February 24, 2014 | Posted in Tuesdays With Transitions | Be the first one to comment
Take charge of Your Dental Practice Financial Sustainability
Dental practice financial sustainability is inevitably dependent on how much money is deposited in the bank via Collections. If collections have decreased as a percent of production, then cash flow suffers. This means there is an immediate need for change in how and when you collect. What can be changed?
1. Designated Financial Coordinator
If everyone is responsible for collections, then no one is accountable. Assign, hire or train a key designated administrative team member to be accountable for operational collections of financial arrangements, insurance claims, accounts receivable, statements and making goals for progress in the project to collect old debt.