Cash Flow Enhancement
Cash Flow Enhancement
Mr. Shipman helps practices improve their bottom line through Improved Efficiency, Lower Taxes, Improved Collections, and Lower Lease Rates.
Blog By:
Josh Shipman
Josh Shipman

The Key to Higher Net Collections

11/5/2014 10:08:40 AM   |   Comments: 1   |   Views: 329

Comparison: Two Practices with the Same Flat Fee Automated Collections Service

Background:

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)

Results:

On 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)

Summary:

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 Collections Partner”

This agency is licensed in all states where licensing is required and by the NYC Department of Consumer Affairs. License number 1303526.

More Like This

Total Blog Activity

769
Total Bloggers
7,936
Total Blog Posts
2,973
Total Podcasts
1,303
Total Videos

Sponsors

Townie Perks

Townie® Poll

Do you allow parents into the operatory?
  

Site Help

Sally Gross, Member Services
Phone: +1-480-445-9710
Email: sally@farranmedia.com

Follow Dentaltown

Mobile App

WITH DENTALTOWN . . . NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®

WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®

9633 S. 48th Street Suite 200 • Phoenix, AZ 85044 · Phone: +1-480-598-0001 · Fax: +1-480-598-3450
©1999-2019 Dentaltown, L.L.C., a division of Farran Media, L.L.C. · All Rights Reserved