“An ounce of prevention is worth a pound of cure.” -Benjamin Franklin
When measures are taken in the dental, medical, and veterinary industries to prevent diseases, rather than to cure them or treat their symptoms, we call this “preventive care”. The notion is simple: adopt a simple routine of taking care of yourself, and you’ll greatly reduce your risk of disease. However, statistics show that for a variety of reasons, we, as a nation, have yet to adopt this simple doctrine.
“Approximately 95% of the $1.4 trillion that we spend as a nation on health goes to direct medical services, while approximately 5% is allocated to preventing disease and promoting health. This approach is equivalent to waiting for your car to break down before you take it in for maintenance.”
Presumably, if we allocated more time and money to preventive healthcare, our country would be a healthier place. Your practice is likely taking steps to help us achieve a higher rate of preventive care so that one day, hopefully sooner rather than later, we will stop “waiting for the car to break down before taking it in.” In the meantime, why not transfer this same valuable notion of preventive care to your practice’s accounts receivable program?
CareCap allows you to offer in-house monthly payment plans that fit your patient’s budget, thereby setting up a successful, “healthier” accounting environment. While inexpensive procedures often result in short-term payment plans, more costly procedures may warrant longer terms so that the monthly payment amount is more affordable for your patient. The key is that you control the terms, making each plan highly personal for your patient without the hassle of payment management. The result is a healthy financial environment that works to prevent old, “diseased” receivables.
Just as “good quality preventive care holds the promise of greatly reducing our nation’s healthcare costs and overall burden of disease”, setting up a healthy, preventive A/R program for your practice has the power to improve the well-being of everyone involved in the payment process.
Dr. Richardson of a family dentistry practice in Kirkland, Washington explains how CareCap has dramatically improved his practice’s receivables management system:
“With CareCap, I can offer low-cost financing to my patients needing a little extra time to pay for treatment. CareCap manages all of the payment plans for me – making sure the automatic payments are deposited into my checking account. I can even run credit checks to ensure that I only offer payment plans to credit-worthy patients. The result has been a higher case acceptance rate and an overall growth in practice revenue.”
Easier, more affordable billing process = higher case acceptance rate & fewer aged receivables = happy office staff & healthier population. Everyone wins.Statistics and trend data in support of this blog follow: “Prevention Health Care Quality in America: Findings From the First National Healthcare Quality and Disparities Reports”. Ed Kelley, PhD, Director, Ernie Moy, MD, MPH, Beth Kosiak, PhD, Dwight McNeill, PhD, Chunliu Zhan, MD, PhD, Dan Stryer, MD, and Carolyn Clancy, MD. 2004