Navigating Dental Insurance Podcast (SayNoToPPOs.com)
Navigating Dental Insurance Podcast (SayNoToPPOs.com)
This podcast.blog teaches the best practices for cash flow, recurring revenue, Membership plans, PPO Fee negotiation, insurance best practices, marketing, reducing your dependence on dental insurance and building a fee for service practice.
Jordon Comstock

How To Improve Cash Flow For Your Dental Practice

How To Improve Cash Flow For Your Dental Practice

2/17/2016 2:57:10 PM   |   Comments: 0   |   Views: 240
Cash flow can be a challenge when you are trying to run the clinical side and the business side of your practice. Even when you have a dedicated front office person that helps manage the cash flow of your office it can still be an overwhelming task that can take a lot of effort and focus. Having enough cash when you need is extremely important for any business, here are a few Ideas to help you get paid faster from your patients.

Accept Online Payments

Allowing your patients to pay their bills via your website can be a great tool to help automate payment collection and save time collecting payments. Most patients appreciate it when your office makes it easy to pay bills online, more and more people are avoiding to use checks and just want to pay with their debit and credit cards. BoomCloudApps.com has a great web app that allows your office to create a payment page that connect with your website and patients can pay their bills right from your website, it is free to sign up and they just charge a small fee per transaction. Accepting payments on your website is a great way to get paid faster and helps your front office staff automate repetitive tasks.

Create Membership Plans

Creating membership plans can not only help improve your cash flow but it can also make patients more loyal to your practice. There are so many patients with out dental insurance and if you can get them to sign up on your office's membership program you have created recurring revenue and a loyal patient. Recurring revenue alone will increase the health and value of your practice, so when it is time to sell your practice you can sell it for a premium to the next owner. The challenging part of creating a membership program is managing it once it has over 50 members but there are membership software programs that can help automate payments and other membership tasks.

Build Reserve Funds

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Most practices have busy times and slow times this can make it challenging for payroll, investing in marketing and ordering supplies but if your office can build a strong reserve fund for rainy days you will have the cash flow to pay for the business essentials, which are taking care of patients, employees, marketing and supplies. If you can set aside 10% to 20% of your profits each month for rainy days this will help your practice improve it's cash flow.

Conclusion

Managing a dental practice can be stressful at times but if you can use these techniques above you should be able to improve cash flow and make your life easier while running a successful practice. if you have any questions, ideas or success stories about improving cash flow or creating a membership program, let me know!

you can contact me here - jordon@rocketfiremarketing.com




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