How to Decrease the Accounts Receivable in Your Dental Office

Dental front officeConsider a patient who comes to your office for dental implants. You perform the procedure and charge the patient $4,000. The patient pays $500 down but walks out of your office still owing around $3,500. Monthly payments are made and you’ve eventually received all the money you were owed.

This may seem like a perfectly acceptable arrangement, but in reality, you should never allow a patient to leave your office without a solid payment plan in place. Otherwise, your dental practice is functioning more like a bank than a dental office!

Decreasing Accounts Receivable in Your Office

Below are a few ways to help you reduce the accounts receivable in your dental practice:

  • Offer discounts for patients who pay in advance – Offer special discounts for dental patients who either pre-pay or who pay at the time of service. You can also offer a discount for those who pay with check or cash, because this way you won’t need to pay any merchant card fees. Even if these discounts cause your profitability to decrease a bit, it’s nothing compared to the cost of having uncollectable accounts receivable on your books.
  • Ask for full payment at check-out – Train your staff to ask for full payment at the time of checkout. You’ll be surprised at how many people will pay just by being reminded. It may be awkward for your staff to ask at first, but it will get easier each time and your patients will begin to understand that payment is due at the time of service.
  • Send bills early and often – Instead of waiting the customary 30 days to begin sending bills, consider billing on a net-10 or net-15 basis. Additionally, it’s a good idea to put a ‘due-by’ date on your bills. This is a great motivator for patients to prioritize your bills over others they may have.
  • Hire an outside company to do the dirty work – If outstanding accounts receivable is a real problem in your office, you may want to hire a company to contact patients for you rather than looking like the ‘bad guy.’

As a dentist and business owner, it’s important to know your numbers and then begin to implement the right strategies for your office. You’ll be surprised at how quickly your accounts receivable begins to decrease just by implementing a few of the above strategies!

For questions or help with your insurance credentialing, please don’t hesitate to contact Dental Insurance Credentialing today. We can help you navigate the sometimes-confusing world of insurance credentialing.

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