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Reducing Overdue Payments in Dental Practices: How Dr. Smith Transformed Collections in Just 4 Weeks Without Breaking the Bank

mConsent

May 11, 2023

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Any dental office may experience difficulty with collections. It can be challenging for even the most dependable dental staff members to keep up with accounts receivable, and also tempting to give up and hand the job over to a collection agency when past-due payments start to mount.

Collection firms, however, can be expensive and harm the rapport between a dental office and its clients.

Read Also: 5 Benefits of Digital Invoicing for Dental Practices: How mConsent Streamlines Patient Billing

When Dr. Smith realized that the accounts receivable for his practice were getting out of hand, he was confronted with this problem. After considering various options, he found a solution that, without breaking the bank, completely changed his collection procedure in just 4 weeks.

We'll talk about how Dr. Smith reduced past-due payments and strengthened the financial stability of his business.

The Problem with Delinquent Payments

When it comes to past-due payments, dental offices frequently encounter difficulties. Patients could be careless or struggle to make prompt bill payments. Staff members may become frustrated when they don't get any outcomes after spending hours following up with patients. However, ignoring past-due payments is not a choice because it can significantly affect a practice's financial stability.

The Remedy: Electronic Accounts Receivable

Electronic Accounts

Digital accounts receivable, which Dr. Smith found, made it simpler for patients to pay their bills on time and streamlined the collection process. His practice was able to send invoices and reminders for payments via email and text message thanks to this software, making it simpler for patients to recall and make payments.

The Advantages of Texting

The SMS messaging functionality of digital accounts receivable is one of its main advantages. In contrast to paper invoices, which are frequently forgotten about or misplaced, a study shows that 68% of patients view text messages within the first hour.

Dr. Smith discovered that when patients got a text message reminder, they were more likely to make their bill payments on time.

Automatic Reminders for Payment

Automatic Reminders for Payment

The automated payment notifications provided by digital accounts receivable are another advantage. The software processes 30/60/90-day overdue payments automatically, saving staff members' time and guaranteeing that patients get reminders on time. This function also aids in preventing the accumulation of unmanageable amounts of past-due bills.

Connection to a Practice Management System

Staff members can access all of their accounts receivable data in one location without switching between various software systems thanks to seamless integration with practice management systems like Open Dental, Eaglesoft, and Dentrix.

Optimum Effects

In just 4 weeks after adopting digital accounts receivable, Dr. Smith observed success. The amount of past-due payments fell, and the financial situation of his business got better. Patients valued the ease of text message reminders, and staff members valued the advantages of automated payment reminders in terms of time savings.

For any dental office, past-due payments can be problematic. However, practices can lessen past-due payments and strengthen their financial situation with the appropriate tools and tactics.

Read Also: Improving Collection Rates in Dental Offices with mConsent's Account Receivable Feature

The Accounts Receivable function of mConsent boosts collections by using text messaging and automated payment reminders. Dental practices can streamline their collection process, save time, and increase patient happiness by utilizing modern technology through mConsent.

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