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Dental Practice Accounts Receivable: Putting Your Money Where the Mouths Are.
Accounts receivable turnover--the average amount of time that it takes a patient to pay outstanding invoices—is an indicator of your practice’s financial strength. It’s also used by banks and other financial lenders, when a practice is seeking the necessary capital and equipment to expand or make improvements aimed at better serving your patients. While most practices understand the importance of keeping receivables current, when it comes to actually collecting past due balances, efforts often fall short and can place the practice on precarious financial footing. This paper presents a strategy for preventing receivables from careening out of control as well as collecting existing past due balances.