Hiring The Right Dental Consultant
There are many benefits to hiring a dental consultant. Consultants are knowledgeable about the dental industry and going into private practice as well as team training and providing useful ideas. However, there are a few things you need to consider before making the call!
- Review Your Collections – Most dentists don’t like
being involved in the collections process and we get that. But you need
to at least be aware of your accounts receivable report and you should
be going over it often. Before you contact a consultant, review and
update your payment policies.
- Insurance Administration – If your practice
participates in PPOs, you need to be aware of which of these plans
impact your practice. Find out what percentage of your total collections
is attributed to copayments. Enter the 1099s received from each
insurance company into a spreadsheet and then sort it from greatest to
least amounts paid. Consider discontinuing participation with the
companies at the bottom of the list.
- Fees – You need to be reviewing your practice fees
annually. Review the 10 or 15 most frequently performed procedures,
including both diagnostic and preventative. Compare your fees to the top
five PPOs in your practice by using the above spreadsheet you created.
Make adjustments to ensure that your fees are above the PPO allowances.
Once the above information has been gathered, you’re ready to make
the call! Your new dental consultant will have everything needed to have
an open discussion with you about your practice!
For more information about hiring a dental consultant, or to discuss
dental transitions, please give CTC Associates a call today!