Do's and don'ts for financial success: How to collect more

2016 11 18 14 42 01 206 Practice Success2 400

Practices are only collecting 91% of their total fees, according to a recent survey conducted by the Levin Group Data Center. Your target should be 98%. Each percentage point you can raise collections means thousands of dollars in additional revenue.

Do

Collect all fees at the time of service. This sounds simple enough. But many practices have trouble asking patients for payment. Team members lack the training and scripting to be polite but firm when talking about money. Create scripts for every payment scenario, including co-pays. Role-play different situations with the front desk team members to ensure they know what to say and what to do when it comes to collecting payment.

Don

Don't resort to billing patients. Some patients will ask if they can be billed. They might say they forgot their checkbook. Train your team to respond by saying, "We accept all major credit cards. You can put the fee for today's appointment on your Visa or MasterCard." Also include language in your scripts about how billing contributes to higher costs, and your practice is committed to keeping expenses as low as possible.

Roger P. Levin, DDS, is the founder and CEO of Levin Group, the leading dental practice consulting firm in North America. For the complete list of dates and locations where you can attend his latest seminar, visit www.levingroup.com/gpseminars.

The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.

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