Comparison: Two Practices with the Same Flat Fee Automated Collections Service
Each office began service roughly at the same time with average
balances within $3.60 of one another. Both specialize in general
dentistry within the same demographic region. They are using the same
software solution which interfaced with their Dentrix and EagleSoft
practice management systems. The solution provided both practices with a
tool they controlled to quickly identify past due accounts (based on
criteria they set). The practices were then able to review and securely
transfer only selected accounts with a single mouse click (No manual
data entry required). The collection cost per account was from $11.50 to
$12.25 (Flat fee—No percentages)
average, Practice I submitted accounts at 4.2 months while Practice II
submitted accounts at 7.2 months. While Practice II saw higher than
average net results when compared to a traditional collections agency,
their recovery rate was still half that of Practice I. Practice I
recovered 43.3% while Practice II recovered 22.0%. (see chart)
Consistent and early usage is key to higher net collections.
Solutions are compatible with over 80 medical and dental practice
management software. For a complete list of compatible software feel
free to contact me directly. Solutions are fully compliant with HIPAA,
FDCPA, and the TCPA.
For more information regarding Dental/Medical
Collections see my other articles:“Best Practices: Dental Collections”,
“Receivables Don’t Equal Profits!!!”, and “Five Things to Look for in a
This agency is licensed in all states where
licensing is required and by the NYC Department of Consumer Affairs.
License number 1303526.