Page 106 - The Dental Entrepreneur

The Dental Entrepreneur

Increase Your Production

You may increase your production by learning a new procedure or techniques. Learn to do
dental implants, Invisalign or Botox. All of these result in an increase in potential fee generation
on patients that already exist within your practice. Since the recession of 2009, there has been
a definite conscious movement back to a broad spectrum general dental model. The idea of a
singular niche practice such as cosmetics only has passed. Many of these practices have
gone out of business because of the dramatic economic shift that has taken place in the last
five years. Patients are also looking for a dentist that offers a wider variety of services under
one roof because of convenience. It is much more difficult to take time off of work today.

Increase Your Collections

Increase your collections by being committed to collecting everything you produce. There is no
reason for a practice not be collecting 98-100% of production. To some people this is the most
difficult aspect of their job. In reality it should be the easiest. Now that you are acutely aware of
the fact that you are not making the big bucks that you thought you were and cannot afford to
loan your patients money. Accounts receivable or money owed you is just that. It is an interest
free, unsecured loan that you are providing to anyone regardless of their credit worthiness.
The lunacy of “bill me later” began in the golden age of dentistry when money was easy and

dentists evidently felt a little guilty about how much money they made. You do not need any
more convincing from me about this matter than the advice given to people who go to a
professional debt counselor when they get in trouble. They are told to pay their dental bills
LAST!. Do not give anyone the opportunity to put you in that position. If you do ,you
volunteered for all the consequences. Either collect your fee or don’t treat.

Because of my firm stance on collection policies, don’t misunderstand the role and necessity
of doing some charity work within your practice. It is a vital and rewarding part of private
practice to be able to help someone who is less fortunate. The take home point here is that I
am selecting the people to whom I will provide free or low cost dentistry to. I am not letting the
deadbeats select me. Later, I will give you a collection policy that has served the test of time
very well. This policy covers insurance, fee for services and finance patients. The collection
policy information is included with the new patient information. It is fairly simple without too
many options. To cement your financial arrangements even further, you may choose to give a
patient a written estimate of what their next appointment is going to cost. There will be no more
misunderstandings about what something will cost. It is these misunderstandings and
miscommunications that are generally at the heart of having collection problems. And any
consultant will tell you, the overwhelming majority of people who sue dentists owe them
money. That is a plain fact. So the best malpractice prevention becomes collecting all that is
owed you. What a concept!

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