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Many dental practices enjoy providing quality care and excellent services to their patients. But despite this, they rarely see a huge increase in their monthly or annual revenue chart. The problem here is that many dentists failed to see their practice as a business. Yes, a dental practice is not only about providing care, having the best facilities, and choosing the right instruments like Schultz dental loupes, it is also considered as a business and it should be treated that way.
As a dentist running a dental clinic, you should not only focus on the chair side aspect of your practice, but also on the numbers. When it comes to monitoring the financial aspect of your business, do not just rely on your staff as this can lead you to failure. Your front desk staff has so much on their plate to take in, from booking appointments to ensuring that your patients are happy as they leave your clinic and everything in between. With this, letting your staff manage the financial aspect of your practice can be really fatal for your business.
The best solution for this common problem is either to hire an in-house accounting personnel or to get a third party financing partner.
Hiring an in-house accounting personnel means additional overhead cost, not to mention the hassles of late payments and collecting of account receivables, as well as the risks and cost associated with it.
Whilst, getting a third party financing partner can help lighten up your burden when it comes to collection. Apart from that, it provides an effective solution to both dental practices and patients by providing easier and more affordable financing options. A third-party program can likewise give dental practices more room to increase their revenue by attracting new and recurring patients through offering various payment options. It is likewise very simple to implement.
A third-party financing partner can also help increase treatment acceptance and improve cash flow and at the same time reduce collection costs and account receivables. It can also be used as an effective marketing tool to further grow your practice.
Your third party partner will also be the one to collect the payment on your behalf and you can be able to receive it in just a few days depending on your agreement. This gives you and your staff the opportunity to focus more on the daily activities in your dental office as well as in providing better quality care and services.
Moreover, a third party financing program usually doesn't charge patients any interest when using it as opposed to most of the lending institutions. With special financing options, you are giving your patients the opportunity to have immediate access to better and more affordable dental care.