Accounts Receivable Module
Dental school teaches the art and science of dentistry, but they don’t necessarily teach the demands and nuisances of business and office management. A necessary part of business management includes supervising the outstanding accounts receivable. In your dental practice, monitoring the outstanding accounts receivable is an imperative aspect of determining your practice’s long-term financial security, and if your dental business is experiencing difficulty in collecting its accounts receivable, it may be time to hire a dental office accounts receivable consultant to help.
Dental Performance Institute’s consultants and coaches are specifically skilled in accounts receivable and work with you to help optimize your dental business’s accounts receivable practices.
What are Accounts Receivable?
Accounts receivable is one of your most valuable business assets, and it encompasses those funds that are owed to your dental business. Outstanding payments may include those from patients, dental benefit plans, or dental insurance companies. Because accounts receivable is outstanding income, it plays an imperative role in your dental business’ day-to-day operating funds, and recuperating those funds is essential to your practice’s long-term operating success.
Why are Accounts Receivable important?
Long delays in receiving outstanding payments from your patients may result in cash flow issues for your dental practices. Therefore, managing payments from clients or dental benefit companies is vital to the day-to-day operations of your dental business and the long-term profitability of your dental business.
It is often more difficult to collect payment from patients with delinquent accounts than from those who keep their accounts current. Collecting payments from delinquent patients may be an unpleasant task for your office staff, but it must be done for your practice’s financial well-being and security.
Dental Performance Institute helps your dental business recover outstanding accounts receivable and works to put a module in place to train your staff to effectively collect payments. Building better accounts receivable practices helps add to a healthier bottom line and overall financial standing for your dental business. More profitability means more options for you and your business.
Why hire Dental Performance Institute?
Dental Performance Institute’s dental consultants will not only review your outstanding accounts receivable but will also review your dental business’ accounts receivable practices. Because accounts receivable represents outstanding income, it is an important asset on your financial statement. We will work with you and your staff to optimize your accounts receivable procedures to reduce outstanding collections and increase your incoming funds.
Through our Operational Equity® analysis, we will review this vital aspect and help you and your staff optimize your business’ accounts receivable practices to help your dental business become profitable again.