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Poor management of account receivables can lead to a great loss. Unless you are running a bank or a financing firm or perhaps doing a charity work, you can't just allow patients to go out of your dental office after you are done providing oral care services without paying the required service fee or perhaps discussing with you how they will pay for their balance. Though the primary reason why you took dentistry is to help people maintain their oral health, you surely want to earn a decent income and improve your financial status as well.
You earn a good amount of money in exchange for the top quality oral health care services that you provide. But a dental office is still a business and you should treat it that way as well. A business that was established to help people improve their oral health and not something like a bank or financial firm that lends money to people and let them pay for it for long periods of time. Unfortunately, a lot of dental practices tend to become the later than the previous.
It's not bad to help people who can't afford to pay their dental bills upon check out. But, if you continue to allow all your patients to just walk away without paying their bills or without a reliable financing plan, you will eventually end up closing your dental office sooner or later.
Surely, you don't want this to happen. Right? If so, then start creating a good strategy that you can use in effectively managing your accounts receivables as early as today. Below are a few things you may consider.
Ask full payment
You can't expect all your patients to pay you in full at once but it is better to try and fail than not tried at all. You will be surprised how much instant cash collection you will get at the end of the day.
Provide different financing options
The more financing options you have, the better. As much as possible try to create an in-house financing and partner with at least three different financing firms or dental insurance companies. This does not only provide you an assurance that you will get paid in a timely manner, it will as well help nurture patient loyalty.
Send out billings more often
Instead of one billing statement per month, consider sending out at least two. This will keep your patients reminded of their monthly obligation and pay their bills on a regular basis. And don't forget to add a due date to the statement. It is better to expect your patients to pay on or before the specified due date than to wait without any idea when they will send the payment.
Add some notes
The incomplete billing statements are quite confusing at times and they can generate misunderstanding as well. To avoid confusion or misunderstanding, feel free to add some important notes to the billing statement like a reminder of a past due balance, and note about the status of the insurance.
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