Does your office depend on patients to pay their bills on time? The sad reality is that many patients just can’t be relied upon to complete those payments on time. Late payments are an unfortunate reality that leads to loss in revenue, and having to send patients to collections.
Digital Accounts Receivable has become the hottest, most reliable solution that has opened the door for dental practices to streamline the entire billing process. In this article, we'll discuss how digital accounts receivable can simplify payment collections from patients.
1. Digital Bill Pay
Digital Accounts Receivable provides practices with the ability to collect payments instantly. Patients receive their invoices via email or text and pay with a few clicks. It provides ultimate convenience for patients and improves revenue for the practice. The need to send patients to collections drops dramatically and improves patient-practice relations.
2. Quick Snapshot of Payments
Digital Accounts Receivable gives dental offices the easiest way to view all overdue, pending, and received payments, in one quick snapshot. You’ll be able to quickly identify overdue payments, and send instant text/email reminders to patients. If you’re wanting to improve the speed and rate of payment collections, digital accounts receivable is the perfect solution.
3. AutoRuns 30/60/90-Day Overdue Payments
One of the most popular features of Digital Accounts Receivable is the autorun of 30/60/90-day overdue bills. This feature has gained popularity because of the immense help it provides dental offices in avoiding missed payments.
Patients with overdue bills automatically receive a text/email reminder for them to pay it, along with a payment link. A huge benefit of being able to auto-run 30/60/90 day overdue payments is it results in faster payments, and reduces the need to send patients to collections.
4. Integration with Major Practice Management Software
Having a digital Accounts Receivable solution that integrates directly with popular practice management software makes it easy for you to manage and streamline the entire billing process. You’ll be able to access billing status, patient data, and payment history in one stop, without the hassle of paper invoices, or multiple systems to manage.
5. Reduced Paperwork and Improved Accuracy
Digital Accounts Receivable gives your dental office the break it deserves by eliminating the need for paper invoices, and ensuring a reliable system is in place to manage bills.
The elimination of paper invoices allows dental offices to optimize efficiency and do away with inaccuracy. Streamlining the billing system has proven to transform the way billing is done at dental practices.
6. Convenience for Patients
Convenience is what patients are looking for when it comes to payments. Digital Accounts Receivable gives patients exactly what they want by empowering them to receive invoices via text/email, and complete payments with just a few clicks.
With a digital AR system in place, your dental office will see a skyrocket in faster payments, improving your cash flow, and helping you manage accounts receivable in the most efficient manner.
Digital accounts receivable is a definite plus for dental offices to embrace. Optimizing the billing process via digital solutions reduces late payments. mConsent's Digital Accounts Receivable solution has won over practices like wildfire.
With mConsent, practices can now autorun 30/60/90 day overdue payments, in addition to having a superb digital billing solution in place to send text/email reminders to patients, and reduce late payments. Discover how mConsent's Digital Accounts Receivable can help your office simplify accounts receivable and increase your bottom line.
1. What is accounts receivable for a dental practice?
Accounts receivable for a dental practice refer to the outstanding payments owed by patients or insurance companies for the dental services rendered.
It represents the amount of money that the dental practice expects to receive in the future for services already provided, and it is an important component of the practice's financial management.
2. What are the benefits of accounts receivable in dental practice?
The benefits of accounts receivable in a dental practice include ensuring a steady cash flow by timely collecting payments for services rendered, which helps cover expenses and invest in practice growth. Efficient management of accounts receivable also strengthens patient relationships by promoting transparency, trust, and a positive patient experience in the billing and payment process.
3. What are some ways a dental office can reduce accounts receivable?
To reduce accounts receivable in a dental office, implementing clear and consistent billing procedures, including sending timely and accurate invoices, and offering multiple convenient payment options can encourage prompt payment from patients.
Additionally, verifying insurance coverage before appointments, submitting claims promptly, and following up on unpaid claims can help expedite reimbursements from insurance companies and reduce outstanding balances.