Choosing to hire a dental AR recovery company can recover thousands in denied or underpaid claims, yet many practices leave money on the table due to poor choices. If you’re looking to boost your practice’s revenue, understanding the right steps to take is crucial. Here’s a detailed guide with real numbers and concrete actions you can implement this week.<\/p>\n
Cost:<\/strong> Free Start by analyzing your current accounts receivable. Pull your aging reports and identify claims that are overdue by more than 30 days. A staggering 20% of claims are denied due to errors in submission, which means you need to know where you’re losing revenue. Look for patterns in denied claims\u2014if a significant portion is due to specific insurance providers, you may need to address those relationships directly.<\/p>\n Cost:<\/strong> Free Outline what you want to achieve by hiring an AR recovery company. Are you looking to recover 80% of denied claims or simply reduce your overall AR days? Setting measurable goals based on your current situation will guide your selection process and help you evaluate potential partners effectively.<\/p>\n Cost:<\/strong> Varies (some charge a consultation fee) Compile a list of at least five dental AR recovery companies. Look for reviews and case studies that demonstrate their success rates. Verify their expertise in dental billing and claims processing. A reputable company should have a proven history of recovering at least 90% of valid claims. <\/p>\n Cost:<\/strong> Free to request proposals When requesting proposals, ask for their fee structure. Many companies work on a contingency basis, which means they only get paid when they recover funds. Typical fees range from 20% to 30% of the recovered amount. Be wary of companies that require upfront fees or have vague pricing structures that could lead to unexpected costs.<\/p>\n Cost:<\/strong> Free Once you’ve narrowed down your options, contact references. Ask about their experience with the recovery process, transparency, and communication. A good recovery company should be willing to walk you through their methodology, which should include detailed tracking of claims and regular updates on progress.<\/p>\n Cost:<\/strong> Variable, based on the recovery fee When you select a company, ensure that both parties understand the expectations. Outline the specific services they will provide, the timeline for recovery, and how communication will work. Clarity here can make a significant difference in the recovery process and overall satisfaction.<\/p>\n Cost:<\/strong> Free After hiring, it’s crucial to monitor the recovery process regularly. Schedule bi-weekly check-ins to discuss recovery rates, outstanding claims, and any issues that arise. The best recovery companies should be able to provide detailed reports and insights into their efforts.<\/p>\n Hiring a dental AR recovery company can improve your practice’s bottom line. By following these actionable steps, you’ll maximize your chances of effectively recovering denied claims and improving your revenue cycle. Don’t leave money on the table; take the necessary steps to put your practice in a stronger financial position today.<\/p>\n <\/p>\n <\/p>\n Sitting on denied or underpaid dental claims? Apex Dental Recovery will tell you what is recoverable and quote the rate, free.<\/p>\n
\nTime:<\/strong> 1 hour
\nSuccess Rate:<\/strong> 60% of practices underestimate their AR problems.<\/p>\n2. Determine Your Recovery Goals<\/h2>\n
\nTime:<\/strong> 30 minutes
\nSuccess Rate:<\/strong> 75% of practices recover more when they set clear goals.<\/p>\n3. Research Potential Recovery Companies<\/h2>\n
\nTime:<\/strong> 2-3 hours
\nSuccess Rate:<\/strong> 40% of practices choose the wrong partner due to insufficient research.<\/p>\n4. Request Proposals and Compare Costs<\/h2>\n
\nTime:<\/strong> 1-2 hours
\nSuccess Rate:<\/strong> 50% of practices overlook hidden fees.<\/p>\n5. Check References and Understand Their Process<\/h2>\n
\nTime:<\/strong> 1 hour
\nSuccess Rate:<\/strong> 30% of practices skip this step, risking poor recovery results.<\/p>\n6. Make the Hire and Set Expectations<\/h2>\n
\nTime:<\/strong> 30 minutes
\nSuccess Rate:<\/strong> 70% of practices fail to communicate clearly, resulting in misalignment.<\/p>\n7. Monitor Progress Regularly<\/h2>\n
\nTime:<\/strong> Ongoing
\nSuccess Rate:<\/strong> 50% of practices do not track recovery, leading to lost opportunities.<\/p>\nConclusion<\/h2>\n