HAPPY HOLIDAYS!
 
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Thank you to all the Dentists, Dental Specialists, Practice Owners, Attorneys and Consultants that placed their confidence in us during 2018.

As this year draws to a close; a reminder;

When renewing your practice’s business insurance policy for 2019, I strongly recommend that you obtain adequate Employee Dishonesty” and Cyber Liability” insurance coverage.

Employee Dishonesty Insurance
Coverage that helps to pay for losses as a result of employee financial misconduct.

Cyber Liability Insurance
It's new, and you need it. Coverage to help pay the (often devastating) costs incurred if your computer systems are hacked or patient data lost, stolen, or compromised.

Q: "How much Employee Dishonesty coverage should I get?"

Q: "Does Cyber Liability protect me in a HIPAA breach?"

Get the answers to these questions and more on our Blog !

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Thanks for reading, and for more pro tips and advice, please read the Guest Column (below) by DeVon Banks, owner of D-TECH Billing and Claims 

Sincerely,
William Hiltz BSc MBA CET
Fraud Examiner / Data Auditor

GUEST COLUMN

DeVon Banks



“Don’t Wait Until It Hurts”

Don’t wait until it hurts” is the catchphrase many dentists use as they deliver patient education, both chairside, and in marketing pieces. 

How much of this advice do you follow in the way you deal with your business practices?

The most common calls I get are from dentists who are distraught over not being able to meet payroll, facing a loan repayment, and help in dealing with the betrayal of employee embezzlement. 

Many of these challenges could have been avoided if a few checks and balances were in place to ensure proper monitoring of the practice’s accounts receivables along the way. 

I’ve had to be the bearer of the bad news to many dentists about huge amounts of money is uncollected and unaccounted for - as much as $50,000 to $2.5 million. Oftentimes, the practice owner was completely unaware.

There are many tools available in most practice management systems to help you look for red flags, and assist with monitoring monies in and out of the practice. 

Here are a few of my favorites:

Password Protection
One of the components of maintaining HIPAA compliance and protecting your patient data is password protection. It also serves as a way of ensuring accountability within your team. No passwords should ever be shared - especially those with administrator rights.

Audit Trail Reports
An audit trail report tracks the entries, changes, and deletions of transactions and information in your practice management system. This is a great place to look for discrepancies and suspicious activity. It is usually tracked by login credentials and has date and time stamps.

Refund Reports
All refunds to patients and insurance companies should have the approval of the practice owner.

Patient and Insurance Aging Reports
While most dentists focus on what they are collecting, they should also pay attention to what is not being collected. Depending on practice volume, your aging reports, for both patient and insurance, should maintain specific limits to make sure you don’t miss timely filing deadlines, or exceed state statute of limitations for collection.

Adjustment Reports
This is usually where the highest concentration of errors, omissions and over-application occurs. Adjustments should be kept to a minimum and reviewed regularly by the practice owner.
Remember: If you don’t track it, you can’t measure it. And if you’re not measuring it, you’ll never be able to make improvements. Don’t wait until it hurts!

DeVon Banks is CEO of D-TECH Billing and Claims with over 25 years of experience in the dental industry. Since 1998, she has worked with hundreds of private practices and DSOs to recover millions of dollars in unrealized revenue and implement sound financial systems and best practices.


DeVon Banks
Owner / CEO
D-TECH Billing and Claims
p:800-679-1140  m:240-461-9590
a: 9500 Medical Center Dr Suite 460D, Largo, MD 20774

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