How to Find the Insurance Plans That Best Fit Your Dental Practice

How to Find the Insurance Plans That Best Fit Your Dental Practice: © Bearsky23 - stock.adobe.com

Whether you are working at a brand new dental practice and looking to choose the initial insurance plans you will be in-network for or you’ve owned your practice for decades, choosing the right insurance plans is key. What is right for one practice is not necessarily right for another, so doing your research and thinking critically are important steps in the process. How can you find the best insurance plans for your dental practice?

Think About the Benefits of Being In-Network

Being in-network with an insurance company is not as easy as simply accepting their insurance. Instead, you need to complete the credentialing and recredentialing processes, as well as work with the rules set by the insurance company. This may not seem overly challenging, but things can rapidly become complicated when you consider that every company has different types of rules, and it can feel like a full-time job simply managing them. As a result, it’s important to weigh whether the benefits are worth it. Being an in-network practice will provide you with free marketing to patients within the network, as well as access to more patients.

Study Their Reimbursement Rates

While you can work with APEX Reimbursement Specialists to increase your reimbursement rates, it’s a good idea to take a look at the insurance plans you may partner with ahead of time. What are their reimbursement rates for the procedures that you perform the most often? Are any of the rates so low that even negotiation may not help to even things out?

How Many Patients Are Impacted?

Another key consideration when determining which insurance plans to accommodate at your practice is how many patients will be affected. If you have a significant patient population for one insurance policy, it may be worth sacrificing a little bit of leeway in your reimbursement rates in order to keep your patient volume as high as possible. In other cases, if you do not have many patients currently who use a policy and it is not offered by major employers in your area, it might not be worth the trouble of credentialing.

Improve Your Business by Partnering with the Right Insurance Plans and Working with Specialists

Whether you’re interested in revenue optimization or looking for other services to boost your business, you should do a little research and consider assistance from companies with experience in the dental industry such as APEX Reimbursement Specialists.

This article is the third in a series written by APEX Reimbursement Specialists. Previous articles addressed revenue cycle management and practice efficiencies. For more information on these topics, visit dentalproductsreport.com.