5 ways to increase collections NOW.

By Lisa Philp, RDH, President of Transitions Group North America Dental practice financial sustainability is inevitably dependent on how much money is deposited in the bank via Collections. If collections have decreased as a percent of production, then cash flow suffers.  This means there is an immediate need for change in how and when you […]

Dental Team Building: INTERACTION AND APPRECIATION

By Lisa Philp, RDH, President of Transitions Group North America

Lisa Philp, RDH, President of Transitions Group North America
Lisa Philp, RDH, President of Transitions Group North America

Appreciation comes from the entire team, not from the leader alone.  The entire team can show appreciation for each other and acknowledge their colleagues when they use the tools of giving and getting feedback.

The key to feedback is that it is accurate, genuine and specific to a behavior.  Feedback in the form of general labels, such as: “You’re a great team member!” may feel good, but it does not provide concrete, usable progress or wins for the person who receives it.  Label-filled feedback can also raise unexpressed questions in the receiver as to the sender’s motives for sending it such as: “What do they are trying to get me to do?”, or, “Is she/he just saying that to be polite?”

Learning how to give specific, behavior-descriptive feedback that tells the person exactly what it was they did or said that you appreciated, or that helped you, is an important skill to develop as part of team performance.

In addition to giving positive feedback, it is also important to know how to receive it.  Many individuals are uncomfortable or unsure about responding to positive feedback that is given to them by others.  A common response can be to deny or diminish the feedback that is received with statements like:  “Don’t mention it.” “It was nothing, really.”  “Anyone could have done it.”  “Sorry I didn’t do a better job of it.”  These types of responses not only diminish your own self-empowerment, they also diminish the efforts and feelings of the person who sent you the positive message.

Work to identify why you are uncomfortable about receiving positive messages, if that is true for you.  Just saying “thank you” is one simple way of responding, if you have trouble knowing what to say.  Appreciate the efforts and sentiments of others who give you positive feedback and learn to receive, believe and enjoy it.

Five ways to increase collections NOW.

By Lisa Philp, RDH, President of Transitions Group North America

Dental practice financial sustainability is inevitably dependent on how much money is

Lisa Philp, RDH, President of Transitions Group North America
Lisa Philp, RDH, President of Transitions Group North America

deposited in the bank via collections. If collections have decreased as a percent of production, then cash flow suffers.  This means there is an immediate need for change in how and when you collect.  What can be changed?

  1. DESIGNATED financial coordinator

If everyone is responsible for collections, then no one is accountable.  Assign, hire or train a key designated administrative team member to be accountable for operational collections of financial arrangements, insurance claims, accounts receivable (AR), statements and making goals for progress in the project to collect old debt.

  1. Collect over the counter TODAY

For true fee for service practices, you already do this and probably are collecting what you produce.  For semi fee for service or assignment practices, it is possible to begin NOW and start collecting over the counter at the patient’s check out for deductibles, co-pays, outstanding family balances and deposits on future work with written arrangements.

  1. Collect outstanding PATIENT debt

Old debt is sitting on your books waiting to be asked to collect with results of immediate deposits. Run a computer AR aging list by name, time frame and amount and plan a sequence to collect the largest amount of money owed, longest time frame over 120 days and make contact, verbally requesting immediate payment of at least a portion of the balance.  Then follow up with a three-step contact follow-through system to collect the balance. Send statements regularly using the patients preferred method of communication with brightly colored due date stamps.

  1. Collect outstanding INSURANCE claim debt

For assignment practices, address all outstanding money owed to you via claims based on the outstanding insurance portion of accounts receivable report.  Confirm that all claims have been accepted, processed, sent out and have secondary information completed.

  1. Partner with a THIRD PARTY financing company

Partner with a third-party financing company and present their options to patients with outstanding dentistry or new treatment plans.  The increase in case acceptance by making dental treatment affordable is a tried and true method to increase collections. Leading companies, like Care Credit, provide creative ways for patients to pay and immediate payment of funds to the practice.

Playing the VICTIM

By Lisa Philp, RDH, President of Transitions Group North America When we are playing the role of a victim, we develop the delusion of being on moral high ground as a result of having unjust suffering inflicted upon us.  To be a VICTIM is look out the window of who did something to us and […]

Help Your Patients Say ‘Yes!’

By Lisa Philp, RDH, President of Transitions Group North America How would it be if all our patients accepted our treatment recommendations without having to be pressured, without stress or rejection? Why do dental patients reject appropriate treatment? Why do they nod their heads in agreement clinically, yet somehow never get around to proceeding with […]

Ways to Increase PRODUCTION

By Lisa Philp, RDH, President of Transitions Group North America Outdated and inefficient systems and strategy will not move the practice forward and will degrade the growth output.  Below are simple and quick ways to impact increase in production. Let’s begin with fees,  followed by attention to outstanding dentistry and reactivating existing patients who have […]