Tracking your production vs collections ratio is a great way to optimize your revenue! To learn more, listen to the podcast or read a transcript of the audio.
Your patient is rushing out the door and your staff is busy checking other patients in and out. How can you make sure you are getting paid and saving time and money?
Join Kevin Henry in an interview with Worldpay’s Doug Manske on three easy steps you and your team can take to improve checkout. Asking for and receiving payments can be time-consuming and uncomfortable. Worldpay adds simplicity, security and savings to your daily operations – all while making it easier for your patients to remit payments. They will discuss how these steps can lead to less hassle and happier patients. Find out how you can put the power of mobile integrated payments to work for you.
Now your patients can pay from anywhere. Mobile Integrated Payments can bring simplicity, security and savings to your dental practice. Beta customers are now being accepted! Send an email to firstname.lastname@example.org for more information.
SAN JOSE, CALIF. ( via PRWEB) OCTOBER 10, 2018
Sikka Software, a platform and marketplace that is revolutionizing the retail healthcare industry, and Worldpay, the global leader in payments, today announced a new agreement to provide an integrated and smart online payment solution to their clients in the United States and around the world.
The collaboration between these two companies will provide clients with a cost-effective and integrated payment solution powered by the combination of Worldpay’s expertise in highly secure and reliable online payments and Sikka Software’s market-leading technology platform that is compatible with over 96% of dental, veterinary, optometry, orthodontist, chiropractor, oral surgery and audiology markets.
Since 2000 there has been an increase in the average transaction year over year. Although the growth slowed during the recession, this trend has started to reverse in 2017 and 2018.
Have you ever wanted to streamline your workflow and help your team complete daily tasks? Hydra can help! Hydra is our latest innovation that guides each team member, from the front office, back office, hygienists, treatment coordinators, dentists and office managers through daily activities so nothing falls through the cracks! Check out a demo of our new software and get a special limited time promo code to try hydra for only $10 the first month!
See the video here: http://bit.ly/2EgL2yr
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Dentistry has undeniably become an extremely complex business. Dentists need to be excellent practitioners and simultaneously be knowledgeable in marketing, human resources, social media, insurance, customer service, and so on.
In my experience advising dental practices, I have found that the most successful practices do not necessarily have dentists with the most advanced clinical acumen or professional designations, but rather those who take most seriously the responsibilities of business ownership.
Personally, I have never walked into a dental practice that also doubled as a bank or shared any office space with a bank. However, in seeing some of the biggest mistakes that dentists have made since I came into the industry in 1999, treating a dental practice just like a bank has been by far one of the biggest blunders I have witnessed.
Your patient walks in for an implant. You do the work and charge him or her $3,000. At the front desk, he or she puts down $500 and walks out still owing you $2,500. You put it on the books and get monthly payments from the patient. Eventually, after six months, you have all of the money you were owed at time of service.
Here’s a simple question that will either be easy for you to answer or will you stump you: What’s your practice’s current accounts receivable (AR) number?
If you know the answer, great! If you don’t, it’s imperative that you dive into the numbers.
Using data gathered by Sikka Software from more than 12,500 dental practices, I was curious to see what average AR numbers were among these practices. Digging through the numbers from 2011 to 2016, the numbers I found over the last four years were in the six-figure range (figure 1).
It’s always interesting to go back and look at statistical trends, not only to gain some historical perspective but also to see how your practice is doing in comparison to the rest of the country.
Using data from the massive library of information at Sikka Software, I went back and looked at the trend of patients paying cash to a practice from 2010-2016. Using data gathered from more than 10,000 dental practices throughout the United States, the numbers revealed a fascinating trend.
The average number of patients paying cash versus using insurance plummeted in the seven-year window. With that, so did the overall percentage of patients paying cash versus using some form of insurance.