By Megan Urban, Transition Specialist
After working with hundreds of dentists for many years, we want to share the top 5 areas of missed production/collection. With small changes to your everyday routines, you can increase collections to put towards new equipment and technology, as well as savings and retirement.
1. Patient Retention
Everyone worries about current new patient flow, but what about all the new patients you have seen? If you have 1,500 active patients, you should complete at least 2,550 codes 1110, 1120, and 4910. On average, we see at least $30,000 per year in missed collections in hygiene (patient retention) and that doesn’t include collections from potential treatment diagnosed in hygiene. Small changes to your hygiene program can help you capture more of this missed production.
Most dentists report they ask for referrals, but do you really? Most dentists state they talk about it at team meetings or huddles, but who is asking and what exactly are they saying? With comfortable scripting and a plan, you can successfully ask for referrals.
3. Incomplete Treatment
How do you and your team urge your patients to complete treatment? How does your team follow up on incomplete treatment? Do you know exactly what they say when they call? We often see about $100,000 in incomplete treatment that can be scheduled by using solid scripting.
4. No-Shows and Short-Notice Cancelations
On average, we find at least $40,000 per year in missed collections due to missed appointments. It’s much higher if it’s large production cases. With proactive scripting at scheduling and confirmations, this can be reduced.
5. Accounts Receivable
At least $90,000 is the average of uncollected production. Setting solid financial arrangements from the beginning will minimize this issue, and I’m not talking about simply stating what their balance will be. Financial arrangements and collections is also customer service. Remember the old saying, “the worst fitting pair of dentures are the ones not paid for”!
Please contact me for a complimentary analysis of these items in your practice to locate areas of opportunity.
We live in extraordinary times with norms changing every day. Events are unfolding that not many of us thought possible just a few months ago. We at Omni Practice Group care deeply about our dental community around the globe and would like to express our concern to all of you that have been affected by recent events.
Our commitment to the dental community is unwavering, and to make good on that commitment, we will continue to provide you with industry-leading information and speakers to help you make sound, fact-based decisions in this time of uncertainty.
Omni Practice Group is proud to announce our Leadership Through Crisis Webinar Series. We are hosting industry leaders in the dental field to present their expertise and opinions on how to best help your dental practice navigate these uncharted waters. This webinar series will take place over the coming weeks and include topics that are relevant to dentists across the country.
We encourage all dentists to register and participate. Through education and community, we will get through this together.
To register, visit www.omni-pg.com/register.Read More