprehensive billing support, Elevate is also uniquely positioned to provide direct access to operating lines of credit and even has a proprietary program exclusive to clients that ensures revenue in-flow is consistent. Elevate Pre-Funding is powered by Nobility and provides qualifying practices with 100% predictable revenue. We pay your claims upfront and then collect from insurance companies on your behalf, giving you immediate access to capital alongside our all-inclusive dental insurance billing solution. When evaluating a practice for Pre-Funding, we take the following steps:
Analysis: Our team will conduct a complimentary coding and billing analysis to assess reimbursement performance and whether your practice is eligible for Pre-Funding.
Assessment: To determine the Pre-Funding amount, we look at your practice’s current AR and past production.
Approval: If the analysis and assessment are accepted, you’ll be invited to apply for Pre-Funding. You’ll be given a revenue payment plan to help you manage your cash flow.
Keeping a dental practice HIPAA-compliant is also an important part of risk mitigation and yet another example of how an experienced dental insurance billing partner can assist dental practices.
Supporting HIPAA compliance related to revenue cycle management; having an exact understanding of each insurance provider’s policies and payment options; offering additional services such as insurance verification and patient-portion revenue cycle management; and providing access to capital through innovative financing programs are all factors when considering a dental billing partner. With Elevate Billing Solutions by Nobility, dental practices benefit from our years of experience in delivering proven and metrics-driven outcomes for both medical and dental practices. We are a financial lifeline to the busy dental practice which is committed to working hard to maximize revenue while providing exceptional patient care. We share that same commitment and believe in working hard to improve your financial health, so you can focus on the dental health of your patients.
Why should you Elevate your practice?
Elevate was developed by dental industry professionals who recognized that dental insurance billing activities were hindering financial stability and growth for dental practices and limiting the time that should be dedicated to patient care. Our dental insurance billing solutions help you restore control over your time and stabilize your revenue cycle to provide optimal attention to your patients.
Unlike many companies in our industry, Elevate customizes dental insurance billing solutions to meet the needs of your practice. We never take a “one size fits all” approach because your practice is unique. We also offer a complete suite of services to complement our dental insurance billing solutions, including insurance verification, credentialing, consulting, financing, and more, so we can scale with you as you grow. And every interaction we have with you is inspired by our values of Performance, Transparency, and Communication.
Our parent company, Nobility RCM, is the leader in revenue cycle management solutions for medium to large medical practices and healthcare organizations. Backed by the technological innovations and leading-edge resources of Nobility, Elevate delivers dental insurance billing solutions proven to improve profitability.
What can Elevate do for you?
Dental billing, insurance verification, and credentialing are just a few of the services supported by our comprehensive platform.
Here is the complete list of services that Elevate supports:
- Insurance Verification
- UCR Analysis
- Coding Services
- Operating Lines of Credit
- Insurance Participation Analysis & Profile Management
- Credentialing & Provider Enrollment
- Fee Schedule Negotiations and Updates
- Practice Performance Assessments & General Consulting
When you select Elevate to manage your dental insurance billing, you’re not outsourcing to us; you’re partnering with us. We assign an experienced billing professional to your account which meets with you regularly to provide metrics-driven reporting on our performance. Words are fine, but numbers ultimately tell the story. We don’t hide behind complex systems; you’ll know what we know when we know it.
Elevate’s dental insurance billing solutions feature:
- Advanced revenue cycle management designed for dental practices
- Metrics-driven reporting to prove performance & value
- Regular interactions with a dedicated & experienced account lead
- Full EFT and EOB reconciliation provided with services
- Ongoing AR analysis to increase collection rate & revenue
- HIPAA compliance and advanced security
- Service bundle options including insurance verification & patient portion RCM
- Opportunity for 100% predictable revenue with Elevate Pre-Funding
How can dentists cope with insurance billing challenges?
The best way to manage dental insurance billing challenges is to bring on a partner with the expertise to optimize your revenue cycle. This is where Elevate becomes a natural extension of your dental practice.
Elevate’s dedicated account managers have years of experience in the dental industry and lead a proven team of billing professionals dedicated to helping you. Elevate Billing Solutions by Nobility supports you by seamlessly connecting with your existing systems and managing the most complex tasks behind-the-scenes. We are proven to increase profitability for our first-year clients, and we free you up to handle other key priorities for your practice without getting bogged down by dental insurance billing challenges.
Choosing Elevate as your dental billing partner provides the following benefits:
- Increase practice revenue
- Minimize outstanding AR
- Ensure financial accountability
- Reduce the risk of embezzlement
- Enhance office staff productivity
- Improve patient satisfaction
Why is Elevate the right dental billing choice for you?
The experts at Elevate Billing Solutions by Nobility increase your profits and improve your dental practice’s financial health, so you can focus on what’s most important – your patients.
We listen to your existing revenue cycle management and billing concerns and develop leading-edge and customized dental billing solutions. Our goal is to directly address your greatest challenges and streamline your operations and financial activities, putting you on the road to increased profitability.
We present straightforward reporting that reflects how we’re managing your insurance collections, by resolving aging claims, appealing refused claims, posting insurance payments, and addressing other tasks throughout the collections process. We take on the most difficult tasks, so you can regain time to attend to your patients and improve your quality of life.
With years of experience in the medical and dental insurance billing space, we’ve helped dental practices, both large and small, across the nation. Our solutions improve patient satisfaction and increase revenue to your practice. We’ve revolutionized medical and dental billing solutions to help your practice grow and prosper.
When we handle your dental insurance billing, your practice immediately realizes the benefits of elevated levels of efficiency. We work your claims, we stay on the phone, and we do what it takes to get outstanding performance on first-pass claims to avoid future appeals. We work relentlessly to secure the revenue that’s due to your practice.
We’re also different than the typical dental insurance billing company. We have an entire financing arm reserved specifically for our clients. Practices that have had to rely on financing through banks and other institutions or even high-priced private loans now have additional and creative ways to secure capital when they partner with us.
Ready to Elevate your dental practice?
Traditional dental billing models can’t ensure consistent and regular cash flow, and keeping dental billing in-house leads to overworked staff and added stress. Elevate Billing Solutions by Nobility offers immediate relief from the financial pressures that plague busy dental practices.
Our company delivers advanced dental billing support proven to increase profitability. And we don’t stop there. We practice our values of Performance, Transparency and Communication in every interaction we have with you. We support dental practice growth with operating lines of capital and Elevate Pre-Funding. We lower your overall costs of doing business by helping you reduce your HR footprint. Our entire company is comprised of full-time, salaried team members to advance your practice’s financial objectives. We assign a U.S.-based dedicated account lead to your practice who manages a team of billing experts obsessed with generating the outcomes we promise.
Ready to take your practice to the next level? Contact us for a no-obligation, customized pricing quote today. Call 844.GET.ELV8 (844.438.3588) or click here to schedule.