The Future of Dental Practice Management: Integrating Financial Services
This article was written by Planet DDS and originally published in the Dental Products Report.
The pressure is on dental service organizations (DSOs) to streamline operations, enhance patient care, and maintain profitability. Dental groups that used to drive growth through mergers and acquisitions found themselves unable to close deals this year and pivoted to focus on same-store growth. That’s led to a strategic approach to integrating financial services—such as insurance claim processing, financing, and payments—directly into the practice management system to simplify operations and increase revenue.
Find out how integrating financial services can eliminate inefficiencies, create smoother workflows, and enhance patient experiences—all while positioning DSOs for sustainable growth.
Key Strategies for DSOs to Integrate Financial Services
Successfully integrating financial services begins with a clear vision and strategic planning tailored to the needs of DSOs. By prioritizing alignment between financial tools and your dental practice management system, you can create a more seamless and efficient operation. Below are three actionable strategies to help streamline this process:
1. Create a cohesive dental operating system.
Imagine a patient visiting a dental office where they can schedule appointments, receive reminders, complete forms, upload their insurance card, sign their treatment plan, and manage payments all online. That’s now feasible through APIs, which enable disparate computer systems to securely share data without the need for manual data entry or logging into different computer systems.
It creates a cohesive dental operating system where actions can trigger an automated workflow that used to take people hours to accomplish manually.
For example, when the patient uploads a picture of their insurance card, it can automatically start the process of verifying their insurance benefits, receiving back the data from the insurance carrier, and automatically uploading the details into the patient chart. It eliminates the need for dental team members to call the insurance carrier or log into a separate portal to access the information and then manually enter it into the patient’s file.
2. Simplify collections with payment automations.
Automated insurance verification is just the beginning. Integrating financial services simplifies the entire collection process.
Insurance payments can be automatically received and accurately applied to patient ledgers. If the carrier pays less than expected, it can trigger an automated text message or email to the patient to let them know there is a balance due and provide a link to make payment that then is automatically applied to their account.
Typically, though, integrated financial services help create accurate out-of-pocket cost estimates, and that gives the DSO the opportunity to discuss different options to help their patients afford the care they need.
DSOs can offer flexible payment options, such as financing plans with a fully integrated, third-party lender. Team members no longer need to log into a lender’s website to run a credit check or receive financing approval; it can all be done from within the practice management system.
Integrations also make it easier to offer card-on-file technology and automated monthly payment plans. DSOs also can send out automated text-to-pay reminders, making it easier for patients to pay their bills online and enabling practices to receive payment faster.
3. Analyze data-driven insights to improve decision-making.
By centralizing financial services within the practice management software, DSOs can access data analytics to drive better decision-making. The data can reveal trends in patient spending, insurance reimbursements, and operational costs, enabling DSOs to optimize pricing strategies and improve cash flow management.
Beyond financial metrics, integrated analytics provide insights overall performance, helping DSOs identify bottlenecks, forecast revenue, and refine their processes for greater efficiency. With a clearer picture of financial operations, leadership can make more informed, proactive decisions to strengthen business outcomes.
Advance Your DSO with Integrated Financial Services
The future of dental practice management software depends on developing technology that unifies clinical and financial operations. The dental industry has lagged behind other industries in adopting the technologies that automate processes and make it easy for our patients to receive the care they need. Integrating financial services is one way we can make an immediate difference.
Looking to learn more? Contact Planet DDS today to see how our DentalOS™ platform can help unify your practice management system and financial operations.
