I wrote this report in response to the following real email I received:
I’m a general dentist in Louisiana and I have 3 permanent staff members (front, assistant, hyg.) and my wife is now currently trying to learn the business aspect of running the practice.
Some background. We are in a small town of approx. 12,000 to 14,000 people. Our economy was Paper, Agriculture and Hospital. The paper company closed down about 5 years ago.
Now I’ve been plodding along with the same habits as if the mill were still open. Good insurance reimbursement, patient load, etc. I desperately need to become more efficient as now I have joined many networks and Medicaid because that’s what is available. I know Dentrix can do it, my wife and I just need guidance.
My employees see production, and in their mind we are doing O.K. But I need a way to show them more on collections (actual) that are real. Not what it “says” that we collect, but the “real world” amount that is collected on that days production. We both know what one insurance pays differs drastically from another. My staff sees that we charge $100 for a pano. But I see me getting paid $60 from ins X and maybe $72 from ins Y. We need to all see actual reimbursements I believe, not price charged.
I need them to understand that we need to collect that day on what we produced that day in order to pay that day’s overhead. Am I wrong thinking this way? I don’t know…
I guess what we are needing is more real time, real world data to better run our day to day business.
I hope I’m not rambling too much, but my wife and I need help.
This dentist is not alone. Across the country, dental practices have been forced to join insurance plans to fill schedules. In the short run, this works – but very quickly, you have joined several different plans and things have become significantly more complex.
In this short report, you will find simple, cookbook-style instructions on how to set up each insurance plan you’ve joined to make sure your production and collection are tracked accurately for each plan. Written for Dentrix software, you can give this report to your office manager and within an hour she can set up your dental insurance plans.
By properly setting up your dental insurance plans for accurate tracking, you will easily be able to identify the winners and losers for your practice. You will be able to run reports to see in black and white the results for each plan so you can compare their performance – and you can evaluate new plans against these results. What is it worth to easily run a report for each dental insurance plan so you can know your numbers to make better decisions?