Some insurance companies make payments to practices by creating a
virtual credit card with a credit balance and then providing the card
number. The practice can then enter the credit card number into their
merchant terminal and receive payment.
Many dentists have reported that this arrangement was put in place
without their consent and that opting out was not presented to them as
an option. Insurance companies favor this arrangement because it is more efficient than issuing checks or arranging ACH payments.
There are several disadvantages to allowing an insurance company to pay
you in this way.
I did my first dental embezzlement investigation in 1989.
Dentistry was much simpler then. The practice that I investigated worked on "pegboard" because practice management software was still years from being available. The practice did not accept credit cards - payment was by cash or check, and
electronic funds transfers did not exist.
HIPAA was seven years away from becoming law, and OSHA was just beginning to turn its attention to dentistry. PPO was a term that dentists were hearing for the first time, and autoclaves were replacing boiling water for sterilization.
A lot has changed since 1989. Dentistry is safer, more comfortable, and more convenient for patients. The profession's ability to deliver natural-looking restorations and even improve someone's appearance has advanced beyond what most would have dreamed in 1989.
But paralleling these advances were increases in complexity in all the areas that I mentioned. And many dentists, for whom the ownership of a practice was already an unwelcome burden, have become overwhelmed with the duality of generating high-volume, high-quality clinical output while also managing a complex business entity.
From the unique perch from which I observe dentistry, I see some dentists who thrive in this stressful environment and others who become overwhelmed.
What can an overburdened dentist do to make their professional life manageable? Fortunately, there are some good options.
Our webinar series, which began over a year ago, tackles issues that many dentists find vexing, demystifies them, and provides guidance on navigating these areas. You can access all our past webinars HERE.
those dentists with an intense dislike for being business owners, affiliating with a
DSO may provide the ability to be a "pure dentist" and completely
offload business responsibilities,in a financially rewarding manner.
Finally, if you want some personalized help with taming the business elements of your practice, we are happy to assist. I am happy to speak with any practice owner who wants to discuss their options for making practice ownership less onerous. If this is a discussion you are interested in, please book a time HERE.
For the past 32 years, we have been on your "team" and invested in your success. If we can help you, please feel free to reach out.