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Finance

Strategies to Simplify Claims in an Assignment Office

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Navigating the complexities of dental insurance can be one of the biggest administrative hurdles for dental practices, especially in today’s ever-evolving insurance landscape. The billing and claims process can be time-consuming, frustrating, and often riddled with complications that can disrupt cash flow and patient satisfaction.  Yet, with a proactive approach and a few strategic adjustments, …

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How Do your Accounts Receivable Line up?

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In many dental offices, Accounts Receivable (A/R) can feel like a garden: well-tended, they remain manageable and even enjoyable.  But… When neglected, they quickly become overgrown and difficult to control. A/R management is about much more than just collecting outstanding balances—it requires careful attention to various aspects of your practice’s finances.  Without the right systems …

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Financial Management for Dental Practices

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Know your bottom line. Understanding and managing the financial health of a dental practice is more crucial than ever, especially in the competitive and regulated landscape of Canadian healthcare. “Knowing your bottom line” involves a clear grasp of the practice’s financial inflows and outflows, ensuring sustainability and enabling growth.  As a dental practice consultant, here …

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Cash Flow: The Second Pillar of Dental Practice Success

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Cash flow management is not just an essential business practice—it’s the lifeline of your dental practice.  Effective control over cash flow ensures that your practice can comfortably meet its operating expenses, reinvest in its growth, and maintain financial resilience against unexpected economic fluctuations.  In the dental industry, where equipment and supply costs can escalate quickly …

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Prioritizing Patient Education During Economic Downturns

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In the face of economic uncertainty, many patients may reconsider their spending on healthcare, including dental care. However, it’s during these times that dental practices should intensify their efforts in patient education.  Effective communication about the importance of maintaining oral health, even when budgets are tight, can help patients make informed decisions that could prevent …

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Navigating Treatment Acceptance in Today’s Financial Climate

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It’s a hot topic currently. In today’s fluctuating economic landscape, dental practices face unique challenges in maintaining and increasing treatment acceptance rates. Patients are more cautious with their spending, and dental care, unfortunately, can sometimes be seen as secondary to more immediate financial concerns.  However, with the right approach, dental practices can effectively navigate these …

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Getting Comfortable Talking About Finances

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Most people are never comfortable talking about their personal finances and even less so asking others to talk about theirs. Treatment Coordinators and administrators spend their days speaking with others about finances and very often they are asking people to go outside their comfort zone for fees for dentistry that the patient may or may …

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Treatment Coordination Success in Uncertain Economic Times

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We have all read the headlines and have heard the predictions that we are entering or are already in an economic slump or recession. How can we ensure that patients continue accepting Major Restorative Treatment during a slump or recession? We have all seen what has happened with the cost of goods right now, especially …

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Are your A/R’s looking like an Overgrown Jungle?

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Many offices find that Accounts Receivable are like a garden. If tended regularly, they are a pleasure. Untended, they become a jungle. Accounts Receivable (A/R) is more than the collection of monies for outstanding accounts. To ensure that your A/R’s stay up to date I suggest you look at the following areas in your practice …

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Tips for Positive Payment Discussions in Your Practice

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Providing great patient care is important, but if you don’t have sufficient cash flow, you will not be able to consistently provide patients with the care they need.   Talking about money and offering payment options is an important component of the doctor-patient relationship. Below are a few actions you and your team should consider …

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