Goodbye 2017 and Hello 2018! That was the headline of a big poster board we had at our home during the New Year’s Eve party we hosted last weekend. On our big poster board, it was mostly personal changes and goals. However, you should have the same thought process in your business. What are you saying goodbye to from 2017 and what are you saying hello to in 2018? Since 2017 is now in the past, we want to focus on the future.
So my question to you is: What are you saying hello to in 2018?
- Increase the cash flow in your practice? Put together a solid system for managing your accounts receivable which includes more accurate treatment plan estimates, more financial options for your patients and better verbal skills when asking for money at the front desk. As a Novonee member, you have access to one of our recorded webinars that was titled, “The Top Five Tips to Increase Your Cash Flow.”
- Treatment planning is the first line of defense to a successful collection system. Patients who are informed about the cost of treatment and have financial options to afford treatment will willingly pay their portion of their treatment on the day of service. Make sure your insurance estimates are as accurate as possible by keeping the insurance coverage tables and payment table up to date.
- When you have a more accurate patient portion (it’s never 100% accurate), then you can feel more confident with your teammates helping with the collection process. Find a place in Dentrix to document what the patient’s portion is so your entire team is informed about what the patient owes today. My favorite place is in the note box on the appointment because this note also prints on the Patient Route Slip or the Patient Visit Form.
- Make sure that all your team members are trained on how to collect money in your office and know how to use the credit card machine. This will ensure that no patient ever walks out the door without paying their co-pay.
- When patients do walk out the door without making their co-pay, you need to have a systematic approach to managing the accounts receivable. Therefore, it is always better to collect at the time of service to maximize your cash flow. The best report for managing patient account balances is the Collection Manager.
- I am a huge fan of getting out of the old standard way of sending billing statements once a month. Get out of your comfort zone and send billing statements a couple of times a week or even daily. This is a fantastic way to increase your cash flow and reduce the monthly stress of billing statements.
- Reduce holes in your schedule? I am an advocate of being proactive with your schedule and creating a weekly system of working the scheduling reports. These reports include the Unscheduled List, the Continuing Care Report and the Treatment Manager. All three of these amazing reports offer different types of lists and require your attention if you want an appointment book that stays full.
- Better tracking of your production goals? Yes, every office should have a daily production goal for the doctor and the hygiene department. I am not saying that your patient care is dependent on the production. I am saying you do need to know what the goal is and be able to see where you are at. Being able to see your goals helps your team schedule better. The goal is to work smarter not harder.
I am excited about 2018 and I hope you are too. There are so many other topics we could talk about as goals for 2018 and I had to choose my top three. Let’s continue the conversation on this blog and on social media. I would love to hear from you.
