Do’s and don’ts for maintaining a 99% collection rate

I highly recommend that practices maintain a 99% collection rate so they have the cash flow needed to pay all bills while also providing sufficient income and savings for doctors. Furthermore, practices may want to invest in expansion, new technology, modernization, or even relocation. All of these initiatives require adequate cash and cash flow.

Offer patient financing. Patient financing gives patients another way to access credit when they may not have other options. Make financing a standard part of patient communication and treatment plan presentations, and you will likely see an immediate increase in production and collections.

Don’t forget to offer discounts for paying upfront by cash or check. For noninsured patients, consider offering a discount when they pay in cash or by check upfront. This can eliminate potential collection issues while also improving the practice’s cash flow. 

Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected]. 

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.