In this Thriving Dentist episode, Naren & Gary go through specific ways to measure successful payment performance in your practice to ensure you are well-equipped to collect what you produce at the time of service in your practice!
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Being able to effectively collect what you produce is often one of the core aspects of a dental practice. Many dental practices today are carrying way more in accounts receivable than they should, and as a result, they’re “due money” on dental care that they’ve already provided. This is a very unfortunate situation that significantly impacts the financial health of the practice.
Time Stamps
- 00:00:24 – Introduction to the episode.
- 00:01:04 – Announcement on the latest Thriving Dentist YouTube Channel
Coaching In Action
- 00:05:14 – Gary shares a core concept of his.
- 00:09:12 – Why do people not implement the core concept in dentistry, according to Gary?
- 00:10:54 – 4 specific ways to measure successful payment performance in your practice.
- 00:11:13 – Method Number #1
- 00:12:45 – Method Number #2
- 00:14:14 – Method Number #3
- 00:15:13 – Method Number #4
- 00:16:59 – Gary shares a few strategies you can implement to achieve the key performance indicators that he wants you to measure for your payment performance.
- 00:17:08 – Strategy #1
- 00:19:20 – Strategy #2
- 00:24:56 – Strategy #3
- 00:25:51 – Strategy #4
Today’s Dental CPA Tip
- 00:26:56 – Putting Your Children On The Payroll Of Your Dental Practice by Art Wiederman, CPA’
Q&A Segment
- 00:32:13 – Question 1 – I’m building a new office and the plans do not currently include a consultation room. I could fit one in but it would eliminate one treatment room to make space.
Would you recommend giving up a treatment room to make space for a consultation room?
- 00:38:47 – Question 2 – What payment options do you recommend for bigger cases?
- 00:41:24 – Question 3 – Do you recommend pursuing hard collections for past due accounts?
- 00:47:02 – Question 4 – I think I am overpaying for my merchant services in my practice. Can you recommend a less expensive merchant services provider?
- 00:49:25 – Question 5 – I have never paid much attention to my insurance claims aged 30 days or more. But now that I know your benchmark, I discover that we have 84 claims aged 30 days or more. How can I clean this up?
Resources
Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!