How to ensure you’re collecting what you’re owned (Part III)
So, it’s time to get more organized about your financials and up your collection rate for dental claims. How do you do it? The first thing is to set clear payment goals. From there, you need to figure out how to meet them.
Meet the 99% collection rate
The 99% collection percentage that we already mentioned should be your first goal. But how do you improve your collection rate? Your staff is already working hard to ensure you get paid, you can’t just grouch at them to work harder.
It might seem unrealistic to you to reach this standard, but we can tell you it’s not. It can be a little difficult when you task your front staff people with doing it, but not when you take advantage of a service like ours.
Here at Opencare, through our revenue cycle management service, we take care of the financial side of things – particularly dealing with insurance companies and explaining patient benefits. We are proud to note that our collection rate is 99% – a standard we stick to.
Furthermore, by reducing the burden on your front staff, they’ll be able to provide your patients with better customer service. When your patients walk in, they’ll be met with a bright smile and a greeting rather than someone politely gesturing for them to wait while they finish their phone conversation.
Ensure no more than 20% of your accounts receivable are 60 days or older
It’s good bookkeeping to make sure no more than 20% of your accounts receivable are over 60 days old. By sticking to this, you’re ensuring 4 out of 5 of your patient accounts are paying on time.
However, keep in mind that the aging report in your computer program will probably only track from the date of service, not the date of the last payment. The date of the last payment lets you know if the patient is keeping up with the payment plan you arranged with them.
Again, a service in All About Teeth LLC makes it much easier to keep track of these accounts. Your front desk staff doesn’t necessarily have the time to be checking the aging reports, payment histories, and contacting patients who have fallen behind.
Improve your collection rate and enjoy all the proceeds of your work the easy way.