In this episode of The Dental Economist Show, host Mike Huffaker is joined by Teresa Duncan, the owner and President of Odyssey Management.
Join them as they discuss:
- The need for more education in dental insurance
- Advancements in technology
- Reimbursement rates
- The future of dental businesses
- The need for total transparency with patients
Teresa Duncan is the owner and President of Odyssey Management, who provides courses and workshops to help doctors and managers to recover revenue by streamlining billing, accounts receivable, and insurance systems. They also provide beginner-to-advanced management courses. Teresa also hosts the Nobody Told Me That! Podcast and Chew On This! A Dental Podcast.
Episode Highlights
Additional Education in the Dental Industry: Teresa discusses the importance of educators like herself remembering to speak at a level that everyone can understand, as not everyone has the same level of knowledge or experience. She also highlights the need for additional education in the dental industry, particularly in the area of insurance, where there can be a lack of expertise. Teresa cites the example of a woman who attended one of her classes who did not know what a deductible was. She emphasizes that educators often assume people have taken all their other classes, and can neglect to empathize with someone “just walking in off the street today with no knowledge.”
Being a “Benefits Whisperer”: Teresa discusses the common challenges in explaining dental benefits to patients. Teresa emphasizes the importance of being a “benefits whisperer” and helping patients understand their insurance plans. She suggests being transparent, preparing patients for potential variations in coverage, and offering assistance in navigating their benefits. She also addresses the issue of unexpected bills and miscommunication regarding treatment costs, advising dental businesses to proactively communicate with patients if there are discrepancies between estimated and actual costs.
The Use of AI in Dental Practices: Exploring the role of AI in claims processing and treatment decisions, Teresa explains that while AI can be useful for tasks like verifying patient information and evaluating clinical notes, it is not suitable for denying treatment. She believes that AI can play a role in improving efficiency in dental practices, but it should not replace human decision-making entirely. Teresa also welcomes AI to “get the best possible images.”
Financial Challenges Faced by Dentists: Teresa highlights the issue of reimbursement rates and the financial challenges faced by dentists. Teresa believes that there is no relief in sight, as carriers have no incentive to increase reimbursement rates. She advises dentists to look for ways to reduce expenses and consider passing on credit card processing fees to patients as a way to offset costs. While many doctors are resistant to making sweeping changes (due to fear or attachment to a particular practice), Teresa says that it is necessary for improving financial stability.
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