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• Tuesday, January 12th, 2010

Jim Du Molin's insights on financial arrangementsHere’s a quick bit of advice on financial arrangements at your practice. I recommend the following 3 goals for your strategy:

  1. Increase collections percentage
  2. Eliminate doctor billing
  3. Have a written financial agreement for every treatment plan over $300 (or other minimum that you set)

This means that you should have two kinds of financial arrangements:

Minor arrangements are for amounts under $300 (prophy, simple restoration), and are done at the front desk or in a semi‐private area.

  • Payable on the day of treatment.
  • Details written in the patient’s chart.

Major arrangements are usually for amounts over $300 (office determines the amount). These arrangements should be done privately if possible.

  • Always formally presented in writing.
  • Patient gets a signed copy.
  • Chart gets a copy.

What is the #1 rule of financial arrangements?

No patient is scheduled for any treatment over $300 without a written and signed financial arrangement!

Let us know what you think! Leave a response...
 

4 Responses

  1. 1
    Hugh Doherty 

    Hi Jim
    The number one way for doctors to have
    Zero Balance and no account recieveables
    is utilize CareCredit
    Happy New Year
    Hugh

  2. 2
    Susan Taylor 

    Dear Hugh,
    Do you work for CareCredit?
    Susan

  3. 3
    Angie 

    That is if they qualify for CareCredit, Chase, or any other financial lender.

  4. 4
    Lisa 

    What happens when they sign contract than become MIA?

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