Navigate the World of Dental Benefits like a Boss
It's no secret that navigating the world of dental benefits can be a headache-inducing pain in the butt. But the truth is, dental benefit companies hold the key to your profitability. And if you want to be a successful private practice dentist, you need to understand how to work the system to your advantage.
Being in-network means that you have contracted with the dental plan to accept their restricted negotiated rates for your services. The pro of this is that you do get patients from the dental plan directory of in-network providers. The con? You're stuck with their low-ball reimbursement rates that don't come close to covering your expenses and you are attracting patients who base treatment acceptance on dental benefit coverage.
It's time to start thinking about moving out of network. This means that you'll no longer be restricted by the plan's reimbursement rates, and you'll be free to set your own fees for services. The pro of this is that you'll be able to charge what you're actually worth and increase your profitability. The con? You'll likely see a decrease in patient volume because insurance companies will no longer direct their members to your practice. When done properly, patient attrition is on average 10%, but the profitability per visit increases 35-50% because you are not forced to take such a big hit on adjustments.
By charging patients directly for your services, you'll be in control of your own profitability. You won't have to worry about insurance companies dictating your fees, and you'll be able to build a more sustainable business model that's focused on providing high-quality dental care to your patients.
"But wait, won't moving out of network and adopting a fee-for-service model turn away insurance-dependent patients?" The answer is yes, it probably will. The truth is, these patients are an energy suck for the entire practice.
But you know what's even worse? Staying in-network and being stuck with low-reimbursement rates that don't cover your expenses. The key to a successful fee-for-service model is to attract patients who value high-quality dental care and are willing to pay for it.
So how do you make the transition from in-network to fee-for-service? It's all about education and communication. Start by educating your patients about the value of high-quality dental care and the importance of investing in their oral health. And be transparent with them about your fees and what they can expect when they visit your practice. It is important to be strategic in your rollout.
Another critical aspect of a successful fee-for-service model is attracting high-quality patients. Your brand is your calling card, and it's critical to attracting the right patients. Create a brand identity that reflects your values and personality, and make sure it's consistent across all your marketing and communications materials, from your website to your social media presence. By building a strong brand identity, you'll attract more patients who value high-quality dental care and are willing to pay for it.
And don't forget about your team! Your team is the backbone of your practice, and investing in their development and growth is critical to your success. Provide regular training and support, offer competitive salaries and benefits, and create a positive and supportive work environment. By investing in your team, you'll improve their performance and increase your profitability.
My name is Tricia Lanette and I am a Dental Brand Strategist + Creative Director. I founded Electric Paradise Creative to bring a fresh perspective to branding women in dentistry. Dentistry is about more than just teeth; it's about celebrating the personal stories, passions and success that make each dentist unique and we bring those stories to life with creativity, energy, and touch of rebellion. 💅🏼🪩🦩🎬🦷
