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5 Easy And Effective Strategies For Minimizing Dental Debt

5 Easy And Effective Strategies For Minimizing Dental Debt
by Sarah Moore

As with any business, getting paid is crucial. An obvious statement, but one that many dental practices don't seem to take to heart, judging by their approach to billing.

Unfortunately, a "good service and hope for the best" mentality simply won't cut it.

In fact, according to a May 2013 statistic from The Accounting Minute, more than 18 percent of accounts receivable in the United States are past due. That represents a huge percentage of any business's revenue, and not something most dental practices can afford to ignore.

To that end, here are five effective strategies for minimizing patients' dental debt and ensuring the maximum profitability of any dental business.

1. Tell patients how billing works before the service

Expecting patients to understand how billing works without explaining it or setting expectations is unrealistic. Instead, it's important to give them all the information they need upfront: how much they'll be paying, when you'd like them to pay, any incentive plans you have, how and when you bill insurance, as well as what types of procedures are covered, partially covered or not covered at all.

Read full article on MultiBriefs.