In another recent blog, we covered what factors impact your collections percentage. Now that you understand the things that can affect your success at collections, we’re diving into how you can increase your collections percentage to make your dental practice more financially stable.
Embrace Alternate Payment Methods
Statistics show that the number of checks written in the average family has decreased by over 175% in the last 15 years. However, many dental practices still prioritize check payments when collecting invoices. To maximize your collections percentage, you should always accept as many payment methods as possible to decrease the likelihood of a patient being unable to pay. Beyond major credit cards like Mastercard and Visa, you should also consider offering ACH payment or modern payment services like Apple Pay and Google Pay.
Connect Multiple Places
How do you contact patients who owe you money? If you’re like many dental practices, your collections percentage may be suffering because you are not embracing multiple methods of contacting them. While some people in older generations may prefer a phone call or letter in the mail, younger patients often prefer receiving a text message or email. Adapting your contact methods to their preferences makes it easier for patients to see your communications.
Offer Third-Party Financing
Your dental practice is not a bank, so you should think twice before offering your own financing. However, third-party financing options can increase your collections percentage and help out patients who need treatment but cannot afford to pay their obligation upfront. There are numerous third-party financing options that specifically work with medical and dental practices.
Be Consistent and Persistent
When following up with your patients and waiting on payment for outstanding invoices, you should make sure that you are consistent and persistent. Always be friendly and don’t place excess pressure on patients to avoid isolating them from your practice. Make frequent contact, and don’t wait for 30 days before following up for the first time. Even if a patient cannot pay that day, you should ask if they know when you can expect payment to drive home your expectations.
Ask for Full Payment at Checkout
If you haven’t set a precedent of asking for payment when patients are checking out, it can be uncomfortable to start. Make sure that you notify your patients ahead of time so that they understand your new policy. Once they realize that you are serious about collecting payment at the end of their visit, they will adjust and be more prepared. If a patient is surprised by the policy, consider allowing an exception and billing them later. Some practices ask for full payment at checkout without requiring it, which is another option.
Make Billing and Payment Easy with APEX Reimbursement Specialists
Whether you’re looking for a way to make the insurance verification process easier or hoping to improve your overall patient communication plan, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.