|Date:||Thursday, October 25, 2007 11:15 PM|
|From:||"ESCO automatic digest system" <LISTSERV@LISTSERV.UIC.EDU>|
|Subject:||ESCO Digest - 24 Oct 2007 to 25 Oct 2007 (#2007-79)|
There is 1 message totalling 57 lines in this issue.
Topics of the day:
1. Trusting patients to pay
|Date:||Thursday, October 25, 2007 9:00 AM|
|From:||charles ruff <orthodmd@MAC.COM>|
|Subject:||Trusting patients to pay|
in the last two editions of ESCO there have been several comments
about trusting patients to pay or accepting insurance.
Here is the way I do it:
1. we accept all regular insurances. this is the way most gps work
and it removes one barrier from the patient committing to start tx.
we do no State and no PPO type stuff. so technically we are in Delta
but not the PPO Delta
2. THIS IS THE IMPORTANT PART: we do a lot of in office financing.
we are willing to start treatment with no down payment for those with
a proven record of responsibility in the credit management part of
their lives. for those who are not responsible, we have stricter
terms and some of those will gravitate towards CapitalOne or some
such for those reasons. what one has to understand is that some
people don't make a lot of money but are totally in charge of their
lives and their family's finances. Asking for $1500 and the rest
over 20 months is unrealistic for these patients yet these patients
are frequently the ideal patients around which to build a practice.
They value what you do and they are willing to budget the ortho
payments into their family finances and defer a new car or other
purchases. How can you tell who is responsible? We've been doing
credit checks since 1989. I went to a practice management seminar
with Hummingbird and I was literally the only one there not doing
credit checks. Credit checks allows me both to weed out the credit
thieves but more importantly to feel comfortable being generous with
terms for those with excellent credit.
Those with superior credit get very, very flexible terms and those
with less than superior credit get more like $1500 down and the rest
of 20 months or something like that. My accounts receivable are
somewhere in the area of two day's production. That's 30 60 90 120
totals a little less than 2 days production. I'd rather have it at
one day but two works for us.
Credit checks cost about $3 or a little less a patient and can be
done (I know this will shock some of you :-) ) on the internet so you
get an instant response. My staff has checked patient's credit
before I shake hands with mom and dad. This is one of the best
things I ever done with my practice.
If you want to know more check with Zuelke and Associates (http://
zuelke.com) or Jackie Shoemaker ( http://accountrac.com/ ). Paul
doesn't think I'm anal enough but I still recommend him. :-)