For a topic as tricky as finances, it can be easy for your business staff to feel intimidated on how to broach the subject. However, their confidence will skyrocket immensely by following the magic formula for presenting the cost of treatment to your patients. It is essential that you train them to follow this formula for any situation, no matter the patient or whether it’s a regular appointment, a recall, or even an emergency appointment.
Another important note — when estimating a patient’s copay, it is important that your business team OVERESTIMATES, and NEVER UNDERESTIMATES. Just think about it — being given an estimate of out-of-pocket expense for a good or service that turns out to be less than the actual cost would be extremely frustrating. However, being given an estimate that turns out to be more than the actual cost is exciting, and relieving. While it’s important to estimate as accurately as possible, if there is any uncertainty, always overestimate rather than underestimating. This will help tremendously to avoid potential conflict later down the line.
The formula above works great — but it works best when it is paired with a specific execution style:
Not only does this allow for a smooth, seamless transition into the topic of finances, but it allows for you to schedule your patients first — providing greater case acceptance rates for your practice and ensuring that patients keep their treatment in the forefront of their mind, despite the cost. Always remember to schedule first, and avoid asking “Do you want to schedule?” Instead, offer appointment times and ask which one works better.
By training your business team to follow this magic formula, and utilizing it in the order that is described above, you will be well-equipped for success in the realm of financial presentation.