North Texas Dentistry Special Issue 2020 NTD SP ISSUE 2020 DE | Page 26

management
SURVIVING
AND THRIVING
PAST COVID-19
by Bethany Petty
The short-term impact of the COVID-19 pandemic is all
encompassing and overwhelmingly evident. It has taken a toll
on so many industries and individuals. As practices begin to
open their doors again, there are a number of tips that will benefit
your practice and team. Through our many conversations with clients,
financial advisors, and bankers, we have compiled several pointers
for helping you and your team survive and ultimately thrive in the
wake of the coronavirus pandemic.
Cash flow is king. Being shut down for weeks on end ultimately
wreaks havoc on the bank account. No matter how wise you have
been throughout the pandemic to preserve funds, it is vital that cash
flow remains a priority. There are two main avenues for cash flow –
insurance receivables and patient receivables.
For insurance – it is important that claims are filed quickly and accurately.
If your practice still utilizes paper claims, it is time to upgrade
to electronic claims. This will ensure speedy turnaround times for
claims. In addition, all supporting documents including x-rays, periodontal
charts, intraoral pictures, and narratives should be attached
to the claims. There is no time to have to go back and re-file insurance
claims. Ensure that your team knows how to file claims accurately,
completely, and quickly. Your team should also be following up on unpaid
claims in a shorter timeframe than was previously acceptable.
There should essentially be no claims in the 60+ day category. Again,
the goal is to infuse cash into the office as quickly as possible.
For patients – if you have not previously established clear financial
policies, now is the time to do so. Those policies should include either
pre-payment, payment at the time of the appointment, or third party
financing. Dental offices have previously been able to offer flexible
payments here and there because they had cash in the bank to cover
the risk. In the wake of COVID-19, many patients might find themselves
in tight financial positions. Therefore, it is essential to establish
clear collections protocols and thus protect the practice from potential
cash loss.
Control costs – we still are uncertain if there will be new infection
control regulations. Only time will tell. If so, there will definitely be
added costs to dental practices. Therefore, it is wise to open up dialogue
with your suppliers and start working on a tight budget. In addition,
it may be a wise time to clamp down on your personal budget
to ensure that you are in a position to draw less from the practice.
Patient retention is paramount. Not only is it critical for you to
recover the appointments lost during the mandated closure, it is
ultimately important for you to retain all your patients, and that is
going to require ongoing effort. In addition to prioritizing the rescheduling
of your patients who were canceled, your team should also take
the time to see if there were any patients due (but not yet scheduled)
during the mandated closure. As you work diligently to accommodate
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