Dentistry Huddle

ROI of Using Pearly for Accounts Receivable

Patient revenue cycle management (RCM) causes headaches at every dental practice. We built a solution to make it easy. Pearly removes the hassle of following up on past-due balances while also boosting collection rate.

ROI of Using Pearly for Accounts Receivable

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Boost Patient A/R Collection Rate

Let’s say what everyone is thinking, collection calls are the worst.

Our solution empowers your practice to collect 30% more patient accounts receivable by reaching patients at the right time, on the right channel, and providing a seamless payment experience. Pearly integrates with your practice management system to eliminate data entry and auto-creates patient bills and balances. We can even post payments to the ledger for supported systems.

Take a look at our A/R Benchmarking Report to see how your dental practice compares to our recommended best practice metrics.

accounts receivable a/r automation benefits

For reference, text (SMS) messages have a 98% open rate and the average person responds to texts in 90 seconds. By allowing patients to easily pay on their phone, while on the go, your practice can increase the amount of and speed in which you collect past-due balances.

Persistence is the key to collecting aging receivables and it is why debt collection agencies take 20% to 50% of the total bill for their services. Your dental office manager or billing specialist has a lot on their plate and limited time for follow-up.

We built our A/R Assistant to step-in before your team needs to make a collection call and long before you send the past-due bill to a collections agency. By automating time consuming tasks with beautiful software, your practice gets paid more, faster, while delivering a superior financial experience to patients.

Writing off past-due balances directly impacts your bottom line. Imagine technology that reaches out on your practice’s behalf automatically to patients by text message and email in a friendly, timely manner until a payment is made.

Reduce Cost to Collect

Do you know how much it costs your practice to collect a past-due balance of $100 from a patient?

Mailing paper statements cost an average of $7.26 per statement and, if a $30 per hour practice staff member takes 20 minutes to make multiple calls to finally collect payment, that is another $10 out the door. When you add on merchant processing fees, sending eStatements, and factor in inflation, the cost to collect adds up fast for your dental practice.

Pearly’s A/R Automation software is the virtual collections billing that can reduce your cost to collect by 65%. We seamlessly integrate with your practice management system to automatically send patients with past-due balances friendly, intelligently timed text messages and emails prompting them to complete payment in full or with a custom payment plan. Patients can use all modern payment methods to remove friction from the process.

By eliminating paper and mailing costs along with hours of staff time each week attempting to collect payment, dental practices using Pearly significantly reduce collection cost while increasing collection rate.

how to reduce collections cost

Dentists frequently tell us that the most common complaints from their staff are making collection calls to patients. By “hiring” our A/R Assistant, our software automatically reaches out with multiple touchpoints and only notifies your staff to call after dozens of reminders have been sent over a 6 to 10 week period, significantly reducing the manual aspect of collecting funds from patients. Your team will thank you for reducing the most painful part of their day.

Before making a collections call or sending an invoice to a debt collection agency, let Pearly go to work for your practice to collect more payments, for less cost, and deliver a better patient experience.

Accelerate Cash Flow

Patients delay paying their dental bill for a variety of reasons, but regardless of the factor, the longer it takes patients to pay, the less valuable the payment is to your dental practice. The three most common factors we have found that cause late payments are bill confusion, lack of convenience, and financial inability to pay the full balance at one time.

Dental practices using Pearly Pay can reduce days outstanding by 41%, which dramatically accelerates practice cash flow and boosts the bottom line.

how to accelerate cash flow

Pearly's A/R Automation solution was built to address the most common factors that cause late payment to ensure your practice gets paid faster. First, we present consumer-centric, readable bills so balances owed and insurance payments are transparent. Second, Pearly gives patients a frictionless payment experience so they can complete payment on any device with a wide variety of payment methods. Third, practices can offer Installment Plans empowering patients to split their balance up over time.

Utilizing our A/R assistant and other products we offer, your practice can start collecting what you deserve!

Patients today expect a frictionless process to pay for dental care. The old way of receiving paper bills from practices with confusing language and complex online bill pay portals leads to slower payments and frustrated patients. Pearly powers the new way for dental financial engagement that brings in more payments, faster, while providing patients the payment experience they expect from their favorite e-commerce site.

Why not make your life easier? Take a tour of Pearly to start collecting more patient payments automatically today.

If you have any questions or would like to speak with a Pearly RCM consultant about our software solution, please click here to schedule a live walk-through of our platform and services.

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