535: Improving Cash Flow with Better Financial Arrangements - Kirk Behrendt&Ariel Juday - a podcast by ACT Dental

from 2023-02-08T03:00

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Improving Cash Flow with Better Financial Arrangements

Episode #535 with Kirk Behrendt & Ariel Juday

Money is a good thing to talk about, but you may be the wrong person to do it! You need confident, competent team members to collect what you're owed, and today’s episode will teach you how to build that team. Kirk Behrendt brings back Ariel Juday, one of ACT’s amazing lead coaches, to share some guidelines around how money should be talked about and handled in your practice. To start creating a better system for better financial arrangements, listen to Episode 535 of The Best Practices Show!

Episode Resources:


Links Mentioned in This Episode:

Episode 510 - Are You Billing Your Full Fee?: https://www.youtube.com/watch?v=Qp-V9D540D0

Episode 511 - Say This, Not That When Collecting Money: https://www.youtube.com/watch?v=-k3Uo-1_Khw

Main Takeaways:

Invest in your team members’ training and education.

Get rid of limiting beliefs about your patients and their money.

Overcommunicate with your patients about financial arrangements.

Anything you want to collect should be in writing and signed by patients.

Offer CareCredit. It will help patients afford treatment with less risk for you.

Quotes:

“[The problem dentists have is] limiting beliefs, that they don't want to talk money, or, ‘Patients can't pay,’ or that they're not involved and they say, ‘Oh, my team’s got it,’ but they don't know what questions to ask to make sure. And money is not a bad thing to talk about. I don't want you giving everything away for free. You need to be paid. And trust me, your team members want to be paid, so they're going to want to collect the money if they understand and they have the support on how and when and what to collect.” (3:37—4:09)

“I can't go to school to be a dental receptionist or learn dental insurance and accounting. There are courses, but they're hard to find. They can be expensive. And so, team members don't go out and search it for themselves. As teams and doctors, we have to provide that for them because they don't come with that experience already. And if they do, it’s because it’s from another office. Good or bad habits, we don't know until they're in the practice. So, we have to invest.” (4:50—5:20)

“A lot of the times, we say, ‘Hey, go answer the phone. Collect money. Schedule,’ and those are their three guidelines. It’s much harder than that.” (5:20—5:29)

“What are our financial agreements with ourselves and our practice? What do we want? List out the questions and...

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