Can a simple concept such as automation really be the key to saving the day for flailing collection efforts? DSOs and dental practices that do automate will answer that claim with a resounding, “YES!”
To put it plainly, A/R automation uses technology to automate A/R collection processes to save resources and improve collection rates. This tool is not new but there is constant progress on the product front, as the business world learns to better utilize data and incorporate new technologies.
Collection processes usually include keywords like patient communication, payment reminders, and click-to-payment options. A/R automation has emerged as low-hanging fruit for any practice looking to improve operations and boost profitability. Recent trends in A/R automation include subjects like integration, customer communication tools, and the customer journey.
Here are a few “musts” when entering any automation efforts:
- Integration. Integration. Integration. An adequate A/R automation software solution should be able to integrate with your PMS (Practice Management System). Other integrations are additional bonuses when making a decision to invest in an A/R automation software solution.
- Customer communications management (CCM) systems. A CCM tool is a software program that helps a company or practice manage business communications across a variety of channels. The tool aims to improve customer satisfaction resulting in new clients, keep existing clients, and establish a favorable reputation for your practice.
- Center Patient Experience. Put the patient experience at the core of your A/R collection strategy. For example, market intelligence shows 88% of patients want an easier, faster way to pay their outstanding bills. If your A/R collection strategy takes this into account when implementing the tactics for your A/R collection strategy, there’s a good chance you will get better results.
- Outline the Journey. Creating a customer journey to identify pain points/gaps and further improve the customer experience. The concept of the customer journey can be successfully applied in A/R collection by creating, mapping and analyzing the process which your patients go through.
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Learn how to go from pain to gain with your A/R collections.
And, here are 4 tips for your practice, keeping recent trends in mind.
- 1
Embrace New Payment Systems (customer journey and experience).
Over the past 15 years, card and direct deposit payments have tripled in volume. Giving your patients more payment method choices, such as debit and credit cards, Google and Apple Pay, PayPal, Stripe, and others, will ultimately lead to an improved customer experience and a positive impact on your A/R collection ratio. - 2
Make Good Use of Proactive Follow-ups (customer communication systems and customer experience).
Engaging patients on their preferred channel is important. So is the right balance with respect to the frequency of follow-up. If the patients sense aggression on your part, the campaign is likely to backfire. Therefore, finding the right recipe between channel, message content and frequency is crucial for a positive outcome. - 3
Create SOPs to Help Manage A/R Collection (bonus)
Creating, implementing, and using standard operating procedures (SOP’s) in day-to-day business operations is sure to have a lasting positive impact on your A/R collection. For example, an SOP that explains to your admin employee how to track A/R collection over time is a good idea. This is sometimes known as a collection flowchart. - 4
Ask for a Demo (integrations) of the A/R Software.
Before you purchase, find out how it embeds in your current information system setup, especially your existing PMS and/or CCM.
