Patient statements are an important aspect of the billing system of a dental practice. A patient statement is a document created in the patient’s name to help them make a payment to the dental practice for the services they have received. It must include the name of the doctor, procedures & services rendered, and the date when treatment was received as well as all applicable fees.
Why is a dental patient statement important?
While varying across practices, nearly a third of the revenue can come directly from patients. Hence, patient statements are a crucial component of the industry and a vital source of revenue. It has been observed that a large quantum of patient statement services falls short of expectations. They miss the mark when it comes to being delivered on time or on accuracy.
Such situations can be detrimental to the overall reputation of the practice while also having a bearing on the patient relationship. This also leads to delays in bill payments. Any delay to the revenue cycle of the practice affects cash flows, patient co-payments, and more.
Effective patient statements that are easily comprehensible streamline the payment process and aid businesses in receiving payments. They also offer patients a variety of suitable payment choices.
Also, patients are accustomed to having multiple payment method choices. The conventional method of cheques is dwindling in usage and a new range of payment modes have been introduced including online payment options. A lot of patients prefer to be offered options to pay. Failure to do so could probably cause a delay in payments.
Why hire the services of a dental patient statement company?
Dental patient statement services are available through outsourced companies and they aid in streamlining and handling billing and financial duties. Dental practices can benefit through lowered costs while saving time through faster management of the billing cycle. A statement services checklist ensures that all information that patients require to make prompt payments is included. The services offered by a dental patient company are comprehensive and generally include:
Statement generation
Creating and sending out patient statements, which detail the services provided, the amount owed, and any insurance coverage or adjustments.
Handling insurance claims
Assisting with preparing and submitting insurance claims on behalf of the dental practice to ensure timely reimbursement.
Processing of payments
Handling patient payments, including credit card transactions, check processing, and electronic funds transfers.
Account reconciliation
Ensuring that the financial records are accurate and up to date, including tracking payments, adjustments, and outstanding balances.
Collection activities
Follow-up on overdue accounts, including sending notices or reminders.
Communication with patients
Managing communication with patients regarding their bills, payment options, and insurance matters.
These services aim to make the cash flows of a dental practice more efficient, improve revenue collection, and enhance the overall patient experience by providing clear and accurate billing information. Some practices can decide to outsource these services to reduce administrative burdens and focus on patient care.
The outcome of poorly crafted patient statements
If patient statement services are not effectively managed, it hampers the revenue cycle and causes a negative impact on patient relationships. If patients do not receive transparent and easily comprehensible billing information along with convenient payment choices, they are more prone to delay payments.
Patients who make payments on time can get frustrated due to inadequate communication. This can possibly lead to an erosion of trust that has been established between the practice and the patients. It can also cause potential losses in reputation and revenue.
