For most dental offices, staying on top of the collection activities can be challenging. A poor collection process is generally to blame when you see your accounts receivable increase. The accounts receivable turnover can significantly impact profitability. You need to address the collection issues as soon as possible. You will find it easy to access your funds once you take some steps to convert the accounts receivable into cash. You can upgrade the equipment, hire and train the new staff and implement more efficient office procedures, which can ultimately grow the dental practice income.
Tips to improve the billing and collection process for dental offices:-
Verify your patient insurance in time
The first step in the billing process must always be to ask your patients about dental insurance policies whenever they book an appointment. By requesting the information in advance, you will know precisely what the timely filing process is and what the coverage does or does not include. You can ask about the deductibles or downgrades annual maximum for frequency limitations and even ask about the missing tooth clause or noncovered goods or services. Besides increasing your insurance collection percentage, it will also help you avoid headaches, including sending claims or blindly treating patients without any active coverage.
Quotations before providing the treatment
Instead of surprising the patients with unexpected fees, you should always provide all the patients with the cost estimate before starting the treatment. You have also explained the payment terms and policies. If your patient has a budget, then you should recommend some alternative treatments to make the costly treatment manageable.
You will go through minimum jumbled billing and collection processes that are least likely to negatively impact the business the more you clarify your dental practice and streamline the payment.
Collect the payment upfront if possible
It is always essential that you outline the early payments for the treatment starts. It might not be feasible to collect the entire phase for expensive procedures, but you can always request the payment of the service for treatment which is less expensive, and it can go a long way in minimizing your collections.
Offer a vast range of payment options
By accepting debit cash and credit cards and requesting a direct deposit, you can encourage more patients to pay quickly on the spot or get paid automatically once the services are done. You should consider offering 3rd party financing if we do not already offer these options. External payment plans are helpful and more patients can afford costly or non-covered treatments, and they can also help you avoid chasing down payments.
Forward your insurance claims every day.
The faster you file insurance claims, and the faster your dental clinic gets paid. You must invest in some software to file your claims electronically and speed up the collection process.
One of the best ways to optimize your accounts receivable conversions and keep past due balances in the cheque is to get help with your billing and collection process.