It is not always easy to make patients and their insurance companies pay dental bills on time. In fact, many dental practices struggle to ensure that there is a balance between monetary collections and professional obligations to their clients. However, the following tips would guarantee excellent dental collections, and maintain the highest standards of professional conduct.
A strong internal credit policy for your dental practice should be set. This can be created by coming into a consensus with all members of the team. It is important to have the policy in writing. This can help boost understanding and implementation. The key objectives of such a policy should be to enhance the collection process and make payment more efficient. If you have a financial coordinator, he must be familiar with the credit policy you have set.
For prompt payment, it is important to prepare the bills electronically prior to discharge of the patient, thus saving time. The billing statement should then be sent promptly to the patient. The clearance of the bill and collection procedures must be communicated to the patient clearly in writing. A duplicate of the form should be given to the patient while the original should be filed by the dental office. Include your telephone contacts or website address for any issues that might need any clarification.
The person to make a follow up on the pending bills must understand the gravity and level of professionalism needed for the delicate task. The task involves telephone follow-ups and its good to take notes as you speak to the patient on the phone. The history and accounts of the patient must be very clear. Ensure the bill is given to the right person for payment. It is important to agree on a specific date and terms of payment. It is important to remind the patient of the consequences of defaulting on the payment.
You should tell your patients to ask for an authorization form from the insurance company in advance in order to know how much the company will pay. This would help the dental office and the patients to finalize payments before they leave the office preventing delays. Patients may also be motivated to pay the bills by offering them cash discounts.
Special payment arrangements should be put in place if the patient is unable to pay the whole amount at once. With such arrangements, you can choose to charge interest for this or not. The payment plan might involve equal monthly deduction, but the overall length of payment should not be prolonged. The contract should be written clearly with the penalties of nonpayment well defined.
It is vital to remember that training your dental office employees is the best bet in managing collections. The personnel usually would get new information on billing methods. It is vital to outsource the service of collecting the finances from a licensed collecting agency preferably in the medical field. Though this would incur cost, it removes the burden of collecting bills from difficult and unwilling clients, thereby saving time and money in the end.
It is important to remember that dental practice is unique because it requires urgent action to be taken to help a patient in pain. It is important to ensure that you do not create an impression among your patients that money is all that matters. This is another reason why it is advisable to hire a financial manager to handle the job for you.
A strong internal credit policy for your dental practice should be set. This can be created by coming into a consensus with all members of the team. It is important to have the policy in writing. This can help boost understanding and implementation. The key objectives of such a policy should be to enhance the collection process and make payment more efficient. If you have a financial coordinator, he must be familiar with the credit policy you have set.
For prompt payment, it is important to prepare the bills electronically prior to discharge of the patient, thus saving time. The billing statement should then be sent promptly to the patient. The clearance of the bill and collection procedures must be communicated to the patient clearly in writing. A duplicate of the form should be given to the patient while the original should be filed by the dental office. Include your telephone contacts or website address for any issues that might need any clarification.
The person to make a follow up on the pending bills must understand the gravity and level of professionalism needed for the delicate task. The task involves telephone follow-ups and its good to take notes as you speak to the patient on the phone. The history and accounts of the patient must be very clear. Ensure the bill is given to the right person for payment. It is important to agree on a specific date and terms of payment. It is important to remind the patient of the consequences of defaulting on the payment.
You should tell your patients to ask for an authorization form from the insurance company in advance in order to know how much the company will pay. This would help the dental office and the patients to finalize payments before they leave the office preventing delays. Patients may also be motivated to pay the bills by offering them cash discounts.
Special payment arrangements should be put in place if the patient is unable to pay the whole amount at once. With such arrangements, you can choose to charge interest for this or not. The payment plan might involve equal monthly deduction, but the overall length of payment should not be prolonged. The contract should be written clearly with the penalties of nonpayment well defined.
It is vital to remember that training your dental office employees is the best bet in managing collections. The personnel usually would get new information on billing methods. It is vital to outsource the service of collecting the finances from a licensed collecting agency preferably in the medical field. Though this would incur cost, it removes the burden of collecting bills from difficult and unwilling clients, thereby saving time and money in the end.
It is important to remember that dental practice is unique because it requires urgent action to be taken to help a patient in pain. It is important to ensure that you do not create an impression among your patients that money is all that matters. This is another reason why it is advisable to hire a financial manager to handle the job for you.
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