Who knew the Coronavirus would shut down the United States for this unknown period of time? As most dental offices around the country have been closed for elective procedures since mid-March, Dental ClaimSupport had record breaking collection numbers for a number of our clients. As a whole, we posted more for our dental practices than ever before. Our average collection per office was actually close to $6k higher per office than the previous 12 months rolling average. We had some offices reach great milestones, such as hitting goals for their first time hitting $50k, $200k, and $300k for the first time in insurance collections.
How did this happen?
With production coming to an abrupt stop in mid-March, our company goal was to help the best our clients the best way we knew how; to maintain cashflow through insurance collections.
Submitting claims, getting attachments out simultaneously, and blitzing insurance aging reports were topics of ALL meetings with our management team, our leadership, and with our employees.
Our employees bought in. They bought in for DCS and they bought in for their clients.
As rapid furloughs and layoffs are occurring all around us, this is the reality. But you cannot put collections on hold during this time, and we consistently convey this to our clients. Every office out there has unprocessed claims with payments that need to be collected. If these claims are being worked, cashflow will continue, and the impact felt is lessened.
We understand and we get it, paying your employees is first and foremost. Paying vendors may come secondary. All we asked from everyone was to “Be Reasonable.” “Be Reasonable” has been our COVID theme we have used during this time at least a hundred times. If everyone stays calm and has patience, stops watching the news and listening to rumors – we will get through this and be better for it in the long term!
Cashflow is very important during this time. So with the clients who let us continue working, we worked. And we worked hard for our clients. Posting was high! The posting numbers were unbelievable!
April posting will certainly be down, but we are still collecting production from March as well as outstanding claims from prior. Working the insurance aging report right now is huge. Plain and simple, someone needs to be doing this! You must have claims being called and paid on. Utilize this time to get your practice back on track!
May collections for most will surely follow suit to April. Unfortunately, small amounts of production lead to little collections, but we are prepared for this. We’ve been working with our clients, adding additional value TOGETHER to get us over this hump.
Our employees have been amazing! Shoutout to them. They have been hyper focused and so engaged with our clients, it’s been unbelievable. Every person in our organization has stepped up to the plate and hit a home run. Our values and culture have been seen each and every day through our team.
Our employees CARE about their clients. We have had more than one employee ask if they could continue to work for no fee… We were flabbergasted at this request. We could not believe it. They have worked so diligently and built such a great relationship, they didn’t want to lose it. Yes, they would rather work for free than lose their client. That’s truly amazing stuff, and having them a part of this DCS team is fantastic.
Our point in saying all of this is because Dental ClaimSupport has been set up for this moment to happen. We are not running scared. Our leaders have been and will continue working ON the business. Our Mission, Vision, Values have been written, posted around the office, and are spoken daily in every meeting. Our Leadership team has a book club in which they read and talk about their books every Friday morning. Processes are written, followed, and updated weekly.
We have set up a new platform for you, the Dentists. During this time, you have a choice to remain stagnant or improve yourself and your business. It’s hard to motivate yourself without accountability. Including yourself in a peer group of Dentists along with your Implementer (Office Manager) with a PROFESSIONAL COACH. A professional coach can help you create goals, create passion, and help you work ON your business as opposed to IN your business. Writing down your goals, talking through them, and having others help keep you accountable for working ON your business will help you achieve those goals faster!
The Dental Business Profit Roadmap will help your business grow and you will help you grow individually. We guarantee it!
We are inviting you to join now to get some accountability rolling for when your doors are opened back up. We can’t wait to see you!