Consider this scenario: Your patient walks into your office. You treat the patient and charge $2,000 for the appointment. At the front desk, the patient pays $500 and walks out still owing $1,500. You put it on the books and schedule monthly payments. Eventually, after six months, you have all of the money you were owed and you're paid in full. Wouldn't that be great?! Unfortunately, unpaid dental bills are an ongoing issue for nearly all dental practices. Many of the patients who have received treatment are not fulfilling their promise to make payment.
How can dentists cut down on accounts receivables in their practices?
Offer a discount on upfront payments
Offer a discount for patients who pay upfront, when they schedule their appointments. Make it appealing for the patient to pay ahead of time. Even if your profitability decreases a little, it is nominal compared to what you would lose by having uncollectible receivables on your books. As a side benefit: Collecting prior to an appointment will reduce cancellations and no-shows.
Ask for payment in full at check out
Regardless of your staff's perception of whether the patient has the money or not, have them ask for full payment. They will be amazed at how many people will pay just by asking, and it gets easier with each occurrence, as patients realize payment is expected at the time of service.
Offer different forms of financing
Make it easy for patients to pay—In addition to accepting cash, check, and credit cards, offer third party financing. This will make it easy for more patients to move forward with their treatment.
Assign a dedicated staff member
Many dental practices often have a large number of account receivable cases because they do not have prior plans to address them. Maybe their priority is to get new clients rather than focusing on past due accounts. Assign the task to a staff member who needs to be more proactive to remind patients about late payments and review his activity at least two or three times a month.
Bill frequently—the more the better.
Consider billing on a net-14 or net-21 basis instead of the customary practice of waiting 30 days. You needn’t feel bad about giving shorter invoice payment terms. In today's environment, close to 75% of invoices ask for payment within 2 weeks, so expectations are changing. The squeaky wheel gets the grease, and by being more top of mind than patients' other monthly obligations, you will naturally get more payments.
Don’t be afraid to chase payments
Don’t wait until an invoice is two weeks late before reminding a client that they owe you. Try sending a friendly email as the due date approaches. Follow up again if they go past due.
If your client doesn't respond to emails, pick up the phone. Don't let it drift. It may not be the fun part of being in business – but it could help you stay in business.
Save time and money, hire an effective collection agency that will deliver results fast.
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Debt collection agencies have existed in the United States for as far as we can remember and agencies like Fair Capital are experts in collecting dental debt in a diplomatic and empathetic manner.
If you looking for a Dental Collection Agency? Make sure to hire the best; You will find it really hard to beat our cost, efficiency and strategies incorporated to recover your past-due dental bills.
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What Our Clients Say
Our Dental Clinic had a great experience working with Fair Capital. They were very helpful in retrieving our delinquent receivables. I would definitely recommend them for anyone in need of a debt collection agency.
Ralph B - Office Manager
The office I manage has been using Fair Capital for a little less than two years. They have a great staff. Always pleasant and helpful. They are always available to answer my questions and update me on my accounts whenever I like. Hiring Fair Capital was one of the best decisions we made. I can not count how many employee hours have been wasted trying to chase down patients with late payments. Their staff is super professional and we have had great returns on their service.
I will give you the best rating because you have the best collectors working for you. You make it easy to monitor accounts and respond quickly to our questions. I would definitely recommend Fair Capital