McKenzie's Monday Morning Management Memorandum
Print this Memorandum, distribute to
your team, discuss at your morning meetings!
March 11, 2002
This issue is sponsored in part
Management and Associates
A full service, in-office dental
management consulting company specializing in the business,
and hygiene areas of practices nationwide. Their clients
include thousands of dental practices
in over 40 states throughout the U.S. Sally McKenzie,
President founded the company in 1980.
You can find McKenzie Management at http://www.mckenziemgmt.com
More than 30,000 healthcare practices
nationwide use CareCredit as an alternative means of
their patients finance treatment. You can find CareCredit at
Never practice solo again!
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Is your practice
operating at peak performance?
this test to find out.
Smith's 0% Financing
Are you feeling like your office is
operating more like a lending institution
than a dental practice?Your patients expect quality
dentistry. You expect
prompt payment for services.
It's pretty straightforward, yet
establishing even a basic financial policy
is a struggle for some dental practices. According to Sally
founder of mckenziemgmt.com,
the policy should
be standard for all patients and exceptions should be
Management and Associates
recommends the following
tips when establishing a financial policy.
Create a policy you are
comfortable with. Staff input
is valuable, but as the owner and CEO
of your business, you decide what's in the best interest of
If allowing a credit option for patients, determine how long
you are willing
to wait for payment. A policy that is too lenient is a
liability for your practice. A policy that is too strict is
a deterrent to patients.
In lieu of extending
credit to patients, partner with a patient financing
such as CareCredit. Offering
payment options for patients not only allows you to
collect what you produce, but production also will go up if
patients have a
means to pay for procedures that can be quite costly to most
Consider offering a
slight adjustment in the fees for more costly
procedures paid in
Refer to this as a bookkeeping adjustment not a discount.
Require insured patients
to pay a portion of their
when services are rendered.
Do not allow post-dated
checks. These amount to
lots of money in a
drawer and not in the bank.
Avoid providing a menu of
payment plans for patients to
Give patients the
opportunity to pay in full within
30 days before
assessing a financing charge on the account.
Shoring up your financial policy will
help ensure that both collections
and production improve, and you can keep the practice
shingle in tact.
Copyright © 2002 http://www.mckenziemgmt.com
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