How Technology is Changing the Face of Dental Accounting
A dental practice is usually managed so that all aspects of the business are centralised - from financials to operations to marketing.
19:44 22 December 2022
A dental practice is usually managed so that all aspects of the business are centralised - from financials to operations to marketing. But this can be costly and time-consuming for small dental practices with minimal resources.
Nowadays, dental practices are equipped with the latest technology and professional accountancy advice from Hive Accountants, making it easier to manage everything remotely and at a fraction of the cost. And we're not just talking about lower hardware and software acquisition expenses - we're also talking about decreased administrative costs like payroll processing, accounting software subscriptions, legal fees etc.
Here are some ways in which technology can affect different aspects of dental accounting;
Improves Efficiency And Accuracy Of Operations
The dental field is booming, with more and more people opting for dental care every year. This means that there is also an increasing demand for accountants in the dental field. As such, accountants should be aware of how technology can streamline and improve the efficiency of accounting tasks in their workspace.
Namely through the use of automated processes that work based on certain criteria. Automated processes have several notable advantages (including but not limited to saving time), and it is important to keep abreast of them for professional gain.
One such process used by various medical practices and clinics, including those in dentistry, involves automated patient billing. The information regarding each patient's visit is compiled automatically into a billable event: diagnosis/procedure code, date/time of service rendered, date/time billing was approved in-office system, billing type (cash or insured), and insurance name.
Cloud-based Accounting Software And Online Billing Systems
Cloud-based accounting software provides an option for patients to pay their bills online. Online billing systems are also present to enable dentists to request payments electronically, which reduces the amount of paper and postage costs involved.
They are designed with the needs of a dental practice in mind, offering features such as form filling and automated data feed from various sources, making it easier for you to stay on top of your books.
Luckily for you, plenty of software options are available out there tailored specifically for dentists! There are also apps where patients can easily find a dentist nearby and compare prices based on their needs.
Benefits Of Technologies To Dental Practices
Referral Management Systems
Easy referrals are now possible with the help of online databases of available providers. Quickly connect with local experts after conducting a quick search. Your online visibility will grow if you list your business in a searchable database. Patients will benefit immensely from a referral system that includes dental and other medical professionals.
Paperless Office Management Tools
Use integrated electronic medical records' data storage and retrieval functions to keep your clinic's information safe. Send health and permission forms through online portals and reduce patient wait times before appointments.
Secure and Efficient Communication Instruments
E-consultations and provider databases allow you to communicate with specialists in real time, speeding up patient care. Use IM and video calling services to avoid losing emails, phone calls, and notes.
Working together on cases is important when caring for patients, as some patients may need specialised attention. Facilitating primary care physicians' and specialists' communication can speed up the resolution of patient situations.
When evaluating your business, your hired dental accountant will use their knowledge of industry norms as a benchmark. To make your practice run more efficiently and successfully, they might provide constructive criticism and suggest changes to how things are done.
Help in Investing in New Gear
Accountancy firms who specialise in dentistry are up-to-date on the latest tools and technologies. Because of this insight, they can analyse your dental practice's financial situation and suggest what kinds of equipment will yield a positive return on investment.
Expanding Your Dental Practice
Dental accounting organisations can connect you with financial institutions and loan officers who specialise in the dental industry, making it easier to acquire real estate for your growing dental practice.
An experienced firm will be there to help you through the process and negotiate favourable terms.
The technology available in dental accounting has changed significantly in the past decade. It provides benefits for both the patient and the dentist.
Some of these benefits are less paperwork and faster turnaround times on financial responsibilities, but other benefits can also affect a patient's care. With digital technology, it is often easier to find time to take care of their teeth, which can help prevent future dental issues from occurring.