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!