In this episode, Gary will share everything you need to know to make sure the insurance companies pay you on time like they are supposed to do.
This episode also features a Dental CPA Insight from Mark Rosen on “Practice Overhead Percentages.”
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The Insurance companies are supposed to pay you your receivables within 30 days, but they usually take longer than 30 days to benefit from FLOAT. FLOAT is a financial term that refers to the amount of time they hang on to your money. FLOAT makes a massive difference to the insurance company’s financial performance, so they always try to hang on to the money they owe you for longer.
In this episode, Gary shares a system that will help you follow up on insurance account receivables and get them on time from insurance companies. Gary also shares a metric that no other dental coach or consultant has talked about that you should track!
Time Stamps
- 00:24:00 – Introduction to the episode.
- 00:01:10 – Announcement on The Thriving Dentist MBA Workshop
Coaching In Action
- 00:05:08 – What’s the financial term that refers to the amount of time that the insurance company is hanging on to your money?
- 00:06:54 – Gary talks about a good follow up system on insurance account receivables.
- 00:12:02 – Why is it important for insurance claims to be batched and sent out everyday?
- 00:12:27 – Why do you need to have a designated insurance coordinator and how will it help in eliminating delays from the insurance company?
- 00:15:57 – Gary explains about the technique of mirroring and matching, and how this technique works incredible well.
Today’s Thriving Dentist Dental CPA Insight
- 00:23:09 – Practice Overhead Percentages by Mark B. Rosen, CPA, CFP(R)
Q&A Segment
- 00:29:14 – Question 1 – Do we have any leverage with the insurance companies to force them to pay within a reasonable period of time?
- 00:32:11 – Question 2 – Based on your goal of 20 or fewer claims aged 30 days or more, we are struggling to meet this goal. I am a solo Dentist practice and we currently have 112 claims aged 30 days or more. Where should we start?
- 00:36:17 – Question 3 – I have a new office manager who thinks it is useful to file insurance pre-determinations. Is it wise to file pre-determinations?
- 00:41:06 – Question 4 – I currently only have one administrative team member and she is extremely skilled, but she has a hard time being able to spend dedicated time each week to follow up on past due insurance claims. How can we adapt your system with only one business team member?
Resources
Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!