In order to grow and maintain financial stability, dental practices must find the most cost-efficient ways to increase revenue and reduce bad debt. Smart practices are using their patient communication technology to do more than just send appointment reminders. Here are three ways a technology you likely already use can be leveraged to reduce costly no-shows, prompt patients to pay their bills and generate new revenue for your dental or orthodontic practice.
1. Reduce No-Shows
On average, one out of every 10 appointments results in a no-show. Use automated appointment reminder messages to help ensure that a full day of appointments does not turn into hours of empty chair time and missed revenue. Sending automated reminder notifications via phone calls and text messages helps reduce costly no-shows by reminding patients of their scheduled appointments, giving them the opportunity to cancel or reschedule and opening valuable time slots for waitlisted or same-day care patients.
2. Collect Payments
Reminder notifications can also be sent to alert patients of upcoming or past due payment deadlines and to prompt them to make payments. In fact, 26 percent of patients say that receiving a reminder that a payment is due would help them pay their bills on time. These notifications should always include an easy option for patients to immediately make a payment. To maximize the success of payment reminders, send notifications prior to payment deadlines and immediately after a payment is missed.
3. Attract New Revenue
Your existing patient base has a lot of potential for revenue growth. Sending recall reminders for patients who are past due for a follow-up or preventive care appointment can generate new revenue by getting those patients back to your practice. Established patients are also a great source for new patient referrals. In fact, 84 percent of patients say they either completely trust or somewhat trust recommendations from family, friends and coworkers concerning products and services. Send messages to current patients that encourage them to refer family and friends to your practice.
Want to learn how to make the most of your existing technology to achieve greater financial health in your dental practice? Check out our white paper, Improving the Financial Health of Your Dental Practice.
West Patient Survey, 2017.