Division of Duties in a Dental Practice, Part 4: The Finance Coordinator by Sandy Pardue

The topic of money in the dental practice is often a difficult one. As a business owner, you need money from patients to cover your overhead. Many patients see their financial responsibility as a hurdle and it’s a common reason they put off treatment. The majority of patient issues, and the main reasons patients leave dental practices, are often connected to money in some way.
Because a dental practice cannot survive without cash flow, it’s important to have the financial area of your practice well established with systems and a trained person making financial arrangements and collecting payments. Even if a doctor provides excellent dentistry, without a well-run financial department, the practice may end up with low treatment acceptance and patient acceptance, less-than-average collections, and a high number of upset patients and no-shows. It’s important to have the right person in the financial coordinator position—ideally, someone with interpersonal skills who can work with patients to create financial solutions so treatment is accepted and paid for.
Upon completion of this course, you should be able to:
– Create a financial coordinator job description and checklist.
– Hire or appoint the best person for the position.
– Collect payment for a higher percentage of services delivered.
– Implement effective financial policies and guidelines.
– Better manage the financial area of the practice.