The lifeblood of your dental practice is cash flow. The issue that restricts your cash flow (and drives up your days’ receivable) can be related to how quickly your operations move.
Expect the payments to come in more slowly if the invoices are only being sent to patients as a trickle of paper statements.
Streamlining your billing procedures is the first step to receiving payments promptly. Adopting billing automation is a practical means of doing so. Here are some examples of how billing automation might benefit you and increase your cash flow.
Some systems can automatically apply the insurance and patient shares of their services, enabling patients to receive their treatments on the same day that they are billed for them.
Clearer, more accurate bills:
Billing Systems can be set up to communicate invoice costs in plain language without the use of obtuse jargon. Patients will ultimately receive a charge that is accurate and in line with their expectations.
They will be comfortable enough to pay it, so there is no reason for them to put it aside and figure it out later.
The labour involved in creating and delivering monthly invoices is essentially eliminated by automated billing. Set up automated credit card payments with the patient and give them the option to get monthly invoices via email to further cut labour and costs.
Bills that are past due:
Automatically generated late notices save time and effort (along with any interest and late fees put in). Billing personnel should access patient information to identify which past-due accounts are at risk and need immediate attention in order to maximise the advantages of this feature. You can hire any best dental billing company to perform these tasks.
Billing systems that feature a safe and practical payment widget can provide patients with the motivation they need to pay you right away. Writing paper checks, finding stamps, and manually putting your practice’s name and address onto their
Automated and Fastest Collections:
While updating the billing system of your organization can make your process faster and which can have a significant impact on your accounts receivable.
When patients do not respond to your repeated attempts to get them to pay your bills, time is of the essence. After 90 days of nonpayment, it’s time to contact a collection partner. Fortunately, this, too, can be automated.
The practice management plug-in in IC System allows you to move these late accounts directly to the collection stage. Our cloud-based practice management app for dentists in wheeling makes the hand-off simple and automatic, allowing you to spend more time on patients and get paid faster.
Read more: Cost Analysis Of Outsourced Bookkeeping Services Vs In-House