764: Cash Flow Kings and Queens: The Dentist’s Guide to Mastering Accounts Receivable – Ariel JudayWhat is your favorite collections agency? Your answer should be, “None of them!” Sending patients to collections is not worth the hassle. Instead, you should prevent getting to this point in the first place. To help you master accounts receivable and avoid uncomfortable situations, Kirk Behrendt brings back Ariel Juday, one of ACT’s amazing coaches, with some of the best practices for managing AR. To learn how to collect the money you deserve, listen to Episode 764 of The Best Practices Show!Learn More About Ariel:Send Ariel an email: [email protected] Follow Ariel on ACT’s Instagram: https://www.instagram.com/actdentalSend Gina an email: [email protected] More Helpful Links for a Better Practice & a Better Life:Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin The Best Practices Association: https://www.actdental.com/bpaJoin ACT’s To The Top Study Club: https://www.actdental.com/tttSee the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/eventGet The Best Practices Magazine for free: https://www.actdental.com/magazinePlease leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Episode Resources:Watch the video version of Episode 764: https://www.youtube.com/@actdental/videosMain Takeaways:Attempt to collect at time of service.Avoid scheduling patients who are high-risk.Have a working system for financial agreements.Take care of the balance before treatment, not after.Make sure that patients are making reasonable payments.Let competent admin take care of the financial conversations.Align with your team on collection strategies for overdue balances.Document every financial agreement you make — no matter the amount.Record each engagement and each engagement attempt with the patient.No more than one month’s net collections should be outstanding in your AR.Remember that your patient didn't let this overdue balance happen — you did!There is no benefit to sending patients to collections. Prevent getting to this point.Snippets:0:00 Introduction.1:25 About ACT’s BPA, TTT, and Pro Coaching.5:01 Why this is an important topic.9:38 With work and intentionality, it’s possible.11:52 AR aging and claims aging, explained.13:06 Accounts receivable, explained.14:13 Have a system to find your AR.16:47 Healthy AR goals, explained.19:19 Train patients with reservation fees and prepaid...

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