Blind Spots in Dentistry™:  How to Create and Implement a System to Track Extended Payments

Your Financial/Treatment Coordinator has discussed the treatment plan, and the patient has agreed and signed on the option to pay for it. Now you want to track the agreement to ensure it is being adhered to. Your software may have a memo system give you a reminder to check payments are made on time. If the patient is allowed more than 2 payments, and does not opt for a third party payment option, a signed Federal Truth & Lending form is needed.

Statements – 4 steps to improve cash flow:

• Send a statement the day you receive the insurance payment.
• Send statements weekly. Most software systems track the date of the last generated statement and will generate another if one has not been generated within 25 days. This system helps to keep the cash flow more even throughout the month.
• Use auto-customized messages that you create in your software.
• Create a personalized note on the statement, which is generally more effective than a standard auto note. This is also the perfect time to place a call to the patient about their past due balance. You have already audited the patient’s account before placing a personalized note, place the follow-up call too.

Ideally, you want to send as few monthly statements as possible. Have a credit card on file to pay the balance after insurance payment is received. If you must send statements, create a system and use your software’s e-statement option if possible.