A Financial Arrangements Coordinator can be a valuable asset to the dental practice management team.
This key position is responsible for all financial interactions with the patient, from treatment plan to dental financing and payment options.
“It is a complete necessity to have someone who is ultimately responsible and the ‘go-to’ person for all financial arrangements, especially patient interaction,” said a Michigan dentist.
“Having a financial arrangements coordinator is probably a great idea for larger multi-dentist offices, but I find it is not likely to be cost-effective in a smaller practice,” said a general dentist.
Jim Du Molin and Julie Frey chat about this survey asking dentists if they have a Financial Arrangements Coordinator on their dental practice team:Jim, a former dental practice consultant, thinks it’s a good idea to have an employee dedicated to managing financial arrangements.
Dentists seem to be split. Of those who responded to this survey, 55% do not have a financial arrangement coordinator, and 45% do employ a team member to carry out this function.
Although it’s not feasible for every practice, there are many benefits to having a dedicated “money person.”
“I have one designated team member to make financial arrangements, but occasionally another member has to step in due to the primary being out of the office for various reasons,” said a Nevada dentist.
“We estimate insurance benefits, and receive the patient’s portion on the date services are provided. Other than that, the only other financial arrangement we offer is through Care Credit. Our receptionist comfortably handles this as part of her duties,” said an Illinois dentist.
“I wish everyone would just pay at the time of service!” said a California dentist.
“We have only one person, and no one else discusses money. That way it stays simple, and patients can’t say someone told them something different,” said an Oklahoma dentist.
The bottom line is that handling financial arrangements effectively can have a positive impact on the practice’s revenue.
It can increase case acceptance, and free up the dentist’s time treat more patients instead of talking about money.
The post Dental Practice Management: Do You Have a Financial Arrangements Coordinator? (Video) appeared first on The Wealthy Dentist.
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