3 Methods to Help You Earn Money for Your Dental Practice More Quickly
Professionals across the country count on receiving a steady paycheck every two weeks. Pay day is marked by that wonderful sealed envelope on their desks or that welcome direct deposit boost to their bank accounts. Getting paid is reliable, consistent and requires no extra work on the employee’s part.
As a dentist, getting paid isn’t quite so simple, is it? Your payment depends on the reliability of your office staff and the responsibility of your customers. With that in mind, here are three ways you can increase efficiency and ensure you get paid as quickly as possible.
Say goodbye to snail mail
The website Dentistry IQ suggests practices can be paid more quickly if they eliminate the use of traditional “snail mail” options when sending invoices. It advocates the use of electronic programs such as National Electronic Attachment, Inc., to complete the transaction process more quickly.
If you think of your own day-to-day life, it’s easy to see the logic in this suggestion. Few of us send traditional letters anymore because email works so much more quickly. Why not apply this same principle to your practice’s payment standards as well?
Receiving prompt payments from insurance providers is only part of the equation. As you know, some patients don’t have insurance and others simply choose not to carry dental insurance.
In cases like these, receiving payment depends on your customers, so make it easy on them. Make sure they understand their bills and know what they’re paying for. If additional charges are necessary, make sure patients are aware of them and their payment options. You don’t want a bill to be missed simply because of miscommunication or because patients think there’s an error. Either case will delay your payment and may cause patients to feel negatively about your practice.
Optimize efficiency on your end
Don’t forget to look inward when trying to improve your bill receipt schedule. How quickly does your staff process billing information and send out payment requested notices? There may be inefficiencies there that can be corrected. Meet with your office staff to learn more about their processes and to brainstorm ways to improve speed on your end.
These are just three ways you can increase the speed with which your practice receives payment. Employing any of them may not get you the big lump sum payment that traditional employees enjoy, but getting paid every single day is nice as well, isn’t it?