I recently had the distinct pleasure of hosting two experts in the field of accelerated collections and professional cash flow management.
The presentation, entitled Strategies in Debt Recovery – Proven methods to maximize patient collections and reduce cost & overhead, offered attendees a singular opportunity to learn about these two critical disciplines, as well as how doing so serves to boost both dental team efficiency and morale by automating challenging systems while also boosting practice profitability
The Consumer Financial Protection Bureau (CRPB) holds dental practice owners accountable for the actions of third-party service providers. Consumers have filed more complaints with the CFPB against collection agencies than any other business, product or service!
In the face of increasing regulatory complexity and enforcement, one ignores compliance risk at one’s own peril.
Topics covered included:
- How to collect more money and increase cash flow with less effort
- The Keys to maintaining diplomacy with patients during the collections process
- How to automatically identify overdue accounts for follow-up
- How to launch a flexible collection program, which allows dental practice owners to modulate how assertive an approach to take and
- Ways to validate if your practice management system is compatible with effective cash flow management.
David Wiener (aka “Mr. Cash Flow”), is the CEO of Cash Flow Strategies, Inc. David has assisted practices and businesses across the US to maximize their cash flow. Since 2008, he has also provided practices a unique service designed to automate and streamline their accounts receivable follow-up and collections.
Felton Lewis is Founder of Lab References, a Disabled Veteran Owned Business. Lab References Advisory Group partners with businesses of all sizes to accelerate the recovery of past due collections.
These presenters proved themselves to be uniquely positioned to offer dental practices insight into the ‘fourth C’ of the oral systemic practice model, that Fourth C being, after Clinical, Collaborative, and Communication, Cash Flow. The oral systemic practice particularly benefits when it achieves and maintains a firm grip on cash flow because the more elective procedures one offers, the more essential to success cash flow management becomes.
Owing to the number of questions asked by attendees, the webcast ran for the entire ninety minutes. As usual, attendees received the opportunity to gain one and a half hours of PACE Approved continuing education credit.