Welcome to another episode of The Dentalpreneur. On today’s show we’re covering an extremely important topic: how to negotiate with insurance companies. This show will help you decrease your write-offs and increase your collection rates.
Joining us to share his 8 years of wisdom in this area is Ben Tuinei of Veritas Dental Resources. Today Ben and I talk about his step by step process to negotiate with insurance companies for your maximum benefit, how to fine tune your billing department and the future of insurance in the dental industry.
All of that and more on today’s episode of The Dentalpreneur.
More About This Show
Since starting 8 years ago, Ben has successfully worked with dental practices to help them negotiate better results when dealing with insurance companies. He’s worked out a process that has resulted in over 5,000 dental practices bringing in a few billion dollars more in revenue. And yes that was a B in billion!
With his company, Veritas Dental Resources, Ben now helps dentists around the country use his methods to approach and artfully negotiate with insurance and have more claims covered and far less money being written off.
One of the most important points he makes today is to negotiate. If you aren’t actively negotiating your insurance claims you’re getting lower reimbursements.
In this episode you’ll hear:
- What’s the biggest frustration dentists are facing today?
- How many states have passed a non-coverage dental service law?
- What’s the #1 cause for malpractice suits in Utah?
- Why not to bring up insurance first when talking with a patient.
- What are power play letters from insurance companies and what should you do if you receive one?
- And much more!
And to help you negotiate for the best possible outcome Ben and I walk you through his process.
1. The first thing to keep in mind is all negotiations need to be done by you, the doctor. If your office manager or other team member tries to negotiate they won’t get the same outcome.
So be sure you are the person calling or returning calls, you are the person sending the email or signing the letter.
2. You’ll also want to build an insurance profile: contacts you’ll be reaching out to at the insurance companies, a list of your top 30 most utilized procedures and what you charge for them. If you want to find out if you should increase your fees look at the Fair Health site here.
3. Now that your profile is created, reach out to all insurance companies in your area. Create a short negotiating letter focused on why you are negotiating: to provide better patient care. Then set a deadline for them to respond within 4-5 business days.
4. This letter and all other communication needs to be trackable either electronically or with a paper copy so email, fax or certified mail is how you will negotiate. When the letter is done be sure it is emailed from your account, faxed with your signature or mailed via certified mail with your signature on it.
5. After they receive your communication you’ll hear from them. All insurance companies have their own negotiating policy so their response will vary but they will send you an offer.
6. To kid off the negotiations be sure you start high. Don’t accept the first offer, negotiate a few times, respectfully and cordially. Usually by the third round of negotiations you’ll both reach a happy medium.
If you’d rather not deal with this Ben’s firm handles all the negotiation steps for you. They’ve had 8 years of working and creating relationships within the industry so they can take care of your needs on your behalf.
On this episode Ben explains the details of working with him and his team, and we also talk about the biggest mistakes he sees dentists making right now (and how you can correct them), and some additional tips on working with the current insurance landscape.
You’ll want to listen in to get the full scoop from Ben on all of that! Reach out to him for a full analysis on your fees and a complimentary consultation.
Special thanks to Ben for his generous offer and for sharing such beneficial strategies on today’s show, and thanks to you for joining us as well. See you next time on The Dentalpreneur podcast.
- JetLab jetlabservices.com
- Ben’s web site www.veritasdentalresources.com
- Email or call Ben at 912-226-2936 for your complimentary consultation
- Fair Health Consumer site http://fairhealthconsumer.org/
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The post 002: Ben Tuinei – How to Successfully Negotiate with Insurance Companies appeared first on Dental Success Institute Blog.