Accounts Receivable: Where Cash Flow Goes to Die

Have you checked your Accounts Receivable lately? You should, especially during a recession. To be clear, Accounts Receivable refers to what PATIENTS owe YOU. If you want profit, you MUST know what your patients owe, and how you’re going to get that money. We understand that you want to maintain good relationships with patients and don’t want to hound them about money. It’s ok to have a kind heart and tell your patients “don’t worry about how you’ll pay.” At the end of the day however, you need their money to keep doing what you’re doing. To make sure your collection percentages are good, make sure to keep an eye on Accounts Receivable and contact anyone with outstanding balances. Get a syst

A Dentist's Worst Nightmare: The Sunk Cost Fallacy

The sunk cost fallacy is when you dump a lot of money into a failing program in hopes that it’ll get better. The fallacy is thinking that just because your investing in it, it’ll pay off eventually. If this sounds familiar, you might be in financial hot water. When it comes to dentists, these sunk costs could be a new piece of equipment, an employee, your marketing budget, etc. If you notice a “sunk cost” in your practice, get rid of it immediately. Say there’s a new piece of equipment you really like. It does a lot of cool things and allows you to do procedures that you couldn’t before. Problem is, no one in your area needs those procedures, so that equipment is just sitting in a room somew

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