Helpful Tips On Recovery of Accounts

An effective collections system can help practices navigate the post-recession economy. By instituting these tips, practices can collect the highest percentage of their fees and enjoy greater financial success.

Communicate With Patients A Clear Financial Policy

Your team should explain that payment is expected at the time of service. Patients with insurance should remit their portion of the fee during the appointment and be informed that any balance not covered by insurance is their responsibility. This amount should be billed and collected within 30 days.

Institute The One-Day Rule

Patients who owe money to the practice should be contacted when they are one day overdue. Be sure to inform patients that they will receive a reminder phone call when their payment is one day overdue. Patients quickly learn that the practice is on top of its account receivables and that they need to make their payments. Overdue bills will not be ignored.

Expand Your Payment Options

To help increase collections, practices should offer a variety of payment options, including outside financing. Without this option, many patients will not be able to fully pay for recommended treatment. By offering outside financing, a dental office can increase case acceptance and practice production.

What To Do With Aged Invoice Accounts

1. Send a final letter on past due accounts and inform your patient that their account will be assigned to
   your collection agency for non-payment.
   2. Make sure all accounts are flagged once sent to Money Matters for additional fees.
   3. Make sure all payments and adjustments are reported to Money Matters.
   4. Money Matters is here for you every step of this process. Communication with Money Matters is very
   helpful for successful collections. Please call our office for any questions or suggestions.