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C105 playing the collections, accounts receivable game


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  • 1. C105 PLAYING THE COLLECTIONS, ACCOUNTS RECEIVABLE GAME LOIS BANTA THURSDAY, FEBRUARY 21DISCLAIMER: This work, audio recordings and the accompanying handout, are the intellectual property of the clinician, and permission hasbeen granted to the Chicago Dental Society, its members, successors and assigns, for the unrestricted, absolute, perpetual, worldwide rightto distribute solely as an educational material at the scientific program being presented at the 2011 Midwinter Meeting. Permission has beengranted for this work to be shared for non-commercial education purposes only. No other use, including reproduction, retransmission in anyform or by any means or editing of the information may be made without the written permission of the author. The Chicago Dental Societydoes not assume any responsibility or liability for the content, accuracy, or compliance with applicable laws, and the Chicago Dental Societyshall not be sued for any claim involving the distribution of this work.
  • 2. Chicago Dental Society MWM & REGIONAL MEETING COURSE EVALUATIONSpeaker: Date:Subject: Number of attendees:PLEASE RATE YOUR SPEAKER AS TO: Excellent Good Fair Poor N/A • Subject selected................................. 4 3 2 1 0 • Timeliness of subject ......................... 4 3 2 1 0 • Comprehensiveness........................... 4 3 2 1 0 • Meeting your expectations ................ 4 3 2 1 0 • Content level...................................... 4 3 2 1 0 • Delivery .............................................. 4 3 2 1 0 • Voice quality....................................... 4 3 2 1 0 • Holding your interest ......................... 4 3 2 1 0 • Appropriate audiovisuals ................... 4 3 2 1 0 • Effective audiovisuals ........................ 4 3 2 1 0 • Overall evaluation of speaker ............ 4 3 2 1 0 • Overall evaluation of program........... 4 3 2 1 0Should this speaker be invited for future meetings? Yes q No qWhat topics of interest would you like to see covered in the future?Comments (use reverse if you need additional space):Name (requested but not required—please print):RETURN EVALUATION CARD TO: DO NOT FOLD CARD. FOR CDS PERMANENT FILES.Chicago Dental SocietyAloysius F. Kleszynski, DDS401 N. Michigan Ave., Suite 200, Chicago, IL 60611-5585
  • 3. Banta ConsultingNo Games! Manage Collections &Accounts Receivables…your Way Sponsored by: Chicago Dental Society
  • 4. Banta Consulting, Inc.Seminar Materials No Games! Manage Insurance and Accounts Receivables…Your Way presented by Lois J. Banta Banta Consulting, Inc. 33010 NE Pink Hill Rd Grain Valley, MO 64029 816-847-2055 816-847-5962 Website: Topics:  Communication Skills  Narratives & Other Secrets  Tracking Insurance Claims  Tracking Accounts Receivable Please note: This workshop is offered as information only and not as financial, accounting or legal advice. Seminar attendees may make photocopies of these pages for internal office use only. These forms may not be copied for distribution to others.Banta Consulting, Inc. Page 2 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 5. Banta Consulting, Inc.Seminar MaterialsCommunication Skills 1. Getting to know your patientActual Size 7 ¼” X 2 1/8”NEW PATIENT INFORMATION STICKER SAMPLEName Date Date of ApptStreet City State ZipHome Phone Work Phone Cell PhoneAppointed for Referred by 2001Banta Consulting, Inc.Previous DDS PhoneLast dental visit X-rays available? Date of requestMedical problems Pre Med?Allergies Dental problemsDENTAL BENEFIT PLAN? Employer & addressCarrier & address SS#Actual size 7 ¼” X 2 1/8”INSURANCE INFORMATION STICKER SAMPLE 2001Banta Consulting, Inc.Today’s Date Employee NameEmployer SS#Insurance Company Spoke withMaximum Deductible Coverage year %coverage/flat fee Eff datePreventative PerioRestorative RCTMajor X-raysFrequency:Exams Prophy BWX FMS FluorideOther Exclusions Sealant Coverage? To what age?Missing tooth clause? NonDup clause? Coord Ben? Wait Periods? 2. Identifying your patients insurance and financial needs 3. Calling the insurance company and cutting through the red tapeBanta Consulting, Inc. Page 3 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 6. Banta Consulting, Inc.Seminar MaterialsNarratives And Other Secrets 1. Remember…Obnoxious Detail! 2. Get your narrative noticed 3. Send “fool proof” attachments 4. Tricks for gaining approval by FAX 5. Sending electronic claims…off the books…and into the bank 6. Predeterminations – Should we or shouldn’t we?Banta Consulting, Inc. Page 4 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 7. Banta Consulting, Inc.Seminar MaterialsNarrative Sample for insurance claimDate___________________________Patient_________________________Insurance Co.___________________Group #________________________ID#___________________________Dear Dental Consultant:A ___________________ has been prescribed for restoration of tooth #____because:_____1. The _______________________________cusp(s) has/have been destroyed by caries or fracture and require restoration._____2. The _______________________________cusp(s) has/have been undermined by caries and/or previous restorations._____3. The tooth has a symptomatic crack or fracture on the ________________________________surface(s)._____4. The tooth has had endodontic treatment._____5. There is recurrent decay under the present___________________._____6. Other: _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________Note: Prosthesis/or restoration is/is not an initial placement.Date of prior placement ____________________________.Extraction date ___________________________________.A Bitewing ______, or periapical(s) _______ x-ray(s) is /are enclosed.Sincerely,_______________________________________________________Attending DentistBanta Consulting, Inc. Page 5 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 8. Banta Consulting, Inc.Seminar MaterialsTracking Outstanding Insurance Claims 1. Four reports EVERY office should run…Why and How often? 2. What to say and what to document-Details, details, details! 3. Following up on claims – electronic and manual 4. Sending statements after insurance pays 5. Protocols and systemsBanta Consulting, Inc. Page 6 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 9. Banta Consulting, Inc.Seminar MaterialsAccount Receivables Follow Up 1. Running and highlighting your reports 2. Making calls – what is legal and what is not 3. Documenting your efforts 4. The phone calls…when patients don’t pay 5. Sending Statements…messagesBanta Consulting, Inc. Page 7 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 10. Banta Consulting, Inc.Seminar MaterialsCREATIVE FINANCING 1. The secret to getting the patient to pay now…not later 2. Will that be Cash…Check…or Bankcard? 3. Signage in office…helps patients to listen with their eyes 4. Statistics to TrackBanta Consulting, Inc. Page 8 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 11. Banta Consulting, Inc.Seminar Materials XYZ Dental Office 1111 James Street Anytown, USA 55555 (555) 555-5555 Financial Agreement for:Patient Name _____________________________ Guarantor Name _____________________________Previous Balance: ____________________Estimate Total Treatment: ____________________Estimate Insurance Payment: ____________________Estimate Total Amount Financed: _______________________________ due each month for 3 months. The first payment is due at start of treatment. Paymentdates are as follows: __________ due __________, __________ due __________ and final paymentof __________ due __________._________________________ ___________________Patient/Guarantor Signature Date_________________________________ ___________________Witness Date_________________________________ ___________________Parent or Guardian Signature (if pt minor) DatePlease note: Any changes in the amount paid or date payment is received will cancel thisagreement and the entire balance becomes due effective immediately.Banta Consulting, Inc. Page 9 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 12. Banta Consulting, Inc.Seminar Materials90-Day reply letterDate BALANCE DUE:$____________________NameAddressCity, State ZipDear ______________________,Normally, at this time, because your account is long past due, it would be placed with ourcollection attorney which could possibly affect your credit by placing a lien on property orgarnishment of wages. However, we would prefer to hear from you regarding yourpreference in this matter.PLEASE INDICATE YOUR CHOICE AND RETURN THIS FORM:( ) 1. Please find enclosed my payment in full.( ) 2. Please charge the balance owed to my VISA, MASTERCARD, DISCOVER CARD. (Circle which Card.) ACCOUNT NUMBER______________________________ EXPIRATION DATE OF CARD _________/____________ AUTHORIZING SIGNATURE_______________________( ) 3. I will have payment in full in your office within two weeks.( ) 4. I will call this week to make payment arrangements.( ) 5. I do not feel I owe the amount billed. If you do not feel you owe the amount billed please explain below.( ) 6. I do not intend to pay the bill. Please turn my account over for collection. FAILURE TO RETURN THIS FORM OR TO MAKE PAYMENT WITHIN TWO WEEKS WILL INDICATE YOU DO NOT INTEND TO MAKE PAYMENT.( ) 7. COMMENTS:Please do not hesitate to call if you have any questions regarding this matter.Sincerely,Financial Administrator for:Calling on past due balances:Banta Consulting, Inc. Page 10 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax
  • 13. Banta Consulting, Inc.Seminar MaterialsThe rules:  It’s about the verbal skills…Call patient at work first. Ask this question when you reach them live: “Hello Mr. patient…this is Mrs. Molar from Dr. Tooth’s office…I am calling about your past due balance. What is the best time for us to have a conversation? (usually, the patient will “spill their guts” and give you their best “my dog ate my paycheck” excuse ) Listen carefully and then respond with: “What date will the balance arrive in our office” (NOT…when can you send a payment or…how much can you send?!!) If the patient responds with “I don’t have the entire balance.” Ask them…”How much are you short?” This strategy gives the patient to offer more of a payment than less…it REALLY works!  If you MUST leave a message…do it in your MOST positive voice…act on the message like they just won the lottery. Ask them to call you back regarding their account…that’s all you can say…really!  The “Fair Debt Collection Practices Act” considers many things harassment in your attempt at collecting past due balances…You cannot leave a message on a recorder about their past due balance because someone other than that message was intended for could hear the message and bam! have just harassed the patient.  Log onto to discover your state laws regarding collections and bad debt…state laws override federal laws.You cannot send more than ONE “we really mean it this time…this is your finalnotice”…because that is a form of harassment…if you send a final notice…you musttake action on it.Once you get a commitment of payment amount and date you will receive it…markyour calendar! Follow-up the day after payment is not received or YOU are the onewho loses credibility.The key to reduced A/R 1. Collect at the time of service 2. Print and monitor reports monthly 3. Follow up and Follow through! 4. Work together as a team – it’s a total team effort to keep A/R low. 5. Celebrate your successes!!!!Banta Consulting, Inc. Page 11 of 11 ©2000 updated annually33010 E Pink Hill Rd 816-847-2055-OfficeGrain Valley, MO 64029 816-847-5962-Fax