It’s inevitable that debt impacts your practice’s bottom line, but do you know that chasing overdue accounts also costs your practice in other ways? It affects your staff, cash flow and overall growth.
Here are 5 ways overdue accounts cost your practice.
The cost of wages
Who’s following up your overdue accounts?
If you’re a smaller practice it’s most likely to be your office staff. Following up late payments and overdue accounts is time consuming and it could potentially be costing your practice hundreds, if not thousands of dollars in wages. This also results in a loss of productivity as your staff are chasing the accounts instead of focusing on your existing patients.
The cost of resources
Think about how many resources go into following up unpaid accounts. This could include
- Phone calls.
- Emails (internet usage).
- Debt collection.
While it may not seem like a costly exercise, the cost of chasing up overdue accounts will add up and impact your overall profit.
Decreased cash flow
Maintaining a healthy cash flow is vital for any business as it ensures growth and allows you to pay for all the essentials including marketing, practice equipment etc.
Overdue accounts and late payments can have a huge impact on your cash flow, forcing you to take money from other areas of your business.
Chasing up late payments and overdue accounts will take its toll on your employees emotionally.
Interactions around chasing up late payments can be quite negative, whether it’s dealing with people who are difficult to get in contact with, or speaking with aggressive or irate people, this can take an emotional toll on your staff.
Imagine the results you could achieve if instead of spending hours following up overdue accounts your staff concentrated on building your patient base and nurturing your current patients? Following up late payments could be holding your practice back and inhibiting it from reaching its full potential.
Stop chasing late payments and overdue accounts!
There’s one easy way to stop chasing late payments and overdue patient accounts.
The DentiCare Payment Plan solution offers your practice a way to create a reliable revenue stream and the best part, we manage all payments, chase up accounts, billing and missed payments. Think of it as an extension of your practice, minus the stress!
When your practice onboards with the DentiCare payment plan solution, your patients have access to an affordable way to pay for their treatment and can negotiate payment terms to suit their budget.
The DentiCare Portal also gives you and your team access to all the payment plan information so you always know how much money is outstanding.
Get started today and see how easy it is to avoid the time and hassle of chasing up overdue accounts while connecting more patients with more treatment with DentiCare’s payment plan solution.