Facing low collections? You’re not alone. Running a dental practice comes with its share of challenges, and low collections can be one of the most painful! It’s imperative to maintain a steady cash flow to ensure the smooth operation of your practice.

We have gathered some hot tips to help you get your money in quickly and efficiently.

Tips to Increase Low Collections:

1. Have an Efficient Collections Protocol

An efficient billing process is the backbone of timely collections. Ensure that your billing team is well-trained and follows a streamlined procedure. Use automated billing software to send out invoices promptly and reduce human error. A clear and concise billing statement can go a long way in avoiding confusion and delays.

2. Offer Multiple Payment Options

Flexibility in payment methods can significantly increase the likelihood of timely payments. Accept credit cards, debit cards, checks, and online payments. Consider offering lending companies that can provide payment plans for larger amounts to make it easier for patients to manage their bills. (Example: Care Credit)

3. Implement a Prompt Payment Discount

Incentivizing patients to pay quickly can be very effective. Offer a small discount for payments made within a specific timeframe. This strategy not only encourages prompt payment but also fosters goodwill among your patients.

4. Follow Up on Outstanding Accounts

Consistent follow-up is key to reducing overdue accounts. Set up an accounts receivable system for regular reminders through phone calls, emails, or text messages. Being proactive and persistent shows patients that you are serious about collections.

5. Utilize Collection Agencies When Necessary

While it’s always best to handle collections in-house, sometimes external help is required. Partner with a reputable collection agency to handle stubborn accounts. Be sure to choose an agency that treats your patients with respect and professionalism.

6. Educate Your Patients

Clear communication about payment policies and expectations can prevent misunderstandings. Educate your patients about their payment responsibilities at the time of their appointment and provide them with written information.

7. Review and Adjust Your Policies Regularly

Regularly reviewing your collection policies can help identify areas for improvement. Stay updated and adjust your policies as needed to ensure they are effective and patient-friendly.

8. Train Your Team to Be Collection Superstars

Your staff plays a crucial role in the collections process. Invest in regular training sessions to ensure they are equipped with the latest techniques and knowledge. Also, role-playing scenarios can turn them into collection superstars. A well-trained team can handle billing and collections more efficiently, reducing delays and errors. 

9. Build Strong Patient Relationships

A positive patient-practice relationship can significantly impact your collections. Happy patients are more likely to pay their bills on time and return for future appointments.

Enhancing your collections process requires time and effort, but the rewards are substantial. By applying these effective tips, you can improve your cash flow, alleviate stress, and concentrate on delivering outstanding dental care to your patients. Remember, a positive attitude and a little creativity can make all the difference. 

Here’s to healthier collections and happier smiles!

We love nothing more than to make sure YOUR dental practice is truly thriving! Schedule a call.

Don’t forget to check out our podcast for more tips.