The Future of Dental Practice Management: Embedding Financial Services

The Future of Dental Practice Management: Embedding Financial Services | Image Credit: © Planet DDS

The pressure is on dental practices to streamline operations, enhance patient care, and maintain profitability. Dental groups that used to drive growth through mergers and acquisitions found themselves unable to close deals this year and pivoted to focus on same-store growth.

That’s led to a strategic approach to integrating financial services – such as insurance claim processing, financing, and payments – directly into the practice management system to simplify operations and increase revenue.

Integrating Financial Services to Streamline Operations

Traditionally, dental practices relied on multiple software systems to manage clinical functions and financial transactions. This disjoined approach led to inefficiencies, data silos, and increased operational costs. By embedding financial services within the practice management software, we can create a seamless ecosystem that enhances productivity and patient satisfaction.

Creating a Cohesive Dental Operating System

Imagine a patient visiting a dental office where they can schedule appointments, receive reminders, complete forms, upload their insurance card, sign their treatment plan, and manage payments all online. That’s now feasible through APIs, which enable disparate computer systems to securely share data without the need for manual data entry or logging into different computer systems.

It creates a cohesive dental operating system where actions can trigger an automated workflow that used to take people hours to accomplish manually.

For example, when the patient uploads a picture of their insurance card, it can automatically start the process of verifying their insurance benefits, receiving back the data from the insurance carrier, and automatically uploading the details into the patient chart. It eliminates the need for dental team members to call the insurance carrier or log into a separate portal to access the information and then manually enter it into the patient’s file.

Simplifying Collections

Automated insurance verification is just the beginning. Integrating financial services simplifies the entire collection process.

Insurance payments can be automatically received and accurately applied to patient ledgers. If the carrier pays less than expected, it can trigger an automated text message or email to the patient to let them know there is a balance due and provide a link to make payment that then is automatically applied to their account.

Typically, though, integrated financial services help create accurate out-of-pocket cost estimates, and that gives the dental practice the opportunity to discuss different options to help their patients afford the care they need.

Dental practices can offer flexible payment options, such as financing plans with a fully integrated third-party lender. Team members no longer need to log into a lender’s website to run a credit check or receive financing approval; it can all be done from within the practice management system.

Integrations also make it easier to offer card-on-file technology and automated monthly payment plans. Practices also can send out automated text-to-pay reminders, making it easier for patients to pay their bills online and enabling practices to receive payment faster.

Analyzing Data-Driven Insights

By centralizing financial services within the practice management software, dental practices can access data analytics to drive better decision-making. The data can reveal trends in patient spending, insurance reimbursements, and operational costs, enabling practices to optimize pricing strategies and improve cash flow management.

Integrating Financial Services is Essential

The future of dental practice management software depends on developing technology that unifies clinical and financial operations. The dental industry has lagged behind other industries in adopting the technologies that automate processes and make it easy for our patients to receive the care they need. Integrating financial services is one way we can make an immediate difference.

Beth Gaddis is the Editor in Chief at Planet DDS, a leading provider of cloud-enabled dental software solutions, serving more than 13,000 practices in the United States. The company delivers a complete platform of solutions for dental practices, including Denticon practice management, Cloud 9 ortho practice management, Apteryx digital imaging with AI, and Legwork practice marketing and patient engagement. With built-in solutions including online scheduling, digital forms, DentalXChange RCM automation, text-to-pay reminders, patient referrals, and a vast API platform, Planet DDS helps dental practices and groups achieve their goals.