How to virus-proof your account receivables

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Since the novel coronavirus disease (COVID-19) outbreak is on everyone's mind, I thought I would address the relationship between the coronavirus and your dental business.

This virus is affecting us in ways we couldn't imagine. I know dental conferences and several different sport seasons have been postponed or canceled. At times like these, you may feel so many things are out of your control. However, you an be proactive about one area of your practice -- your account receivables.

Lynne Leggett.Lynne Leggett.

With so many questions surrounding the longevity of our current global situation, working your outstanding insurance claims report and patient aging is a must. If your practice is like most, you wait for insurance to pay first before sending a statement to your patient. If this is the case in your practice, please work your outstanding insurance report weekly. Post your checks daily and, if there is any balance, please send a statement to the patient that day. Waiting any longer just elongates your wait time for payment.

After working your outstanding insurance report, next in line is your patient aging report. I like to refer to these two reports as "your money that is sitting on paper." You have already done the dentistry and should be working these reports to get that money in your bank account.

I know it seems like common sense that this should already be happening in your office -- and it should. But think about this: Right now, your team may be focusing on keeping your schedule full due to our current situation. A lot of times these two reports are not the priority. However, I think, especially in these turbulent times, they require priority status. I hope that items like prioritizing your account receivables will be one of those tasks that will remain a priority for you and your practice.

You can hear more thoughts from me in the video below.

Lynne Leggett has more than 25 years of business experience in several industries, including dentistry, medical, pharmacy, sales, transportation, logistics, and project management. Learn more about her and her services on the Victory Dental Management website.

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

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