Using digital technology can help recover AR by making it easier for patients to receive statements and make payments with the device of their choice. FeatherPay enhances patient billing outcomes by increasing collections, decreasing costs, and optimizing ROI.
As the world of oral health continues to evolve, the importance of clearing out and recovering aged patient accounts receivable (A/R) has ascended to an unprecedented level of significance. Here’s why it should be at the top of your priority list:
Growth Through Internal Optimizations: With the escalating cost of capital cooling off the urge for practice groups to expand via acquisitions, it’s time to pivot the focus towards internal growth. This is where aged patient A/R comes into the picture, presenting a lucrative opportunity to bolster growth within the existing portfolio. This is essentially “low hanging fruit” that must be prioritized.
The Quest for the Best: In a new era where only the elite independent practices are targeted for acquisition, potential acquirers are hunting for those demonstrating an effective operational plan for collecting non-insurance payments. Here, key metrics include reducing the cash conversion cycle and shrinking overall liabilities. Remember, cash isn’t just king, it’s the lifeblood of a practice.
Convenience is the New Normal: Today’s patients prioritize convenience in all their interactions with providers. A clunky payment process or prolonged waiting time can drive patients away. Digitally delivering clear, simplified statements and offering straightforward means to pay is a must for retaining patients and improving their experience.
The Power of Technology: Reducing patient A/R liabilities and elevating the patient experience is achievable now. Progressive practices are already harvesting the benefits of driving this shift, leveraging technologies that improve collection rates, reduce costs, and boost staff productivity, all while enhancing patient satisfaction.
A perfect illustration of this shift is the case of Dr. Dental, a successful 40-location DSO based in the U.S. Northeast. Previously reliant on phone calls and paper statements via USPS mail for patient collections, they faced a high-cost, low-returns conundrum, leading to a poor ROI and missed profits. Recognizing the urgency for transformation, they embarked on a journey toward change.
Their mission? A user-friendly technology platform that could automate the creation and secure digital delivery of clear, simple statements. A solution that empowers patients to pay with ease, whenever and wherever they wish, and on any device of their choice.
FeatherPay emerged as their game-changing ally, helping them realize their digital transformation vision to enhance patient billing outcomes. In just four short months, here’s what transpired:
Collections soared 2.5x: Dr. Dental saw a staggering 20% collections rate, a significant leap from their previous 8% rate pre-FeatherPay.
Costs slashed by 75%: They achieved $5,000 monthly savings by transitioning from paper to digital statements delivered via text and email.
An astounding ROI of 690%: The combination of vastly improved collections and a significant drop in costs led to a remarkable 690% ROI on their FeatherPay investment.
Simply put, embracing digital technology in patient A/R collections isn’t just a wise choice, it’s the way forward in a competitive oral health practice landscape.
Whether you are a multi-location DSO or a single-location practice, FeatherPay can help. We are a no-risk, no-obligation, cancel anytime no penalty platform that can be up and running in a few days.
Pricing starts at $99 per month + ¢25 per payment.
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