5 Benefits to Higher Dental Revenue Acceleration
Supercharging any dental revenue cycle management (RCM) system has its inherent advantages. After all, improved RCM can lead to a variety of positive outcomes, including higher efficiency, profitability and security as well as patient satisfaction and patient retention.. One of the biggest benefits of implementing advanced dental RCM is higher dental revenue acceleration.
1. Faster Ability to Meet Revenue Goals
With improved dental revenue acceleration, practices can achieve their financial objectives more quickly. They are not forced to chase after missing payments and begin to see money flowing into the office without requiring special attention. Patients who are more compliant with payments always lead to less financial stress. This kind of peace of mind allows practice managers to plan more effectively because they know when to expect money. They can also begin to project monthly, quarterly, and annual reports and expectations with greater accuracy.
2. No Missed Payments
Like any business, a dental office has its own bills to pay. If it does not pay those bills, it can find itself in a difficult situation. That’s a huge reason to consider the value of dental revenue acceleration. As the rate of incoming dental revenue increases, the practice can ensure it misses no payments to vendors, lenders, utility companies, and other payees. Being able to count on a steady stream of revenue also ensures that all dental staff members are paid on time without fail. No dental practice wants to be known as a company that pays late or misses payments.
3. More Opportunity to Invest in Emerging Technologies
Dental professionals who want to remain on the leading edge of technology appreciate dental revenue acceleration because it gives them breathing room to consider investing in emerging technologies. Make no mistake about it: Patients are becoming more demanding about the technologies they expect from their dental providers. An improved financial stream allows those providers to enjoy more of a financial buffer and therefore add new equipment, software, and more to their litany of service offerings. Some dentists may be able to add whole new treatment lines, such as in-house teeth whitening services.
4. Eliminate Collection Fees
Many dental providers are faced with sending patient past due amounts to collections services. This can be addressed with better point of service collection practices. Collections turn the primary profit driver of revenue recognition into a cost center sink hole and can become very costly if dozens of patients are routinely non-compliant. Being able to revitalize waning dental revenue accumulation by reducing patient non-payments can add more to the bottom line. Plus, it can lower the stress on staff members who have to make collections calls as part of their roles.
5. More Money to Put Toward Marketing
Has your practice been reluctant to put much money toward marketing strategies or campaigns because of stagnant dental revenue collection? Advanced revenue acceleration can allow your team to put more fiscal and human resources toward traditional and digital marketing. This in turn enables you to bring more patients into your practice for consultations and continue building earnings potential.
StrongBox Offers Dental Revenue Acceleration
Do you want to find out if adding StrongBox Dental’s RCM platform as a service systems to your office could accelerate your dental revenue? Get in touch with us today. We can organize a free demo to help you realize the power of dental revenue acceleration.