Millions of dollars flow through your dental practice year after year. It’s a powerful stream of revenue—until it hits a tangled mess of claim denials, patient balances, and dreaded “pending” statuses. To tackle this flood of revenue head-on, your team needs a battle plan covering every stage, from insurance breakdowns to patient collections, equipped with the latest tools of 2024. Here’s how to build a foolproof strategy to get paid in full, within 30 days!
1. Nail the Insurance Breakdown
The insurance breakdown is your golden ticket to getting paid in full in 30 days. Taking the time to get an accurate breakdown lays the foundation to avoid surprises down the line. When you know exactly what insurance covers, you can estimate patient copays on the spot and communicate them clearly. Plus, you’ll be able to foresee potential denials before they happen—so you’re not waiting a month or more to discover what isn’t covered. Present the patient’s full financial responsibility at the time of diagnosis, and discuss a financing plan that fits their life and budget.
2. Submit Clean Claims (the FIRST Time)
Think of claim submission as sending off a well-dressed guest to a party: you want them to arrive looking their best and ready to be received. A “clean” claim—one without errors or missing info—has the best chance of being accepted and paid on the first go. Spend a few extra minutes on quality control before hitting “submit,” and your insurance payments will start coming in faster, without those frustrating rejections.
3. E-Statements
In today’s digital age, patients want convenience. They want to pay with their phone using one-click options and Face ID, with auto-reminders by text or email. (Let’s face it—snail mail invoices aren’t doing anyone any favors!) Make sure your collection protocol leverages available technology to streamline payments for patients and reduce follow-ups for your team. Everyone wins when payments are quick, automated, and easy.
4. Rock-Solid Collection Protocol
A rock-solid collection protocol is a GAME CHANGER. One office that implemented this recently had a whopping 42% INCREASE in only 5 weeks! This protocol should map out how money flows through your office, including when patients receive treatment plans with accurate estimates, the available financing options, how your office handles old balances, and when they follow up on unpaid insurance claims. The best collection protocols incorporate checks and balances so that more than one set of eyes is on the cashflow KPIs.
Incorporate the technology available to your practice TODAY to set up electronic billing with frequent auto reminders. (Every 5 days is ideal). Map out how to handle bad debt, internal collections, and when to involve a collection agency if needed.
The BEST strategy to keep money off your A/R and in your bank account is to get very good at estimating copays. The NEXT best is to have a clear, consistent approach for handling the money that got stuck.
5. Keep it Compliant, Clear, and Consistent
As you develop your rock solid collection protocol, ensure your guidelines align with state laws and regulations. Clear, compliant messaging builds trust with patients and keeps your office operating professionally. Every reminder, phone call, and payment request should be transparent, professional, and legally sound.
6. Good news, healthier cashflow ahead!
In a world that’s increasingly automated, let your practice be a place where patients find both convenience and clarity. Being paid in full in 30 days isn’t just a dream; it’s an achievable goal with the right strategies! Here’s to turning your collections into a well-oiled, profitable machine that supports both your practice and your patients. I’m cheering for you!
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Bri Richardson, CDA is a powerhouse in the world of dental insurance! As the owner of Elevate My Practice and founder of Dental Insurance SOS, Bri is a Dental Insurance Specialist, Speaker, Coach, and Trainer. With over 15 years of experience in the dental industry, Bri's expertise and contagious energy make her the perfect coach for dental teams looking be paid in full in 30 days and make insurance less painful.
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Bri Richardson, CDA
Elevate My Practice, LLC
Dental Insurance SOS
(716)512-9168