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Episode 474

How to Collect Everything You Produce

Host: Gary Takacs | Published Date: February 10, 2021 | Listening Time: 00:58:20

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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

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

Merchant Service Provider

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Proceed Finance
Payment option for large cases

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Gary Takacs

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!
Connect with Gary Takacs on Linkedin
Podcast Assistance by Jodey Smith, Rodecaster Expert