DBM: Achieving Financial Success with Optimal Dental Collection Rates and Strategies

Dental Practice Heroes

How often do you find yourself grappling with the complexities of collection rates in your dental practice, especially when dealing with premium insurance or a fee-for-service model? Dr. Paul Etchison and I, Dr. Justin Bhullar, are here to unravel the mystery, bringing our own experiences to light and guiding you through the financial maze with a dash of humor. We'll discuss why aiming for the stars with a 100% collection rate might not be as practical as setting your sights on a more realistic and financially sound target: the high 90s. As we dissect the influence of insurance networks on your practice's revenue, you'll gain valuable insights into balancing the books and keeping your practice flourishing.
This episode isn't just about the numbers; it's about the strategies that make them work for you. Join us as we examine the keys to optimizing insurance collections and patient payments, breaking down the importance of being out-of-network and how that can benefit your bottom line. With a collection rate goal of 97.5% to 98% being the sweet spot, we'll show you how to stop chasing the final percentage and instead focus on building revenue through efficient systems and accountability. Learn how to maintain a healthy accounts receivable with clean, up-to-date reports, and discover simple, consistent collection practices that make financial management anything but a dull affair. So buckle up and get ready for a ride through the financial funhouse of dental practice management with your mentors, who've been there, done that, and have the stories to prove it.

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Mention the Dental Practice Heroes Podcast and get your first month free at www.relevanceonlinemarketing.com

the DPH Hero Collective will teach you how to work less days, make more money, and achieve the life/work balance you've always wanted by giving you a scaleble business, instead of a job.
You will get:
✓Comprehensive Training to level up your team and practice

✓Live Monthly Webinars to make sure you are moving forward

✓Live Question and Answer Sessions to get you help when you need it

✓A Community of practice owners to support and cheer you on

✓System and Protocol Documents to Edit, to standardize your operations

And Remember, we are actual dentists! At DPH, we don't coach you on anything we haven't personally accomplished ourselves.

Visit www.dentalpracticeheroes.com to Learn more.

Chapters

1. DBM: Achieving Financial Success with Optimal Dental Collection Rates and Strategies (00:00:00)

2. Dental Business Mentors Discuss Collection Rates (00:00:02)

3. Optimizing Insurance Collections and Patient Payments (00:08:23)