Deferments for payments during COVID - Part 6

Managing Patient Payment Challenges: Contracts, Deferments & Cash Flow Strategies

In times of financial uncertainty, orthodontic practices face a unique challenge—how to support patients who request payment deferments or reductions while keeping the practice financially stable. On our YouTube channel, Jill Allen, owner of Jill Allen & Associates, will walk orthodontists and their teams through key strategies for handling contracts, financial protocols, and maintaining cash flow during uncertain times.

Handling Payment Deferments with Confidence

When patients ask for payment deferments or reductions, it’s crucial to have a clear plan in place. While flexibility can build goodwill and strengthen patient relationships, it should be balanced with financial responsibility. Jill will share insights on how to:

• Review existing contracts and identify areas where adjustments can be made without harming long-term financial health.
• Communicate effectively with patients, ensuring they understand the impact of deferments and what their options are.
• Set clear terms for any payment modifications to avoid confusion and future disputes.

Tracking Delinquencies & Staying Proactive

A few delayed payments might not seem like a big deal at first, but if left unchecked, they can quickly add up and affect cash flow. Jill will go over:

• How to track delinquencies efficiently so nothing falls through the cracks.
• Best practices for following up on overdue accounts without damaging patient relationships.
• When and how to enforce payment agreements while maintaining a professional and compassionate approach.

Keeping Cash Flow Strong

Even with deferments, your practice still needs consistent income to stay operational. Jill will share creative ways to keep revenue coming in, including:

• Offering incentives for early or lump-sum payments.
• Exploring alternative revenue streams to supplement patient payments.
• Identifying cost-saving measures that don’t compromise patient care.

Secure Your Practice’s Financial Future

With the right systems in place, you can navigate patient financial challenges while keeping your practice financially healthy. Don’t miss this 15-minute video with Jill Allen—learn how to manage contracts, track delinquencies, and keep cash flow steady, even in uncertain times.