ASK ACE Q&A
By Dr. Ace Goerig, Owner & Co-Founder
Q: How much flexibility should I give my team with respect to making financial arrangements for patients?
A: Anything financial in the practice is something you should have complete control over. That doesn’t mean the team needs to run to you for everything, but it does mean that the team must absolutely follow the policies you establish. Financial arrangements for patients is a great example, because practices without clear policies often have accounts receivable issues: the team over-relies on financial arrangements to support and ease case acceptance. Financial arrangements and case acceptance are intertwined, so you need to find the right balance for your practice, calibrate your policy, and review it thoroughly with your team.
A big assumption in many practices is that a wide-open financial arrangements policy and high accounts receivable ratio is the price you have to pay to grow. On the contrary, high-production practices should achieve a lower accounts receivable ratio and increased case acceptance by honing and refining their patient experience to create better value with the patient for the fee. That leads to more patients paying in full (or their portion in full) on the day of service. By working with an Endo Mastery coach to analyze and calibrate your systems while improving the patient experience, you can grow to the next level with full control over financial factors in your practice.
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