The Best Practices Show with Kirk Behrendt 928: Metric Mondays: Accounts Receivable Percentage – Ariel Juday
How long does it take to collect what you're owed? The longer you wait, the less likely you are to collect it! In this episode, Kirk Behrendt brings back Ariel Juday, one of ACT’s amazing coaches, to break down accounts receivable percentage, where your numbers should be, and what to do if they're not in the ideal ranges. To learn how to collect what you're owed as quickly as possible, listen to Episode 928 of The Best Practices Show!
Learn More About Ariel:
- Send Ariel an email: ariel@actdental.com
- Follow Ariel on ACT’s Instagram: https://www.instagram.com/actdental
- Send Courtney an email to learn more about ACT: courtney@actdental.com
More Helpful Links for a Better Practice & a Better Life:
- Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
- Join The Best Practices Association: https://www.actdental.com/bpa
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- Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
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- Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218
Episode Resources:
- Watch the video version of Episode 928: https://www.youtube.com/@actdental/videos
Main Takeaways:
- The older a balance is, the more difficult it is to collect it.
- Create a clear financial policy and review it with your patients.
- Know your benchmarks for current, overdue, and delinquent balances.
- Have a plan to collect before rescheduling patients who have overdue balances.
- Do weekly audits of AR balances and have a follow-up system that someone owns.
Snippets:
0:00 Introduction.
2:27 Why this is an important topic.
3:21 AR percentage, explained.
5:41 How AR percentage impacts the practice.
9:35 AR benchmarks, explained.
10:58 What it looks like when AR percentage is going well.
12:29 Collect 100% or more of your net collections.
13:34 What it looks like when AR percentage is not going well.
15:24 How to improve your AR percentage.
20:08 Last thoughts.
Ariel Juday Bio:
Ariel has a master’s in healthcare administration and several years of dental experience in all aspects of the administrative roles within the dental office. Her passion is to work with dental teams to empower team members to realize their full potential in order to better serve patients, improve office systems to ensure a well-functioning team/office, and to help everyone have fun in the process!