This year has been full of surprises and trials with an ongoing pandemic. With limited patient visits to your practice, you may find it challenging to maintain cash flow. Patients may be reluctant to pay past due balances or opt to skip expensive treatments for fear of financial woes. Therefore, the dental coaching professionals at Bryant Consultants share how to improve your practice’s cash flow with these simple tips.
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Create a Financial Policy
Patients that receive treatment from your dental practice should expect to pay for the services during the same visit. Creating a financial policy can help clarify when payment is expected and help reinforce the payment policy. Help patients understand the system by verbally explaining the available payment options and providing a physical or digital copy for the patient’s records.
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Ask for Payment
According to the professional dental practice coaches at Bryant Consultants, asking patients for payment when they receive services is crucial to your practice’s cash flow. The staff member who processes payments needs to know the provided treatment and its costs, including insurance benefits. The clinical staff should be responsible for relaying the treatment information to the front desk staff to collect payment.
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Break Down Treatment Costs
Telling your patients the total owed can cause hesitation if they believe the amount should be different. Therefore, to help reduce conflict, go over the treatment costs in detail with the patient before their procedure begins. For example, explain to your patients each line item, the amount covered by insurance, and the remaining balance due. Then, assume they are paying the balance during the same visit by saying, “How would you like to pay today?” The implied “payment is due at the time of service” can inject a clear expectation that paying their bill later is not an option.
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Reach Out to Delinquent Accounts
Even though calling patients with a delinquent balance may not be a favorite thing for your team members, it is necessary to acquire cash flow. The small business consultants at Bryant Consultants recommend reviewing the patient’s account or payment history before contacting them to ensure their insurance processed submitted claims. During pandemic times, it is especially important to try and understand a patient’s financial concerns. Showing compassion and working with the patient can help restore cash flow and maintain the relationship. Before hanging up the phone, restate the payment amount and the scheduled payment due date for clarification.
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Offer Third-Party Financing
Patients who are self-pay or have a sizeable remaining balance after insurance may need additional financing options to cover expensive dental treatments. When you offer services such as CareCredit, it allows patients to pay their balance in small monthly installments instead of having to come up with a large amount at once. Payment plans provide a more feasible method to get patients the treatment they need at a monthly payment amount that is more financially manageable. You may also consider establishing an in-house membership plan that allows patients to prepay for their preventive and restorative care.
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Share Payment Program Details
Patients who are unaware of third-party financing options may delay or opt-out of treatment altogether. Training your staff to share the payment program details can help patients get needed treatments. The team should also share the possible consequences of delaying treatment, including escalating costs for advanced conditions. Dental practice coaches at Bryant Consultants advise that sharing the program details is not only for active patients. Reaching out to inactive patients about third-party financing options may prompt them to schedule an overdue treatment.
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Do Not Extend Credit
Internal credit options may benefit your patients, but it can become a liability for your practice. Between collecting past due balances and waiting for payments, in-house credit options could become a headache. Therefore, third-party financing is more beneficial to your dental practice because you immediately get paid, reducing unpaid balances.
Dental Practice Coaching
Cash flow challenges are a constant concern with dental practice providers. However, by instilling the above tips, you could experience a better cash flow during low production times, such as during the pandemic. If you would like to learn more or schedule a complimentary one-hour consultation, please contact Bryant Consultants by calling (877) 768-4799. We provide consultation, training, and coaching and will continue to post relevant updates regarding the coronavirus pandemic. To ensure that you receive the latest updates, please follow us on Facebook and Instagram.
