{"id":5491,"date":"2015-02-11T12:02:42","date_gmt":"2015-02-11T01:02:42","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=5491"},"modified":"2020-09-28T17:08:54","modified_gmt":"2020-09-28T07:08:54","slug":"cash-control","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/cash-control\/","title":{"rendered":"Cash control"},"content":{"rendered":"

\"feb-bite-cash\"

\u201cIf practices intend to extend or provide credit to their patients, recovering that debt will be almost impossible unless there\u2019s been an appropriate document given to the patient outlining the payment terms and procedures,\u201d says Stewart. A good collections policy should contain four essential items. The first is an overview of the treatment plan, including a description of the procedure, the timeframe and the cost. This ensures the patient is fully aware of the elements of the treatment and can see the cost of each item. The second element of a collections policy is the payment terms. This will vary depending on the practice. For instance, a general practice might require payment at the time of the treatment or payment within seven days.<\/p>\n

A specialist practice might ask for an up-front deposit and regular instalments over the course of the treatment, or offer a discount if patients are willing to pay for the entire treatment up front. The collections policy should also describe the payment mechanisms available to patients. This could include direct debit, credit card, BPay or cheque. Practices can also consider offering a credit facility through a third-party credit provider, or an in-house payment plan. Finally, the collections policy should include debt recovery procedures. \u201cThe policy should include terms and conditions that set out what will happen if a patient defaults on payment arrangements, for example, if they would be liable for any additional costs of collection incurred by the dentist, such as legal costs, interest and court fees,\u201d says Georgina Odell, a senior associate at Meridian Lawyers, a firm with a practice area dedicated to advising dental practices.<\/p>

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