Avoid Potentially Illegal Dental Billing Practices with our FAQ

As tax season approaches, will your practice be prepared for the possibility that money is falling through the cracks? The ever-present threat of inadvertent embezzlement and lack of expertise on accounting topics can be disastrous for your practice’s livelihood. Check out our comprehensive FAQ for the answers to your most burning questions about potentially illegal dental billing practices and how to avoid the most expensive dental accounting mistakes.

Question: What are illegal dental billing practices?

Answer: Most potentially illegal billing practices aren’t intentionally criminal. They can be as simple as not accurately reconciling bank deposits or checks that go uncashed upon receipt. They also include accidentally overbilling your patients or insurance companies, misrepresenting services provided, and charging for services not rendered.

Question: How can dental practices try to avoid illegal billing practices?

Answer: You can avoid the majority of what could be potential fraud by staying aware of the regulations surrounding claim reimbursement. This can mean keeping an eye on each insurance’s regulations as well. It’s also important to have clear billing policies and procedures in place and to regularly monitor all billing activities to ensure that they are accurate and legally compliant.

Question: What does outsourcing dental accounting mean?

Answer: Outsourcing your accounting involves allowing a third-party to handle your practice’s financial activities. This can include bookkeeping, payroll, and other financial management tasks that take the burden off of your front office staff. This is why it is so important to have billing specialists in your corner. eAssist Dental Solutions is the nation’s leading platform for dental billing and has the largest network of dental billing specialists that know insurance billing and accounting processes to a “T”. This means increased cash flow for your practice, more time for personal patient care, and no more revenue cycle management disruptions.

Question: How can outsourcing my accounting help to minimize illegal billing practices?

Answer: Outsourcing can help to mitigate the chances of your practice falling victim to potentially illegal dental billing practices by providing you with dedicated financial management and oversight. This can include identifying and correcting billing errors and monitoring financial activities to reduce embezzlement risk.

Question: What are some other benefits to outsourcing my accounting?

Answer: Outside of mitigating your embezzlement risk, outsourcing your dental accounting can benefit your practice through improved financial management, reduced operating costs, increased staff efficiency, and access to ongoing financial advice and guidance.

Question: How do I choose the right accounting platform to outsource my financial management?

Answer: Dental practices should choose a platform that specializes in dental finances and has a recognized track record of providing high quality financial management. It’s also important to find a platform that offers you transparent pricing and is committed to providing customized service for each client’s needs.

Question: How can outsourcing my accounting help overcome my largest financial management challenges?

Answer: Whether it’s identifying opportunities for cost savings, or providing guidance on ethical billing practices, dental accountants give you the personalized touch your books have been waiting for. Instead of slipping through the cracks, you’ll find your accountant continually filling in those cracks to help mitigate risk.

Question: What are some signs that my practice may benefit from outsourcing accounting services?

Answer: Major signs that showcase a need for help include difficulty increasing your collections, frequent billing errors, and a lack of financial oversight or expertise within the practice.

Question: Are there any risks associated with outsourcing?

Answer: Choosing a reputable accounting platform with strong data and human security protocols in place and a proven track record of providing high-quality financial management services is your best hedge against risk. Plus, transparency in brand promises help you achieve peace of mind in knowing that every cent is accounted for at all times.

Question: Can outsourcing my finance management be cost-effective?

Answer: Outsourcing services can be especially cost-effective for dental practices. By outsourcing financial management tasks, you can reduce long term overhead costs and increase efficiency, which can lead to long-term cost savings and a higher cash flow.

Question: How can I know that my outsourcing platform is providing high-quality services?

Answer: Monitoring financial activities and requesting detailed reports and updates from the platform. It’s also important to establish clear communication channels and to provide regular feedback to ensure that they are meeting your practice’s financial management needs. eAssist Dental Solutions provides a comprehensive accounting platform and weekly report monitoring to keep your money in the light, and the threat of embezzlement in the dark.

Question: What should dental practices consider when choosing an accounting firm to outsource their financial management?

Answer: Dental practices should consider a range of factors when choosing an accounting firm to outsource their financial management, including a firm’s experience and expertise, their track record of success, their pricing and service offerings, and their commitment to providing personalized service and support. By choosing the right accounting firm, dental practices can ensure that their financial management needs are met and that they can focus on providing high-quality patient care.

Your solution: a dental accounting platform that works with you

eAssist Dental Solutions in the nation’s leading outsourcing platform for dentists in every state. Our achievable goals to you when outsourcing your accounting to us include:

• Reconciling all of your deposits through your bank and PMS
• Balance your checkbook monthly
• Categorizing expenses effectively
• Creation of P&L statements
• Monthly check-ins with your practice to focus on future goals

Embezzlement happens when dentists require the front desk staff help with the business and daily monitoring of their production/collections and adjustments.  eAssist is another set of unbiased eyes on your accounts and provides timely practice management reports so that you can protect your hard-earned revenue every step of the way. Consult with one of our business development specialists today and allow us to prove our achievable brand promise to your practice.