It’s expensive to keep mailing billing reminders to patients, and each one takes away from money you’ve earned. Many practices cut their losses and end up writing off balances, which can add up to a significant amount of lost revenue.
It’s time to stop writing off money you’ve earned.
The Answer: Electronic Statements
By collecting on these accounts, your practice could potentially increase revenue by thousands of dollars over a year, as uncovered in a yearlong internal study by Henry Schein One QuickBill Email. How can you collect in a cost-efficient way and stop writing off all this revenue? With an electronic billing service that allows you to email or text patients a link to their statement so they can immediately see (and pay) it online — instead of waiting for it to come in the mail once a month.
One practice in the QuickBill study tracked their return on investment (ROI) for one year as they used the electronic statements service Dentrix QuickBill Email. At the end of the year, they had collected $12,000 that would have ordinarily been written off. As the practice got their patients accustomed to emailed statements, they saw a decrease of 45% in paper statements sent, which saved $80 a month. And payments were received much quicker, with only three days average between when the electronic statement was sent and payment received. With an electronic billing solution, online payments often come in within minutes of emails being sent.
Benefits of Electronic Billing
Dental teams who use electronic billing find it offers many benefits simultaneously: They can collect more (and more quickly), and they save on paper, postage and staff time. Those savings can bring other revenue-generating tasks off the backburner and into active progress.
Many industries are using electronic statements now: utility companies, banks, department store credit cards. Your patients are embracing this digital trend and are using mobile devices more than ever before to view statements, pay bills and book appointments. Using electronic statements creates ease for the patient and helps practices communicate with patients in an efficient way.
It’s Time to Get Paid
Sending patients their billing statement electronically gives you the opportunity to collect cost-effectively. It’s more convenient and time-saving for the dental team — and it’s what your patients want.
Learn how Dentrix QuickBill Email can help your practice increase revenue by registering for my webinar “3 Ways Electronic Billing Can Increase Practice Profitability” on November 10, 2021. (It will also be available on-demand afterward.) Or if you are ready to get started with Dentrix QuickBill Email now, schedule a demo or call 833-827-3966 to talk to an expert.
Dayna Johnson has more than 25 years of experience in the dental industry as a speaker, author and a certified Dentrix Trainer. She knows that your entire day revolves around your practice management software and the more you learn the more productive and stress-free your office will be.