We recently released some slick new features on the Collection Board and we’re already hearing exciting success stories from practices utilizing these new metrics. Double high-five! We didn’t know how painful outstanding insurance claims really were for you until we started uncovering this data. Several practices have shared that they’ve been able to quickly identify and collect on past due claims resulting in increased cash flow. Shazam! Thanks for putting this great data to use!
Managing collections is critical to the health of your practice, and all successful practices know that timely collection of revenue for provided services is vital. We built the new Collection Board based on your input and priorities. We know you’re going to love it!
There are two really cool features on the collection board that every practice should know about: Claims Aging Metric and Annual Patient Value. For additional training on these and other Dental Intelligence tools, please don’t hesitate to reach out for some personalized, hands-on training with our data Jedi masters.
Claims Aging Metric
You now have instant access to all your outstanding claims, sorted by each insurance provider. Sweet! Let’s say, for example, that 35 of your patients are insured by Delta Dental. You can now quickly search by Delta Dental to see all their outstanding claims, amounts and due dates. This will save you so much time and frustration. Past Due is defined here as the number of claims that are 30 days or older. Even 15 days should be a concern for you, which is why we’ve made it easy to customize this report.
Claims Aging is a critical management tool as well as an analytic tool that helps determine the efficiency and effectiveness of your claims processing policies, and therefore the health of your practice. We’re hoping this will be a great help to you.
Annual Patient Value
Annual Patient Value shows you the average, annual value of your patients. This metric helps you see, at-a-glance, if the annual value of your patients is increasing or decreasing. This is one of our favorite new tools!
If your average annual patient value is trending down, you can now view which patients, whether individual or by family, have the highest value to your practice and you can then make sure those patients are scheduled for treatment. You can also see which patients may have lower financial value to your practice, leading to more work and less financial benefit for your practice. This is especially important when your schedule is full. It’s time to work with the right patients and this metric can help you identify who those patients are.
Additionally, this metric gives you an idea of how efficient your practice is. Are you really giving your patients all the care they need, or are you selling your services short? A practice can be seeing an avalanche of people, but if they’re not effectively diagnosing all needs and/or getting compliance to their treatment plans, they won’t be doing as much production as a practice with fewer appointments and higher Production Per Appointment. By focusing on increasing the value of this metric, it can have a huge impact on the quality of life in and out of the practice.
We do all this for you. Your success is our guiding star.
Now go be amazing!
If you're not yet a Dental Intelligence customer - we can help! But before you make any commitments, check us out for free - no commitment. Just click below to request your 100% free practice snapshot and we'll let you kick the tires and see for yourself how practice intelligence is changing dentistry.