In the field of dentistry, accounts receivable is high on the list of the most challenging areas dental practices face. Accounts receivable is the payment due to a dental practice for services received.
The challenge is that not all patients pay their bills on time, leading to missed payments, collections, and loss of revenue for the practice.
A digital Accounts Receivable tool can streamline your dental practice to collect payments from patients instantly without delay. This article will discuss how the billing process can be optimized for practices and patients.
Top Essentials of Accounts Receivable
1. Digital Bill Pay
Digital Bill Pay provides the most promising avenue for dental offices to collect payments instantly without the headaches of going to collections or worrying about missed payments. It empowers dental practices with the capability to email and text invoices, giving patients the ultimate convenience of paying bills digitally.
Dental practices enjoy the benefit of receiving payments instantly, helping them prevent lost revenue and making accounts receivable more efficient.
2. Quick Overview of Payments
Digital Accounts Receivable gives dental practices a quick overview of all overdue, pending, and received payments. This simplifies the process of identifying which patients have overdue bills. Having a quick overview of payments gives dental practices an efficient system for managing accounts receivable.
3. Autorun 30/60/90 Day Overdue Payments
Digital Accounts Receivable auto runs 30/60/90-day overdue payments, making it easy for dental practices to stay on top of outstanding payments. An automated reminder is sent to the patient via text/email, resulting in faster payments.
Dental practices love how 30/60/90 day auto runs simplify the management of accounts receivable and reduce the need to send patients to collections.
4. Integration with Practice Management Software
Having AR software that's integrated with major practice management software makes it easy for dental practices to streamline the entire billing process. The integration provides quick and easy access to billing and payment status in one convenient place.
5. Convenience for Patients
What’s truly at the heart of digital Accounts Receivable? Ultimate patient convenience. Patients can finally pay their bills within a few clicks via email/text, making it super easy for them to pay anywhere, and anytime. Faster patient payments mean improved cash flow and easier management of accounts receivable for dental practices.
Accounts receivable management can be a daunting task for dental practices. mConsent's digital Accounts Receivable streamlines the process so you can simplify billing and overdue payments in the most efficient way.
You’ll be able to send and collect payments instantly via email/text, see an overview of payment status, and auto run 30/60/90-day overdue payments.
On top of this, mConsent integrates with Open Dental, Eaglesoft, and Dentrix, optimizing the flow, and simplifying the process for patients. Find out how mConsent’s Account Receivable can revolutionize your practice.