Reduce Paperwork and Increase Revenue
Lindy Benton is the CEO and president of Vyne and she reports on reducing paper in dental practices to improve revenue and patient process management. This is an excerpt from her article in DrBicuspid.com August 1, 2016
According to a 2016 Citizens Bank report, 80% of practices report they are being restricted by claims processing and insurance reimbursements. The average practice spends nearly $11 per paper claim attachment submitted, including labor, supplies, and mailing.
Solutions exist that can help you save a good deal of money per attachment, saving a practice thousands over the course of a year. For example, if an electronic claims attachment solution were employed (versus paper), a typical practice can save about $10 per attachment during the claim adjudication process. Just by using secure electronic claims attachments, the average practice could save more than $20,000 per year on that one single junction.
In that same vein, electronic claims attachment solution also helps reduce the amount of office paperwork. Technology doesn’t eliminate paper but does help reduce it and its associated expenses, and it also improves data storage, retrieval, and sorting of information.
For some specificity, a conventional dental office uses an average of 10,000 sheets of paper every year just to populate paper charts — not including the file folders themselves. Printing billing or “walk-out” statements for patients generates an average of 50 sheets of paper a day, or another 10,000 pieces of paper each year.
While paper will not be eliminated from a practice, technology can defray some of the costs. Using the above example of a claims attachment technology, these solutions can eliminate paper from the claim attachment process so there are no faxes, no copies of x-rays, and no printing and mailing of explanation of benefits (EOBs) or narrative.