Episode 23 - Accounts Receivables: How Much Money are You Leaving on the Table?
May 15, 2024
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Join Dr. Andrew Vallo and Matt Brown as they discuss financial strategies for dental practices, including upfront payments, financing options like Invisalign, and efficient insurance management. Learn about boosting revenue collection and success through effective accounts receivables management.
Implement deposit policies and secure full payment before treatment for effective revenue collection in dental practices.
Outsourcing insurance verification tasks and hybrid oversight models can prevent outstanding payments, ensuring financial stability in the dental practice.
Deep dives
Importance of Strong Financial Policies
Having strong financial policies, including deposit policies and not completing treatment until balances are paid in full, is crucial in ensuring effective revenue collection in dental practices. By implementing these policies, practices can minimize instances of patients not paying for services rendered.
Managing Insurance Accounts Receivable
Effective management of insurance accounts receivable involves outsourcing tasks like insurance verification and billing, while also having an in-house expert to oversee processes and ensure accuracy. A hybrid model of outsourcing and internal oversight can help prevent issues in insurance AR, particularly for outstanding payments beyond 90 days.
Strategic Use of Payment Plans
Implementing payment plans, especially for services like Invisalign, can enhance patient compliance and revenue collection. By offering flexible payment options, practices can increase treatment acceptance rates and reduce instances of non-payment.
Maximizing Financial Efficiency and Revenue Collection
By focusing on strict financial policies, timely payment collections, and strategic outsourcing, dental practices can enhance their revenue collection efficiency. Ensuring that patients pay in full before treatment completion and utilizing technology and external partnerships can lead to higher collection rates and financial stability.
Tune in to Dental Unfiltered for a chat with Dr. Andrew Vallo and Matt Brown. They dish on the money side of dental practices—covering upfront payments, financing options like Invisalign, and smooth insurance management. Discover the financial tricks that boost dental practice success.
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