How To Outsource Accounts Receivables Services for Your Dental Practice

Managing accounts receivable can be a complex and time-consuming task for dental practices. It involves tracking payments, following up on outstanding invoices, and managing patient billing information. 

But as a busy dentist or dental practice owner, there are better uses of your valuable time and resources. Outsourcing accounts receivable services can help you focus on providing the best dental care. 

It’s becoming an increasingly popular solution to outsource accounts receivable services for dental practices, as it offers numerous benefits, such as improved cash flow, administrative abilities, and efficiency. 

In this article, we will discuss when to outsource this function, how to choose an outsourcing partner, how to make a smooth transition, and some of the top providers.

When To Outsource Accounts Receivable Services for Your Dental Practice

Outsourcing accounts receivable services can be beneficial for any dental practice. Here are some signs that it may be time to consider outsourcing:

You’re starting a dental practice from scratch 

Starting a new dental practice can be overwhelming, and managing accounts receivable may not be your top priority. Outsourcing accounts receivable services from the beginning can help you focus on building your patient base and growing your business.

Your write-offs are high 

If your practice is struggling with high write-offs due to unpaid invoices, outsourcing accounts receivable services can help. Outsourcing companies have experienced professionals trained in effective collection strategies and can help you collect overdue payments.

You’re having issues with dental staff

Managing accounts receivable can be a sensitive and challenging task for in-house dental staff. Outsourcing can alleviate potential conflicts or issues with your dental staff, allowing them to focus on their core dental services and providing quality patient care.

You have many drop-in patients

Drop-in patients can create challenges in managing accounts receivable, as their information and payments may not be properly recorded. Outsourcing accounts receivable services can help ensure that all patient billing information is accurately tracked and managed.

How To Choose a Reliable Accounts Receivable Outsourcing Partner

So, you’ve decided it’s time to outsource. How do you choose the right outsourcing partner? Here are some steps you can follow for a successful process:

1. Research and compare different outsourcing companies

Start by researching different outsourcing companies and their services. Look for companies that specialize in providing accounts receivable services for dental practices. We have some great picks listed below.

Compare their offerings, pricing, and reviews from other clients to determine which one best fits your needs.

2. Check their experience and reputation in the dental industry

It’s important to choose an outsourcing partner with experience and a good reputation in the dental field. They should have a track record of successfully managing accounts receivable for other dental practices, as well as positive testimonials from satisfied clients.

3. Look for client testimonials and reviews

Client testimonials and reviews are a great way to gauge the quality of services provided by an outsourcing company. 

Look for feedback from other dental practices that have used their accounts receivable services, and consider reaching out to them directly for more information.

4. Assess their technology and systems

The outsourcing company should have up-to-date technology and systems to efficiently manage your accounts receivable processes. These include secure online portals for patients to make payments, as well as electronic billing and payment tracking systems.

How To Make a Smooth Transition to Outsourcing

You’ve decided to outsource dental accounting services and found a great partner. Now what? Here are some tips for making implementation easy:

1. Communicate the decision to your staff

It’s important to communicate with your staff about the decision to outsource accounts receivable services. Explain why it will benefit the practice and how it will affect their roles. This will help ease concerns or resistance.

2. Provide necessary training and information to the outsourcing company

Make sure to provide the outsourcing company with all the necessary information and training on your practice’s billing procedures, software, and policies. Robust training and onboarding will ensure a seamless transition and help avoid confusion or errors.

3. Establish clear communication protocols

Set up clear and effective communication protocols with the outsourcing company to ensure a smooth flow of information and timely responses. This can include regular check-in calls, email updates, and designated points of contact.

4. Monitor progress and address any issues that arise

Keep a close eye on the progress of your outsourced finance and accounting services and address issues promptly. This will help maintain a strong working relationship with the outsourcing company and ensure high-quality service.

Benefits of Outsourcing Accounts Receivable Services for Dental Practices

Still not convinced? Here are some of the top benefits of outsourcing accounts receivable services for dental practices:

Consistent cash flow

Outsourcing accounts receivable services can lead to more consistent cash flow for your dental practice. By having dedicated professionals managing your accounts, you can ensure timely and accurate billing and follow-up on outstanding invoices. 

This, in turn, leads to a steady stream of income for your practice.

Patient-focused team

By outsourcing accounts receivable services, you can focus on what matters most: your patients. With a dedicated team handling the billing and collection process, you can spend more time providing quality dental care. 

This can lead to higher patient satisfaction and retention rates.

Maximum reimbursement

Outsourcing accounts receivable services can also help ensure maximum reimbursement for your services. Experienced professionals can identify and address billing or coding errors, leading to higher reimbursements.

Overhead cost savings

Hiring and training an in-house team to handle accounts receivable can be costly. Outsourcing can save you money on salary, benefits, and training expenses. You also won’t have to worry about staff turnover or covering for sick days and vacations.

Additionally, there is no need to spend on additional dental office space or accounting software when you outsource accounts receivable.

Top 6 Providers of Outsourced Accounts Receivable Services for Dental Practices

Many finance outsourcing companies and recruitment services can help you outsource accounts receivable services for dental practices. Here is our list of top providers, in no particular order:

1. Near

Near is a leading recruitment firm that specializes in recruiting from Latin American (LatAm) countries. We’ve pre-vetted an extensive pool of accountants who can provide outsourced accounts receivable services for dental practices. 

These bilingual, highly skilled professionals can handle all aspects of accounts receivable, including patient billing, payment tracking, and follow-up on outstanding invoices.

Monthly bookkeeper salaries in LatAm start between just $1,250 and $3,500, giving you access to experienced financial professionals (with degrees in accounting) who offer affordable rates. Salaries for the same role in the US tend to be significantly higher due to the high cost of living.

2. Flatworld Solutions (FWS)

Global IT, business consulting, and outsourcing firm FWS is based out of Princeton, New Jersey, with offices in the Philippines, India, Bolivia, and Colombia. Since 2004, it has developed a team of about 5,000 dedicated experts serving clients in 167 nations.

FWS’s dental accounting services include accounts payable and receivable management, practice management consulting, bookkeeping, financial statement preparation, payroll processing, tax compliance, budgeting, and more.

3. DentDesk

DentDesk is a dental billing service based in Wilmington, Delaware. The company is HIPAA-compliant, with a focus on data security and following regulations to keep your information safe.

Its services include outsourced accounts receivable for dental practices, insurance claims processing, dental insurance verification, aging, billing, and payment. 

4. Dental Accounts at Ease (DAAE)

Dental billing company DAAE has been based out of Las Vegas, Nevada, for over 10 years. Its expert team includes experienced managers, tracers, consultants, marketers, experts, and specialists in their respective fields. 

DAAE’s services include accounts receivables management, dental consulting, dental billing, dental practice management services, team training, search engine optimization, website design, and accounting services.

5. Dynamic Dental Solutions (DDS)

The dental billing service and revenue recovery partner DDS is a Wilmington, Delaware-based firm. It’s ranked in multiple Inc. 5000 lists in 2023, is HIPAA-compliant, and is a DealsForDentists Gold Partner.

The company’s services include accounts receivable as part of the dental billing process, dental insurance billing, medical/dental cross-coding, and credentialing.

6. Invensis Technologies

With over 20 years of experience, Invensis is a top outsourcing company from Lewisville, Texas. It has helped over 700 dentists and is ISO-certified and HIPAA-compliant, with knowledge of the most popular accounting software.

Its bookkeeping and accounting services for dentists include accounts receivable, inventory management, cash flow management, payroll processing, accounts payable, financial records maintenance, financial statement preparation, and more.

Final Thoughts

Choosing to outsource accounting services for dental practices like accounts receivable can greatly benefit your business. It allows you to focus on providing dental care to patients while leaving the administrative tasks to a dedicated team of professionals. 

When choosing an outsourcing partner, consider their experience, technology, and communication methods. And remember, Near is here to help you implement the perfect outsourcing solution for your dental practice needs. 

We make recruiting the right professional easy for dental practices by handpicking the most suitable finance experts with experience in accounts receivable from our large talent pool.

Contact us today for a free consultation call and let us help improve your cash flow and efficiency through our top-notch recruitment services based in LatAm!