With nearly 65% of dental practices participating with dental insurance — due to 50.2% of the adult population in the United States utilizing dental insurance — dental insurance billing is a crucial component in a dental practice’s revenue cycle management. Annually, the average dental practice loses 9% of collectible revenue to missed dental billing processes, which can add up quickly regardless of the size of the practice.
Dental billing is important for several reasons:
- Reimbursement: Dental insurance billing is necessary to receive reimbursement for the services provided to patients. Proper billing is crucial to receive payment for the full value of the services provided, which is essential for the financial stability and success of a dental practice.
- Compliance: Accurate and compliant insurance billing is important to avoid denied claims, audits, and legal action. Dental practices must understand and comply with the rules and regulations of the insurance companies they work with, as well as federal and state laws and regulations related to healthcare billing.
- Record Keeping: Dental billing is an important component of a practice’s record-keeping system. Accurate and complete records of billing and payment activities help practices monitor their financial performance and ensure that they receive payment for all services provided.