Pay Day! Why Dental Billing Matters and How to Get It Under Control

May 24, 2024

Filed under: Uncategorized — dentalsupportteam @ 7:24 pm
raining money

Economics can be a complicated subject. You can take several courses in school about it and still get confused. However, some basic concepts are fairly easy to understand. For instance, if you give a service, you should collect payment. When you perform a dental procedure, you should get paid for it. It’s so simple, yet many dental practices can struggle with billing.

In this post, you’ll learn why dental billing is important and how it could affect you and your business.

You Can’t Pay Your Employees or Bills in Accounts Receivable.

Unless you’re playing Monopoly or Life with funny money, employees and companies expect to be paid with actual money, not money that is coming someday. In other words, you can’t pay the power company or your hygienists in IOUs. As a business owner, you are responsible for making sure that you can meet all your expenses month after month. Without steady cash flow, you can quickly and regularly become overwhelmed and put your entire practice at risk.

Unpaid bills from your patients do not count toward your practice’s profitability either. In fact, not having all the money you’re owed could keep your business from growth and success or even from simply staying afloat. This means that if you want to consider making a significant investment, such as purchasing new equipment or bringing on an associate, you will not have a clear idea of where your practice stands financially.

Cash Flow Problems Are Stressful.

No one said that running a business would be easy, but there are certain stresses you don’t have to endure. Worrying over whether you’ll be able to pay bills or make payroll will consume your thoughts and prevent you from growing and thriving and can have a devastating impact on your mental and overall health. Stress can substantially increase your risk of many serious diseases, including life-threatening heart disease.

The number of accounts receivable for your practice should be kept low to minimize your stress and enable you to sustain your business long term. Having stability will help you and your employees have confidence and peace of mind, which is important for everyone’s mental health.

You Don’t Have to Handle Billing Alone.

Having an organized and efficient billing system can make or break your business, but you are a dentist, not an accountant. On top of the clinical expertise, are you supposed to be a billing whiz as well? Not necessarily. You can either hire front desk personnel or outsource dental billing to a team that can manage payments and make sure you’re paid on time.

In the end, if you don’t have your dental practice’s billing in line, you need to get it back on track as soon as possible. You and your team will feel more secure, your business will start to handle bills more easily, and you can potentially see ways you can flourish!

About Dental Support Specialties

Dental Support Specialties has been helping dental practices with billing needs for more than 15 years. Our team is knowledgeable in basically all dental practice software programs and can work within your system. We can verify dental insurance benefits, follow up for payment, contact patients for an outstanding fees, and do much more to help you get paid what you’re owed. To receive payments on time, contact Dental Support Specialties today!

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