Eliminate dental accounting mistakes with these 3 tips
3 Common Dental Accounting Mistakes (And How to Fix Them)
Dental practices exist to serve patients. As a dentist or practice manager, you don’t want to spend all your time doing administrative and accounting tasks instead. However, proper dental accounting is key to a successful practice. Unfortunately, many practice managers and dentists don’t fully anticipate the burden of daily operations and accounting until they’re mired in frustrating administrative work that gets in the way of serving patients.
Proper accounting can help your practice retain staff members, provide better patient care, optimize cash flow, and encourage growth. On the flip side, there are several common accounting mistakes that can really hurt dental practices and prevent them from achieving their vision. The good news is that these can all be fixed with the right knowledge and a commitment to improvement.
- Staying in the Paper Age
These days, adopting the right technology is at the heart of success for pretty much every business in every industry, and dental practices are no exception. However, plenty of dental practices don’t use the right technology, or they neglect it completely. This results in manual, paper-based processes that lead to errors and create more work for everyone from front office staff to hygienists – and even your patients.
Modern accounting software plays a huge role in increasing the traceability and security of your data, improving the patient experience, and reducing costs and mistakes.
- Using inefficient daily processes
Even for practices that have robust accounting software, a failure to understand the ins and outs of your technology can mean you aren’t fully taking advantage of it. For example, inefficient credit card or insurance transaction processing can result in frustrated front office staff and frustrated patients. Failure to customize reports can lead to misleading or overly simplified information. Poor processes can also result in inaccurate patient payment entries or long delays in reporting.
After you’ve implemented the right software, make sure you take the time for proper training and putting effective processes in place. Transactions should be streamlined, you should be able to feel confident that your patient payment entries are correct, and reporting should be timely. All of these processes can be optimized to increase automation, save time, and ensure accuracy.
- Allowing your practice to stagnate rather than driving growth
Many dentists have a vision for where they’d like to take their practice, but not a detailed long-term plan that will pursue growth. This can ultimately lead to stagnation and often results in declining business over time.
To be successful, you should have a long-term plan for your practice that is based on quantifiable benchmarks and realistic goals. In order to create a plan and pursue it effectively, you need good financial and operational visibility. It also helps to have an outside perspective from experts who understand the ups and downs of dental practices like yours.
Learn More from the Experts
At Performance Business Analytics, we can help you simplify your life and transform your practice. We understand the details and complexities specific to the dental industry, including specialized practices such as orthodontics, periodontal, prosthodontists, endodontists, and more. We understand how to ensure you achieve your goals. Contact us to learn more, schedule an assessment, and streamline your practice.
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Let’s get started with a thorough assessment to build your detailed report on risks, metrics, and how-to guidance.
We can help you transform your practice and simplify your life. Your partnership with us begins with an introductory meeting to work with you to determine if our services are a good fit and—if they are—set up an accounting assessment.