Haden Werhan, of Thomas Doll CPA's, will present an online workshop about third-party payers: touching on the finanical pressure increases because of COVID-19, how to diagnose some of the problems associated with lower reimbursements, and give attendees ways to respond to protect the financial health of their practices.
Even before the pandemic struck, dentists were facing lower reimbursements from insurance companies. COVID-19 has now increased the financial pressure on dental practices. In the first hour of this interactive workshop, we will diagnose some of the problems associated with lower reimbursements, and discuss how dentists may best respond to protect the quality of patient care, and the financial health of their practices. For the last 30 minutes, we’ll extend the session with an optional case study for audience members who may be embarking on a practice transition. In this case study, we will look at how lower reimbursements are influencing practice valuations. The workshop will be led by Haden Werhan, a financial advisor with Thomas Doll CPAs. In his opening remarks before the workshop, Haden will also provide a brief update on how to manage COVID-related loans and grants.
ONLY 40 SEATS AVAILABLE
- PLEASE NOTE: this will be an online interactive workshop via Zoom.
- This format will require patience, goodwill and good humor from all parties!
- For interactive portions of the workshop, you must be willing to participate (and be called on) via Chat, Poll, and Audio functions in Zoom
- You should be in a quiet environment with a microphone/audio connection and ability to view the onscreen content
- You do NOT need to share your camera feed, although you are welcome to do so.
- If you cannot meet the conditions above, and you wish to observe passively, we respectfully request that you wait and review the recording, which we will make available afterwards.
ADVANCE HOMEWORK ASSIGNMENT
Participants should be prepared to anonymously respond to workshop polls on the following insurance-related practice data. Please review your financial records in advance and have the following ratios ready to reference during the workshop. We do not want to know any proprietary amounts, just the percentages:
o How much of your total revenue (collections) is from insurance (including Delta Premier) (%): __________________ [A]
o What percentage of your insurance revenue is from PPOs (%): __________[B]
o What is the average PPO discount (%): _____________________________ [C]
Worked example/illustration of homework assignment: If Dentist XYZ collects $1 million each year, and $800,000 is from insurance, answer A would be 80%. Of that $800,000, suppose $200,000 is PPO reimbursement. So answer B would be 25%. For the $200,000 that is PPO reimbursement, if the average discount relative to UCR is 30%, then answer C would be 30%.
As a result of participating in this workshop, audience members will be able to...
1. Reflect on trends in insurance reimbursement;
2. Diagnose potential quality problems (e.g. incentives for overtreatment and undertreatment) and impact on practice financial health caused by changes in reimbursement;
3. Identify and analyze strategies for maintaining care quality and practice health in the face of reimbursement changes
4. [Optional] Analyze impact of reimbursement trends on practice valuations
To achieve the learning objectives described above, this brief interactive workshop will feature...
1. A brief self-assessment quiz to assess the reimbursement trends that participants are experiencing in their environment;
2. Discussion of impact of lower reimbursements, including patient care quality and practice financial health.
3. Discussion of potential responses to lower reimbursement
4. [Optional] Case study quantifying the impact of reimbursement trends on a practice valuation
*Note: All fees subject to change.
Maximum seating is 40 people. We regret to inform you that if you need a refund before pre-registration closes, a small subtraction of the total cost will be made for the credit card processing fee and you will be refunded the difference via check. Refunds will not be given within seven (7) days of the course.
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