The dental visit of the future
Exploring the transformation of dental visits to a retail environment
The dental industry has always been on the forefront of technology when it comes to improving dental treatments, but often lacks the same tech-savvy solutions in the front office. The latest in real-time adjudication technology allows dental providers to transform their payment processes to resemble those of a retail environment—resulting in quicker, more accurate payments and more satisfied patients.
We purchase items on a daily basis and these retail transactions are second nature to us. We go to a store, we look at the price tag, we take our goods to the counter, we pay, and the business collects. Retail transactions typically involve a consumer, merchant and a financial institution, and everyone walks away satisfied with the end result.
So why can’t a dental office accept, collect and process transactions during a single encounter? Dental providers do have a similar three-tiered system involving a patient, provider and payer; however, too often these transactions result in bad debt and lost revenue.
"I really like submitting charges and getting a real time EOB so that I can collect the amount not paid by their insurances and can hand the patient the EOB in the office when I collect their patient responsibility.”
Sandy, from Manassas, VA
Financial sophistication – Consider these three steps to transforming your financial procedures:
Dental price tag
Dentists can place a price tag on a procedure, but can’t always tell a patient what they owe up-front. Patients are often confused by this convoluted, confusing process, which leads to concerns about scheduling necessary treatments and even costly no shows. With real-time pre-determination of benefits, the dental office can access a patient’s exact financial responsibility before they leave the office. This allows staff to create a treatment plan on the spot that works with the patient’s budget, eliminating timely phone calls to payers and uninformed patient consent.
Cash or credit
Using RTA technology, providers have added flexibility for developing payment plans. Imagine a debit transaction where a patient can pay exactly what is owed for services rendered through a conveniently scheduled payment plan that is hassle-free for both you and your patient—without using costly third-party financing methods. Similar to a credit card transaction, this process is convenient for the consumer and guarantees payment for the provider.
Thank you for shopping
RTA technology not only satisfies patients through an easy, transparent retail environment, but also enables providers to eliminate bad debt. With electronic funds transfers, you can receive payments within 24 hours from participating payers—as opposed to weeks or even months—after submitting your claim. This type of retail environment results in enhanced billing efficiency and lower AR days.
While we may be describing the dental transactions of the future, the technology is available today. To learn more, visit www.whymde.com
What’s New at MDE
MDE is going social! We’re pleased to announce the official launch of our social media network. You are invited to follow us on Facebook, LinkedIn and Twitter to access the latest information about MDE news and webinars, as well as the latest in dental technology, conferences, and much more.
These pages will serve as a platform for communication with our fans and followers and provide an online community for networking and discussion. Our goal is to serve as a resource for dental providers, office management and staff. We look forward to connecting with you!
Information Center
Case study: Libbey Family Dentistry explores the transformation of its daily workflow with real-time transaction technology for automated communication with payers, enhanced patient relations, and improved cash flow and efficiency. Access the full report here.
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Wednesday, 12 / 15 / 2010