How to Increase Cash Flow in Your Dental Office
With the advent of the current pandemic, businesses of every size and shape have been affected. Dental problems have not disappeared but with families strapped for cash and everyone being quarantined, having steady cash can seem like a distant memory.
There are several ways to boost cash flow and keep the office afloat in this economy without sacrificing quality and value.
Have a Financial Policy
Having a standard verbal or written statement that customers agree to can help avoid confusion. State up-front that customers must pay when services are rendered rather than letting them request to be billed later so that no one is mistaken once they’re finished with their procedures.
Ask and You Will Receive
No matter who is taking payments, dental assistants, dental hygienists, dentists, or receptionists, they must know what treatment was provided and how much it cost.
Translating procedures from the clinical staff to the front desk staff is crucial in creating seamless communication with the customer.
Being greeted with a lump sum due after dental treatment is no fun for anyone. Front desk staff or anyone taking payment should instead give customers a breakdown of the treatment they received that day. By taking the time to breakdown what the treatment was and how much it will cost, customers get a clear picture of the services provided.
Reach Out to Past Due Accounts
Dental team associates often dread reaching out to delinquent accounts. But by going through intentional training, anyone can talk through past-due accounts with ease.
Always be understanding, no matter the circumstance. Talking through the situation can help you find a solution to the issue. Make sure to ask when you can expect payment at the end of the call and double-check any insurance claims to ensure they were filed correctly.
Communicate About Third-Party Financing
With everything going on in the world, money can be especially tight for customers. It can be difficult to write a large, one lump sum check to cover their treatment.
By offering third-party financing, dental practices can receive cash and customers can take care of their bills per their budget. This will also allow for dental practices to schedule a full set of appointments for customers rather than just the amount that customers can afford.
Credit Do’s and Don’ts
It may seem tempting to offer customers credit to help them out. But it puts dental practices at a disadvantage in a tightly budgeted economy. Refer customers back to third-party financing to keep your business from falling into debt. Choose to not offer credit but instead rely on full payments or third-party financing.
Everyone is feeling the pinch of the current economy. By communicating clearly to customers, utilizing a third-party financing system, and not extending credit to customers, dental practices can keep their cash flow going and their production numbers increasing.