It seems as though just a few years ago, business banking was pretty simple and straightforward. The typical dental practice had checking and savings accounts, and patients paid by cash, check or insurance. Then along came a dizzying array of bank offerings – credit products, online banking, cash sweeps and a myriad of other services.
The good news is that today’s banking tools can help your dental practice become more efficient and profitable than ever. The difficult part is choosing which solutions make sense for your particular practice. While the options are many, most dental practices start with a few basic products:
1. Cash Management Tools
Do you collect and deposit income in a way that maximizes the interest you receive on your money? Do you use a method of tracking expenditures that prevents errors and fraud? Are your receivables and payments automated so that your staff saves time on manually entering data?
If you answered “No” to any of these questions, consider the following solutions:
- Collection services such as remote deposit, which allow you to deposit and start earning interest on patients’ checks immediately without ever leaving the office.
- Automated account reconciliation and disbursement services that automatically transfer funds from one account to another on an as-needed basis and reconcile your expenditures with little manual entry.
2. Merchant Card Services
Another cash management tool that is vital for any dental office is credit card processing. This tool not only allows you to efficiently collect patient payments, but also to generate reports that help you track and analyze your cash flow. When evaluating services, be sure to look for ones that offer low discount rates, a user-friendly interface and 24/7 access and support.
About California Bank & Trust: With over $10 billion in assets, California Bank & Trust offers connections to highly-experienced bankers with local decision-making authority, customized financial solutions and the beneficial business relationships and opportunities our clients need to succeed.
