InPractice: The Goetze Dental Blog

As a dentist, you take pride in the work you do. Every day you help patients become healthier and more confident, and your practice is growing as a result.

Unfortunately, that doesn’t always mean that your practice is optimizing for profitability. In fact, without adequate attention to one critical step, it could mean the opposite; you could be burning cash even while producing more.

What is that critical step? Collections. One of the biggest challenges dentists face is simply getting paid for the work they’ve already completed.

In this article, we are going to look at 5 ways doctors can improve their collection efficiency and capture the financial success they’ve already earned.

Private dental practices are known for their patient-centered care. They strive to serve their community and keep people healthy. Many practices have begun to implement In-House Membership Plans as an alternative payment solution for patients.

Every doctor wants their practice to be financially successful, but striking a balance between providing excellent patient care and maximizing the profit of the business is not always easy to navigate.  For some dentists, being the CEO doesn’t come naturally and, as a result, they tend to focus more on the delivery of patient care. Having a busy office and full chairs often becomes the yardstick for measuring a practice’s business performance and they may not routinely look at numbers behind the numbers or for opportunities to improve.

Nothing is more fundamental to a business than finances and accounting. Unfortunately, private dental practices sometimes overlook these tasks for more urgent matters, like taking care of patients. After all, serving patients is the reason you are in business in the first place.

The truth is that every practice can benefit from better control over their books, but better accounting does not have to be complicated. For many dentists, profitability can be improved by simply getting paid for the work they have already done.