Dental Office Managers know how important it is to keep receivables as low as possible, but sometimes actually collecting outstanding debts can seem counterproductive from a business development point of view. What’s the solution?
Setting appointments, answering phones, ordering supplies, and problem solving any negative trends (such as declining cash flow) are all full time jobs themselves. Since 83 percent of consumers say reviews influence their perception of a dentist and since the use of online reviews is increasing, it’s important to be exceptionally cordial to every patient, maybe even offering your youngest ones a video or board games while they wait. Thoughtful gestures can push your dental office’s reviews from average to great.
The Money Is Out There
While competition for patients has always been stiff, it is especially so now. The American Dental Association shows national dental expenditures rising steadily:
That’s a great trend which may indicate decades of dental care promotion are working, which is perhaps also why the number of dental school graduates and the number of practicing dentists is increasing.
But from a business management point of view the more important statistic is that most patients cover over 40% of their dental care costs out of pocket. Now that they have more options to choose from – and even more on the way – it’s no wonder consumers peruse the reviews before deciding on whom to visit.
When looking at your overall business development with patient acquisition in mind, consider your past due accounts carefully. Perhaps contacting delinquent patients yourself is not the best use of your time – especially since you may risk the relationship if you are cornered into an unpleasant conversation. Since your top priority is to keep clients happy and to get referrals, making repeated demands for payment may be detrimental to both those ends.
It may not be cost-efficient, either. Your time is valuable (according to a DentalMedicalConsultants.com report, most dental office managers earn $72,000 – $85,000 per year) and your best contribution is to develop and extend relationships.
Perhaps outsourcing is a better answer, especially if it can be done for a fraction of the cost. Allow experienced debt collection pros to make the calls for you. The calls can even be automated and customized to your practice so your patient will know it’s you. But he or she will also know they don’t have to face the person who made the collections call the next time they need to visit your office. This solution allows you to enjoy peace of mind and it gets the office paid without alienating your patients.
Patients engage your practice because of your expertise in all things teeth. In the same way, perhaps deferring to an expert with a history of getting dental offices just like yours paid would be as good for you as you are for your patients.
Imagine the delight on your managing dentist’s face when he learns that receivables are down and cash flow is up – all because you outsourced debt collection to an expert! Think of outsourcing your debt collection as a strategy to increasing cash flow. By outsourcing this responsibility you’re able to replace time lost with something far more valuable – focusing on patient care.
Unload one of your office’s most important jobs to professionals who have years of experience and a proven toolkit tailored to your needs.
