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Modernize Your Practice with Patient A/R Automation

by | Oct 31, 2022 | Articles, Nifty Blog | 0 comments

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Make More Money and Serve More Patients Through OrthoFI, Abella AR, and AcceptCare. If there are anything practice owners have learned within the last couple of years, it’s that patients of all backgrounds run into financial stress. Take it from me: many of our patients are fellow entrepreneurs who come under the same economic pressures we’ve faced—such as struggling to maintain staff, legal trouble, and more. In a perfect world, it wouldn’t be so difficult for patients to afford and access the care they need. At the same time, dentists shouldn’t have to forget the funds they’ve worked hard for.

That’s why I was super excited to talk with Oliver Gelles. Oliver is the Chief Marketing Officer at OrthoFi/CFI. During this stream, Oliver filled me in on a few exceptional services to add to your arsenal if you want to make more money and serve more patients. And I can vouch for these platforms firsthand as a fellow user!

Before we get into the software, I wanna emphasize the experience Oliver has under his belt. Oliver has been in the industry for over twenty years. He’s seen the clinical side of things, but most recently, he’s been immersed in the financial sector. It’s safe to say Oliver knows a thing or two about driving up case acceptance. At OrthoFI, Oliver helps enact their mission to make patient care more affordable and accessible while ensuring doctors get paid for their valuable work. This way, everyone’s needs are met, which makes for a happier and healthier community all around.

Oliver was proud to present us with a few financial services offered by his team.. With a plethora of financing services to choose from (we’ll go into a few of them), Compassionate Finance might just take the cake. Many companies claim to offer a generous amount of financing for patients, but this is often tricky marketing. They fail to discuss what percentage of the actual diagnosed treatment is approved. For example, there may be as much as $10,000 worth of dental care diagnosed and presented, but the patient gets approved for a mere $500.

So, these companies can boast a high approval rate—as much as 87%—but when a patient cannot afford the rest, they decline the care. “The average lender out there today is rejecting anywhere from 40-60% of applications,” Oliver says. “It really leaves the treatment coordinator, the doctor, and the practice in a very uncomfortable and awkward position.” Compassionate Finance is all about getting as close to 100% approval as possible. This allows you to present every patient an offer before they leave your practice without needing to give you a large down payment or large pay-in-full sums.

This makes life much easier for patients who need help to afford care. And, to add a cherry on top, Compassionate Finance also strives to benefit your practice. With the software, you don’t have to give up 10-15% of your hard-earned fee, and you net even more thanks to Compassionate’s low default rates. Compassionate is a great tool for practices using it as their primary in-house financing tool and even as a supplement to third party financing.

Many practices become guilty of what I call “sticky note financing.” This is when, say, Mr. Jones owes you $300, so you write down a note to call him about later. The problem is, these sticky notes stack up, and soon enough, you’ve got an accounts receivable (AR) mess on your hands. Next thing you know, you’re bothering your team to call all these people, which often ends up a waste of time when these calls fail to end in collected payments.

This is where another one of those awesome financial services comes in, and it’s called Abella AR. The average practice carries about $50,000 of ninety plus day AR—that is, AR accumulated ninety days or more after treatment. That’s a significant sum you’ve rightfully earned which is getting left on the table. Abella is all about automating the process of collecting these payments without putting the strain of playing phone tag on your already-busy team. The software uses multi-channel communication techniques to contact patients on a consistent basis.

Now your patients will receive emails and texts regarding the money they owe, and there’s no need for your staff to spend time drafting them. Patients can then pay directly from their phones with ease thanks to the simple interface. “We’re able to look for all your outstanding AR at once and request it in large batches,” Oliver explains. “It’s going to bring in surprising amounts of AR the moment you turn it on.” In fact, some practices are overwhelmed by the amount they receive—as well as the amount of communication from previously unreachable patients—within the first week.

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Abella works in the patient’s favor, too. In the majority of cases, patients who owe want to pay for their treatments—keep this in mind the next time you assume a patient may just be a “deadbeat” avoiding your calls. Abella is an efficient reminder for those who simply forgot or didn’t know about their debts, and they can quickly resolve it with a few clicks. You might be sitting on a goldmine you’re not even aware of. Don’t let it go to waste—Abella can help you secure the money you worked hard for. To top it off, Oliver filled me in on all things AcceptCare, which he refers to as a “case acceptance engine.”

The software has only been available to beta clients so far, and they’re thrilled with what they’ve experienced. You’re gonna wanna secure your spot on the waitlist for when AcceptCare becomes fully available soon.

Essentially, this is another tool to help reprioritize the patient; it makes the patient the most important stakeholder in a process that has become unfairly dictated by lenders. With AcceptCare, you’ll be able to offer anything you can imagine you’d want to present to a patient.

This ranges from pay in full options to short-term financing plans and access to a network of competing lenders who can approve patients for a host of different payment plan options. In the end, the patient has the power to choose based on their needs. There’s some sweet icing on this cake, too: Compassionate Finance exists within the AcceptCare platform! This helps ensure that, no matter what, a patient will be approved for complete care.

Like Abella, AcceptCare exists to benefit your practice just as much as it does patients. It enables every staff member to present these financing options rather than limiting the role to one designated employee. This is important in keeping your practice stable. You don’t want the whole thing caving in on itself like a house of cards if that one employee decides to leave. With the software, presenting options becomes as simple as asking patients “Do you want A, B, C, or D?” To dive even deeper into AcceptCare, watch my previous stream with Oliver.

When you get on board now, you ensure you’ll be in the earliest wave of users whose feedback has greater power over future improvements made to AcceptCare. To secure your spot, visit get.acceptcare.com. Here, you can become a pre-launch VIP. You’ll get all the info on what’s happening with the beta, special launch pricing, special launch availability, and more.

Don’t forget to visit compassionatefinance.com and abellaar.com to find out what the two can do for you. Remember, patients deserve access to life changing treatment, and you deserve the money you earned providing your valuable time and services.

Learn about:

  • Why did some practices need to dial back on using Abella AR in their first week?
    • Hint: the software worked almost too well!
  • How much uncollected money is the average practice owed?
  • What happens when AR goes unresolved for over 90 days?
    • Hint: it becomes less and less collectible overtime.
  • How does Glenn make the most of each service the two discuss within his own practice?
  • How many patients have accessed care more easily thanks to these services?
  • How has orthodontics evolved differently than the dental industry on the business side of things?
  • How much AR has Oliver helped manage for dental practices?
    • Hint: over 500 million dollars!
  • Why should you be excited for Glenn’s upcoming dental magazine?
  • And more!

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● Free 60-Day Trial

 

 

 

 

 

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Glenn Vo
Author: Glenn Vo

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