How to Improve Dental Patient Payment Compliance Rates
Has your dental patient payment compliance plateaued or dipped? Are you frustrated by the challenge of collecting out-of-pocket payments you are owed for services performed? At StrongBox, we understand how much time it can take to recover unpaid invoices. We even offer customized demos of our proprietary revenue cycle management software to help you see how you can optimize your dental patient payment stream.
Discover innovative ways to ensure your patients uphold their financial commitments by implementing a few strategies. The StrongBox team offers a few tips and tricks in the sections below.
Offer Patients Point of Service Online Payment Options
The majority of your patients probably use smartphones and related digital devices. Make it easier for them to pay at the point of service by providing them with private access to a patient payment system. If practice administrators can merely swipe a patients card as they leave the office, or before treatment begins, collection rates will improve as the practice will be empowered to have the patient immediately pay their bills without waiting to receive payment from an invoice produced later and then having to wait weeks, months or perhaps never to collect patient amounts owed.
Foster Better Patient Communication With an Exclusive Portal
Your patients have become accustomed to the idea of being able to conduct most of their personal business online. Give them the opportunity to pay virtually by setting up a special portal just for existing patients. The portal helps you stay in touch with patients who have missed payment deadlines. It also creates an ebb and flow of regular communication. Building a stronger relationship with your patients will grow their trust. Ongoing respect and trust is a known factor in obtaining dental patient payment.
Set up Automatic Dental Patient Payment Arrangements
In the case of complex dental treatments, patients may be required to pay a specific amount of money every month. Rather than relying on them to initiate payments, offer to set up automatic withdrawals. You may even want to incentivize patients to choose automatic payments by offering a discount at initial sign-up for the program. Automatic dental payment arrangements navigate around human error such as not paying on time.
Stay Firm on Patient Late Fees
Do your office staff members regularly lift late fees for patients who miss their payment deadlines? Shore up your late fee policy by implementing it without fail. Explain your zero-tolerance late payment policy to patients routinely when they arrive for their visits. Penalties often make non-compliant patients more apt to start paying on time or before their payments are due.
Offer an Early Payment Discount
Do most of your dental patient payments come into your office at the 30-day deadline mark? Consider implementing an early payment discount. Rewarding patients by taking off a certain percentage if they pay immediately or within 5-10 days of service can substantially improve your dental revenue cycle management. You may even want to combine your offer with other discounts, such as an automatic withdrawal program. Doing so will give patients yet another reason to pay upfront or relatively quickly after treatment.
Increase Your Practice’s Dental Patient Payment Rates
Excited by the idea that you could stop focusing so much on patient collections and start enjoying a steady stream of paced incoming revenue? Consider adding the StrongBox Dental platform-as-a-service system to your in-house software. Contact us to arrange a free demo to see how StrongBox Dental can help you recover missed payments from your most reluctant patients.