How you handle your practice's financial policies can have a direct effect on your success in your industry. Dr. Rhonda Savage, contributor for DentalBlogs gives her insight into successfully managing your financial policies.
In this article, Dr. Savage discusses these 3 Key Tips for maintaining a financially healthy dental practice:
- Determine the Health of Your Accounts Receivables
- Develop Your Financial Guidelines
- Criteria for Financial Options
In this month’s dentaltown.com print edition, DentalBlogs contributor and “great mind” Dr. Rhonda Savage shares her insight into what makes dentists’ financial policies successful. Her practical advice and tips can help you develop a great financial policy that will “keep your patients coming back.” Dr. Savage recommends that the doctor get and stay involved in the accounting of his or her office. The dentist should manage the practice effectively and know which employee to speak with about any patient or issue. This management structure, according to Dr. Savage, will reduce stress and promote professionalism and accountability.
Another important issue is your financial guidelines. Dr. Savage points out topics and ideas you may not have yet considered in regards to developing or revising your current financial policy. Patients should understand your policy, as should employees, and the doctor/manager should not make exceptions that overrule an employee’s effort to carry out the set guidelines.
In this economy, you should offer financial options – pay by credit card, third party financing, or set up a phased treatment plan. Dr Savage suggests you consider your policies regarding lab work fees, insurance copays, and cash courtesy discount.
Read the full article at www.dentaltown.com.