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Here's how Wisdom helped a dental practice achieve a 56% increase in collections, and an 84% reduction in aged claims:
Explore the complete case study PDF with testimonials here.
In May 2022, a busy dental practice faced challenges with low collections and high insurance aging, consistently falling short of meeting their collections goals. 20% of their outstanding claims were aged beyond 90 days. Managing insurance payments, claim submissions, and the aging report consumed valuable time, diverting focus from patient care and practice growth.
Like many overwhelmed practices, gaps in documentation and claim errors caused denials, delays, and an accumulation of aged claims- straining cash flow and efficiency.
The Wisdom team alleviated the burden of insurance billing for them, diagnosing underlying issues and implementing targeted solutions to streamline collection efforts. Here’s how:
- Diagnosis and Treatment of Billing Challenges: Identified root causes of high accounts receivable and low collection rates, addressing documentation gaps and claim submission errors with tailored solutions.
- Payment Posting and Clean Claim Submission: Ensured accurate and timely posting of insurance payments while submitting clean claims to minimize denials and delays. Insurance Aging Report Resolution: Tackled overdue claims through strategic appeals and payment recovery efforts, significantly reducing aged accounts.
- Process Improvement: Partnered with the Hawk Ridge team to refine overall documentation practices, further ensuring timely and accurate submissions with every claim.
- Consistent Communication and Reporting: Maintained open collaboration to address past issues, prevent future challenges, and sustain high billing accuracy
Now, billing processes are streamlined, and a foundation for ongoing financial stability has been built. The practice continues to experience stress free, and transformative results.
With Wisdom, the practice experienced:
- 56% Increase in Collections: Monthly insurance collections rose from $80,000 to over $125,000 by September 2024.
- Reduction in Aged Claims: Claims aged over 90 days dropped 16 points from 19% to just 3%, a net reduction of 84%.
- Achieved Quarterly Goals: Surpassed collections targets, freeing the team to focus on patient care, and practice growth.
The partnership with Wisdom continues to support this practice in maintaining efficient processes, minimal aged accounts, and strong financial health.
Ready to start writing your own dental RCM success story? Learn more about how Wisdom can help you.
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