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Are You in Control of Your Practice Revenue?By Dr. James Anderson
Like many fellow dentists, the dental chair is my command post. It’s where the action is and where I create the numbers that will pay the accounts payables, pay my team, and feed my family.Over the years I have had ups and downs with employee issues, including employee embezzlement and the loss of a great office manager, which turned the tables on my collections and caused the accounts receivables to skyrocket. Solving my own problems became the order of the day, when all I wanted to do was dentistry.
Times are changing in practice management, and the need to keep up demands time away from patients in the chair. The most momentous change I have witnessed among my peers is an awareness that being a great dentist does not guarantee a profitable dental practice.Of course, exceptional clinical skill is expected – but it also requires the contributions of a trusted team of skilled people both at the desk and in the clinical area, sound patient record documentation, current technology, and the input of outside expertssuch as financial investment professionals and practice management specialists.
As dentists move toward doing more services that cross over to the realm of “medical necessity”, practices must be able to transition and move toward the future along with these changes.The biggest change in dental/medical billing came about on October 1, 2015 with the transition to ICD-10 codes. ICD-10 is a coding set designed to report a diagnosis. Every dental office now needs to learn diagnosis codes, as they are required on many types of dental claims, as well as on medical claims submitted by the dental office. ICD codes were previously used for medical claims only, but with the advent of combined medical and dental claims and the clinical evidence that supports the relationship of dental and medical conditions, it has evolved by...
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