January 4, 2018 -- Is your practice
thriving at the level you'd like, or are you looking for some help in a
specific area? That's where you need a Practice Rescue. Jill Shue of Custom
Dental Solutions offers practical solutions gathered from years of experience with
practices like yours.
Does this scenario sound familiar? Patients are
frustrated with financial surprises when they receive their bills. This leads
to unhappy patients, your team having to constantly make difficult collection
calls, and a decrease in cash flow. What can you do to decrease your patient
accounts receivable?
1. Educate and inform
Many patients are not aware that dental
insurances are only a benefit or a contribution, not a guarantee of payment.
Instead, they expect their insurance to cover everything.
Patients must be told that they are responsible
for the full balance, regardless of the contribution from their insurance. Your
patients do not know the costs of procedures, nor do they know the expectations
of when payment is due, unless you or your team tells them.
When presenting financial information to patients
(we've found that this information should be presented before their scheduled
appointment), make sure you provide them with three items:
·
The
total fee
·
Their
estimated out-of-pocket cost
·
Their
estimated portion due on the day services are rendered
This presentation should be provided in writing
and stated in a way your patients will understand. This may mean that you will
need to alter your templates and printed presentation.
2. Options
While we recommend that you offer financing
options to your patients, don't force yourself into being a bank. Present two
or three companies (CareCredit, LendingClub,
and the like) that patients may use to assist in paying their dental bills.
If they are unable to make a payment in full, it
does not mean they must forego treatment. Show them the available options to
split up their payments to make them more affordable. Being able to offer your
patients options will increase your case acceptance as well.
3. Scripting and team approach
Your clinical and administrative teams must use
the same terminology. The entire team should know which phrases to use and
which to avoid.
“Being able to offer your patients options will
increase your case acceptance as well.”
"We'll bill you" cannot be an option if
you expect to lower your accounts receivable. When was the last time you went
to a grocery store and had the option to be billed?
Your patient has received a service and is
expecting to make a payment. If you don't ask for payment, how will he or she
know what is expected?
Use language like the following: "Your
estimated out of pocket is $500. We'll send the remaining balance to your
insurance for their consideration. Should there be anything remaining, we will
send you a statement."
When collecting payment, do not ask if the
patient would like to make a payment; instead say, "How would you like to
pay today: check or card?" Never assume a patient is unable to pay.
Whichever scripting you use, speak confidently
and concisely. If you are asking a question, be sure the patient responds.
Don't let the silence win. Your patient, at this point, should have already
been informed of the costs and expectations.
4. Systems and consistency
Create a protocol and timeline for collecting
accounts. Send statements every 10 to 15 days for outstanding accounts (avoid
the conventional 30-day billing cycles) -- the more frequent the better.
How many statements will patients receive before
they get a "warning" letter? How many letters will they receive
before the account is turned over to an attorney or collection agency? Your
patients must receive consistent statements each month with eventual
escalations for you to be successful in obtaining payment.
5. Be kind
At the end of the day, remember to be kind.
Kindness truly does go a long way. You are providing your patients with
financial information prior to them having work completed as a courtesy, so
they know what to expect. You are not giving them this information because you
are a money-hungry dentist. While, yes, we do have a business to run and jobs
to do, we genuinely care about our patients and their well-being. When a
patient sees that you care, you generate value, respect, and loyalty from that
patient.
Collecting payments does not have to be a dreaded
task. If it's done with each appointment, you will have fewer of these
frustrating duties and will be able to focus your attention on taking care of
your patients. After all, you did not choose this profession to hound patients
for money.
Jill Shue is the administrative and insurance
lead trainer for Custom
Dental Solutions. She can be reached at Jill@CustomDentalSolutions.com.
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.
