Why you need to pay attention to lagging production and collection numbers.
Treating patients may be your primary focus as a dentist, but it’s important to remember that your practice is a business as well. Production and collection are two metrics you should keep a close eye on to understand the health of your practice. Dips happen, but you should always be ready to step in and address them with focused action.
Identify the Root Cause
The first step in addressing any problem with dental practice production and collection is to identify the root cause. You need to carefully evaluate key dental practice metrics to determine what aspects of your operations are leading to lower production or stunted collection.
Scheduling efficiency is one of the first areas to look at. If you’re blocking appointments in a way that leaves wasted time in your schedule, then that’s money left on the table. The same goes for how you handle patient flow in individual appointments. Inefficiencies in reception, treatment, and billing can all take up more time.
Your procedure mix is another important contributor to overall production. If your schedule is made up largely of onetime and piecemeal procedures, then you may struggle to maintain consistency. Long-term treatments, such as orthodontics, can provide more predictable appointments to fill your schedule.
When it comes to collections, audit your billing and insurance follow-ups to spot any delays or errors. If an issue in your procedures is causing ongoing difficulties with collection, then setting it right should be a top priority.
Adjust Scheduling and Treatment Mix
Your scheduling also impacts dental practice production in terms of the value you get from your time. Low-value treatments can drag down your average production, while higher-value procedures, such as orthodontic cases, can give it a boost.
It can be well worth the investment in the best orthodontic courses for general dentists to develop new skills and expand treatment options. Prioritizing these higher-value cases ensures that production has plenty of buffer available for when unexpected issues arise.
Some gaps are unavoidable, but you can still act to remedy them as effectively as possible. Fill gaps with recall appointments when possible, and consider maintaining a list of patients ready to come in for immediate, same day treatment if the opportunity arises.
Improve Financial and Billing Systems
There are many potential reasons production and collection can suffer, but you’d be surprised how often they come down to patients simply slipping through the cracks. Maintaining effective financial and billing systems is essential to prevent these losses, as well as to provide a better experience for patients.
Delays in claim submissions can often lead to lost collections due to deadlines and various penalties. You should keep claim submissions as tight as possible, ideally relying on automated systems. A variety of software solutions are available for claims management, among other financial aspects of running a practice.
Automating reminders for follow-ups is also critical. You can make use of a variety of calendar solutions to coordinate follow-ups and avoid forgetting about unpaid collections over time. Make sure to keep track of the number and timeline of follow-ups to ensure proper escalation.
Making payment easier also provides a boost to collections. You don’t want things to be any more complex than necessary for your patients. Offer flexible payment options, and consider implementing financing options. There are many organizations that partner with practices for this purpose.
Engage Your Team in the Solution
If you’re looking to improve your practice in any way, then getting your team on board is vital. First, make sure that your team understands the current situation with regard to production and collection, along with the goals you’ve set for your practice. These are good metrics to bring up during your morning huddles.
Proper training is also essential. Make sure that your team fully understands your payment and collections processes, including the specific software, records, and other details. Make following up on collections a defined task assigned to team members to ensure accountability.
Accurate treatment plan presentation is also vital to maintaining both production and collection. Train your staff to present treatment plans so that patients understand the benefits, impact, and costs associated. This makes them more likely to get on board, and it also prevents misunderstandings that could be an issue during collections.
Getting Proactive to Boost Dental Practice Production
Dental practice production and collection are two aspects of your operations that you can’t afford to overlook. Putting these strategies into action can help you grow these metrics and maintain resilience even in tough times.
Equipping your practice with new treatments through ortho courses for general dentists is an excellent way to unlock new opportunities. Find upcoming courses from the American Orthodontic Society to start investing in your practice’s future today.
To learn more about our popular orthodontics courses for pediatric and general dentists, check out one of the upcoming events below.
