Accounts Receivable & Collections
Accounts Receivable is the amount of money owed to the dental practice. And this is for treatment already performed. This money may be outstanding to dental insurance carriers. Also, this is money owed by dental patients. And it is money that we need paid quickly. The longer this money is owed, the less value it holds. And the less likely we are to receive it. It is an area where we can’t be complacent. And we must rely on solid dental practice business systems. Because it is our solid business systems that bring success and even dental practice growth.
Accounts receivable numbers show us two things. Yes, they show us the dollar amount that is owed the practice. But they also show us where we can improve our business systems. Which is why we want to work with proven systems. If the dental practice operates on a “do what you can” mentality, that is exactly what the practice receives back. Whatever comes in.
Let’s help you actually collect payment for services provided and in a timely manner!
Dental Office Collections
Dental office collections is the amount of money we collect for dental services. This is a number we want to see at 100%. (Where we want our accounts receivable numbers to be low. They really should be lower than our average monthly production). Collections come via patient payment at the time of service, dental insurance payments, patient pre-payments, and patient statements.
It is a combination of process and procedures that keep our dental office accounts receivable low and our collection rates high! Solid treatment and financial presentations set the stage for our success. Insurance verification and accurate insurance estimates then allow us to collect what is due at the time of service. However, we must be comfortable talking about money and treatment. This is critical! Follow those beginning steps up with efficient business systems for insurance billing and claim tracking as well as patient statements and follow-up! And done well, you too can have a collection rate of 100%!
Yes You Can! I Can Show You How!!
Accounts Receivable Training
Take my experience, education, and expertise and put it to work for you! My dental administrative training program offers not only all of my online course materials and e-books, but also provides you with one on one coaching as well! You are not alone. Even though you may feel that you are. Many dental practices have challenges with their accounts receivable. And are afraid to talk about it. I’m here for you. And I can assure you that you are not alone!
“April developed a series of administrative systems that were adopted and still currently in use. Her collection efforts resulted in an over 50% reduction of outstanding accounts”. Marc P Brown, DDS, PA, Newington, NH.
Dental office accounts receivable reflect our dental practice business systems. If there is a problem or concern with outstanding collections, there are systemic problems within the business. And all of these systems with the dental practice are connected. As we begin to implement stronger systems within the practice, all of the business systems improve.
Accounts Receivable Considerations
- How To Ask For Payment
- Better Financial Presentations
- Patient Statements
- Insurance Aging Reports
- Credit Balance Reports
- Patient Refunds
- Insurance Refunds
- Copay Calculations
- Financial Reporting
Ready to Improve Your Collection Rate?
Want the training materials just for accounts receivable management? And perhaps you have more of a “DIY” mind set! Here you go! The Weekly Management Systems Workbook and The Accounts Receivable Made Simple E-book are right here for you! In addition, there is a Dental Office Collection Practices online course and even a Dental Insurance Training Video! This bundle is also a great place to move your dental practice to a higher collections and lower accounts receivable!
Additional Accounts Receivable Coaching
In addition to your training bundle, we can schedule on-on-one coaching! I’m just an email away. If you think your team might benefit from some time with me one-on-one, let’s schedule that today!