adminIncorrect coding, billing processes that aren’t as efficient as they could be, and poor bookkeeping often contribute towards revenue loss for dental practices. In fact, some practices lose as much as 10% of their annual revenue due to these reasons alone.
Partnering with a firm providing expert dental bookkeeping in Coral Springs is a simple and convenient way to make sure that dental professionals leave nothing on the table in terms of profitability.
A dental bookkeeper will ensure that insurance claims are filed in a timely manner, along with patient payments and expenses, and depending on the dental professionals area of expertise or scope of work, they may also help them with a range of other administrative tasks.
The ideal dental bookkeeper
Finding the right bookkeeper should mean that one day, they are able to become more like an extension of the business, helping to remove the stress and anxiety that can come with running a busy dental practice.
Here are some of the ways in which a dental bookkeeper can help practices:
- Provide cashflow alerts
By tracking daily benchmarks, a dental bookkeeper will be able to identify potential problems before they become bigger and develop into urgent concerns, such as rising supply expenses, or dwindling insurance collection percentages.
Following such early identification, bookkeepers can help practice’s protect cash reserves through proactive communication.
- Offer real-time data that is clear and insightful
At any given time, a bookkeeper should be able to provide a dental practice owner or manager with meaningful insights based upon real-time data and up-to-date financial reports. They’ll likely use an accounting program that’s cloud-based, and which can be integrated into the existing practice management software to deliver weekly updates on such things as production versus collection. Monthly updates make it difficult for practices to make billing, financial, or service adjustments in time.
- Maximized deductions
From specialty supplies and laboratory fees, to Section 179/Bonus Depreciation on equipment, dental bookkeepers should be able to account accurately for every expense type, to help practice’s reduce their tax liability.
- Good communication
For any sustainable dental practice/bookkeeper relationship, there must be open, unambiguous and regular communication from the bookkeeper. Whether this is by way of daily online meetings or phone calls, or in-person, bookkeepers must convey the necessary information to their clients that will guide them in their financial decision-making.
- Catching billing errors and fraud
A trusted and experienced dental bookkeeper will conduct periodic reconciliation of bank and credit card statements, looking specifically for any industry-related issues like posting errors with patient payments, insurance checks that haven’t arrived, or duplicate invoices for supplies. Along with expert tax planning for dentists in Coral Springs, dental bookkeeping helps practice owners protect their assets and keep patient ledger data accurate and up-to-date.
Although a bookkeeping service may state that it has dental industry experience, it’s important to ascertain their level of experience and expertise in dealing with the specific requirements of your dental practice, before going ahead and making your choice. Talk to them in detail about their level of industry experience, what they can offer your practice, and how they’ll assist you in maintaining proper records, filing taxes, and helping you plan for the future. When you find the right dental bookkeeper, you’ll immediately begin reaping the rewards.
