The compensation for your traveling specialists is structured differently than for the other providers in your practice. Here are 4 reasons why Pair Dental recommends paying specialists on adjusted production instead of collections:
1. Paying your specialist on adjusted production is the best way to compensate your specialist.
It allows the specialist to predictably determine what their earnings will be after a full day and gives them the confidence that they will be compensated for each procedure they perform in your practice. It also accommodates factors outside of the practice’s control and allows for the practice and specialist to make adjustments for supplies used. (This excludes Orthodontists and Surgical Prosthodontists who are treating Full-Arch cases.)
3. The Specialist is an independent contractor and payment should be made promptly.
It is the practice’s responsibility to collect nearly everything the specialist produces. A full-time general practitioner provider might be able to track the daily progress of verifications and benefits to ensure that their billed procedures will be collected. They might have a good relationship and trust the designated biller in that practice. But a specialist who is traveling to 20 different practices will not be able to have that same level of oversight— and therefore trust— with your practice, nor can they be expected to.
2. The key to a long-term relationship with a specialist in your practice is communication.
Plan on having a conversation early on with your specialist to align reimbursement expectations. Profitable relationships are long-term by nature and factor in accommodations from both sides, as both the specialist and practice owner will experience unexpected challenges. Paying the specialist a predictable compensation that doesn’t factor in any potential mistakes from the practice’s biller can go a long way to strengthen the relationship.
4. The practice can include adjustments in the next treatment day payment.
In the instance of insurance adjustments or downgrades, the Practice can adjust the Specialist’s following treatment day payment. This ensures a fair true split of the adjusted production because you as the practice owner won’t be left holding the bag on unforeseen insurance adjustments. It’s important to note the burden of billing, verifications, and collections should be on the practice, while the specialist makes accommodations for adjustments.
The accuracy of your billing is an important factor in practice management. If you are worried that there is going to be a difference between your specialist’s production and collections amount, perhaps this is an opportunity to start improving. The good news is that Pair Dental has resources to ensure your practice is billing correctly and we’re happy to help. Simply reach out to a member of our team to get started.