Dentistry is a dynamic field full of rewarding moments yet many challenges. A frustrating part of dentistry for many is the financial and billing aspect.
In order to manage collections in a dental office, you must have a dedicated employee for financial operations, collect payment at the time of service and be able to provide accurate insurance estimates for your patients.
Hire a Financial Operations Employee
When there is a employee on your team who strictly handles financial operations, he or she can better focus on collecting payment and managing payment methods.
This employee can deal with payment plans as well as working with credit card processing companies to understand charge capture software. In this way, you have fewer surprises with processing fees. This employee can also manage billing patients for outstanding balances.
Collect Payment at Time of Service
One of the key components of operating a successful dental practice is to collect payment at the time of service. The patient’s deductible and estimated portion of the treatment cost should be collected the day that treatment is rendered.
If you allow patients to receive treatment without payment, you will lose money in your practice due to paying for the labor and materials to provide treatment but receiving no compensation.
Provide Accurate Insurance Estimates
Patients like to know what they will need to pay for services, and providing them with most accurate insurance estimates can keep patients happy.
Although this is a courtesy and not a required service, when you receive a breakdown from insurance companies of benefits and annual maximums, you can better estimate what the patient’s out-of-pocket expense will be.
Keeping patients well-served and pleased is a major part of operating a practice, but in order to do that, you must be able to collect on your services rendered.
By following these tips, your practice can be on its way to financial success.