As a dentist, one of the most important aspects of your practice is billing. Understanding the intricacies of dental and medical billing can be a bit of a challenge, but it’s essential for ensuring your practice runs smoothly and efficiently.
In this blog, we will discuss some of the most important terminology in medical and dental billing, explain how they differ, and how partnering with Revv billing can be an opportunity dental professionals don't want to miss.
Medical and dental billing defined
Medical Billing, like dental billing, is the process of submitting claims for services provided by healthcare providers to insurance companies or patients. Billing involves coding, creating claims, and collecting and posting payments for services rendered.
The difference between medical and dental billing
Some of the key differences between dental and medical billing lies in the terminology and the coding. Dental billing uses unique alphanumeric codes, which is referred to as Current Dental Terminology (CDT) codes while medical billing has its own five-digit numeric codes called Current Procedural Terminology (CPT). However, there are some terms that apply to both like “allowable amount, non-billable to the patient, balance billing, and so on.
Key Terminologies in Medical and Dental Billing:
Allowable Amount is the maximum amount that an insurance company will pay for a particular service.
Non-billable to Patient: A non-billable to patient means that the patient is not responsible for paying for a particular service.
Balance Billing is when a healthcare provider bills a patient for the difference between the insurance payment and the total amount of the bill
Contracted Fee/Negotiated Fee is the amount that a dental or healthcare provider has agreed to accept from an insurance company as payment for a particular service.
CPT Codes: CPT (Current Procedural Terminology) codes are five-digit codes used to identify medical procedures and services performed by healthcare professionals. These codes are used for billing purposes and are recognized by insurance companies.
ICD Codes: ICD (International Classification of Diseases) codes are alphanumeric codes used to identify medical conditions and diseases. These codes are used for diagnosis and billing purposes and are recognized by insurance companies..
EOB: An EOB (Explanation of Benefits) is a document provided by insurance companies to explain the details of a claim, including what was paid and what was not paid.
Claim: A claim is a request for payment submitted by healthcare professionals to insurance companies for services provided to patients.
Payer: A payer is an entity that pays for healthcare services, such as insurance companies or government programs like Medicare and Medicaid.
Provider: is a healthcare professional who provides medical services to patients.
Clearinghouse: A clearinghouse is a third-party organization that processes claims and submits them to insurance companies on behalf of healthcare providers.
Denied: Denied means an insurance company has refused to pay for a particular service,
Allowable Charge: An allowable charge is the maximum amount that an insurance company will pay for a particular service, based upon plan policies.
Why Partnering with Revv Billing is an Opportunity You Don't Want to Miss:
Revv Systems is a dental billing company that provides comprehensive billing services to healthcare providers. By partnering with Revv Systems, dentists can benefit from their expertise and experience in the dental and medical billing industry.
Here are some reasons why partnering with Revv Systems is an opportunity healthcare professionals don't want to miss:
1. Increased Revenue: Revv Billing Systems has a proven track record of increasing revenue for healthcare providers by maximizing reimbursements from insurance companies. Healthcare professionals can focus on providing quality care to patients while Revv Billing Systems takes care of their billing and coding needs.
2. Reduced Administrative Burden: Medical billing can be time-consuming and complex, taking away valuable time and resources from healthcare professionals. Revv Billing Systems can take on the administrative burden of medical billing, allowing healthcare professionals to focus on patient care.
3. Compliance: Revv Billing Systems stays up-to-date with the latest industry standards and regulations to ensure that all claims are submitted accurately and in compliance with regulations. This reduces the risk of rejected claims and penalties for healthcare providers.
In conclusion, understanding key terminologies in medical billing is important for healthcare professionals to effectively manage their billing and coding needs. Partnering with Revv Systems can be an opportunity healthcare professionals don't want to miss as it can increase revenue, reduce administrative burden, and ensure compliance with industry standards and regulations. By outsourcing their medical billing and coding needs to Revv Systems, healthcare professionals can focus on providing quality care to their patients
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