Dental collections requires a deep understanding of how a dentist and patient relationship works. Even with no fault of the dentist himself, a single cranky patient can possibly attempt to spoil the reputation of a dental practitioner in many ways, he may post negative reviews on Twitter and Google or even spread negative publicity with word of mouth. Dentists face ever increasing challenges including increased competition, changing regulatory environment, business complications, further more doctors have to buy the Malpractice Insurance, which can be quite costly. Amid all these challenges, the pressure of reduced cash flow due to their past due accounts can not just be frustrating but also become a roadblock to expand their practice.
Dental collections made simple:
After a very careful evaluation we have partnered with Kinum collection agency which has enormous experience and success with dental collections. These are the main steps involved in dental collections.
Here are the main parameters for our recommendation.
a) Number of accounts purchased for collections never expire. This is an astronomical advantage.
Nearly all other collection agencies keep an expiration duration on accounts purchased which varies from 6 months to 2 years. Due to this expiration clause, either the dentists land up buying fewer than needed accounts at a higher price, or buying a larger number of accounts just to realize that a large chunk of them went unused and finally expired. This is a win-win strategy for collection agency but not the doctor/dentist. If accounts do not expire, dentists can purchase large number of accounts in one go and avail the benefit of lower pricing.
b) Adherence to federal and state laws. Agency follows additional guidelines specific to the medical and dental industry including HIPAA*, TCPA, and FDCPA.
c) Going an extra step by implementing direct integration with billing software products like EagleSoft, Dentrix and many more. These technical integrations allow transfer of accounts from these billing softwares to the collection agency using a simple interface. It’s a great time saver and convenience to any dentist.
d) Unlike almost all other collection agencies, Kinum’s collection letters are sent in colored print instead of plain black and white. This extra investment from Kinum ensures that these demands are taken a lot more seriously by your patients.
e) Guarantee of collections: A promise to minimally collect 2 times the purchase price if all accounts purchased are submitted through the Step 1 and/or Step 2 as per the contract else the refund clause can be invoked.
f) Provides a 24/7 online portal to submit accounts and monitor the progress of accounts already in collections.
g) The agency is experienced in dental collections, keeps up to date with the changing regulatory environment of the industry.
h) Performs additional checks on debtors if their address has changed or if the patient is protected due to bankruptcy. Furthermore, the agency attempts to check if the patient has a history of being litigious.
i) Offer contingency services for more difficult to collect accounts or those which are over 5-6 months old.
j) There are no hidden fees and the process is kept completely transparent.
k) Accounts purchased under Step 1 and Step 2 are fixed fees services and are an extremely cost effective way to recover on past due accounts. Furthermore, it gives you more than 30% discount if Step 1 and Step 2 services are purchased under the combo package scheme.
l) Offers to report the debt to credit bureaus like Experian, Equifax and Transunion if you want.
*HIPAA is the federal law that governs how “Covered Entities” and “Business Associates” handle the privacy and security of patients’ protected health information (PHI).