Increasing collections for your dental practice is crucial to financial sustainability. When collections decrease as a percentage of production, cash flow suffers.
A recent dental practice management update from Transitions Consulting Group suggests five ways to increase collections. One is linked to collecting outstanding patient debt. Take a step today by running a computer AR aging list by name, time frame and amount and plan a sequence to collect the largest amount owed, longest time frame over 120 days. Make contact, verbally request immediate payment of a portion and follow up with a three-step contact to collect the balance. Don’t forget to include brightly colored DUE DATE stamps on statements to patients, using their preferred method of communication.
To review four additional suggestions, visit: http://transitionsonline.com/blog/tuesdays-with-transitions/5-ways-to-increase-collections-now.html