Quality Dental Plan featured in “The Progressive Dentist Magazine”
A note from the Editor:
We’ve chosen Quality Dental Plan (QDP) as our second Revenue Replacement Solution®. I initially met Dr. Marut a couple of years ago – first as a dentist, and secondly, as an entrepreneur who founded NewDocs.com. Over the past couple of years, we’ve kept in touch and I’ve followed his progress with yet another of his entrepreneurial ventures. It’s called Quality Dental Plan and we at The Progressive Dentist magazine think it’s an interesting insurance alternative and something that our subscribers should be aware of as a possible option for your practices.
We have asked Dan to share the details of the plan with you so that you can make an informed decision as to whether or not it might be a good fit for you and your patients.
Let me begin by saying that I’m a dentist, just like you are. I’ve suffered from most of the same frustrations and have been through similar learning curves. Here’s my story. Back in 2001, I bought a one-operatory, run down practice from an elderly dentist in rural Oregon. Most of the practice’s existing patients were insurance-based, had low dental IQs and very little value for dentistry. Those with insurance would only accept the treatment that insurance paid for, and those without coverage generally refused most restorative treatment due to out of pocket costs. I saw this pattern emerging in my practice and wanted to find a different way to practice – to create something that would help my patients feel that they could achieve oral health – and to help me get past these objections. I came across a study on buyer behavior from Harvard University, which talked about the best practices from other industries that had made them successful and decided to apply what big business knows about consumer behavior to my practice. I had nothing to lose and everything to gain.
Professors from Harvard & Columbia Business Schools conducted a study called the “Fee Savings Link” to evaluate the power of membership-based retailers. It found that………..
A recent USA Today article highlights the increasing amount of people without insurance benefits. While the media mostly focuses on medical insurance, these same people do not have dental insurance. You can bet these same people are members of your community. It a reality we all face as dental providers: How do we continue serve our communities in a sustainable way? For both our patients and our practices.
We’ve all heard word of mouth (WOM) referrals are the best way to get new patients. In fact, in any industry retail, service, and, of course, healthcare, WOM is the single most cost effective way to grow your business. So how do you effectively increase your WOM referrals?
The benefits to WOM referrals are many. New patients coming to your office through WOM have already heard about you from a trusted source, usually a friend or colleague. This means someone has been impressed enough with some aspect of your office to let others know about you and your team. This is so very special because people who have had a positive experience worthy of WOM are likely to tell one person while someone who has a negative experience are likely to tell four! Also, Referred customers were about 18% more likely to stay with your office than other patients. In fact, according to one study, an analysis of customer activity from January 2006 until September 2008, showed that referred customers indeed generated higher margins than other customers
So we all know the benefits of WOM referrals. The question remains, what can we do to increase WOM referrals? The first is an old business adage: Take care of your customer (in our case, patient). Be sure to respond promptly to your patient’s needs such as answering the phone promptly, explaining treatment, and having financial arrangements to meet their needs.
Second, although it may sound simple, keep your office clean and free of clutter. This also includes keeping you magazines and other reading materials up to date. It may sound basic but what do you think a magazine from 6 months to a year ago hanging around your reception area says?
Third, use a membership reward program to increase your WOM referrals. According to a study by COLLOQUY, the leading loyalty marketing experts in the world, it was revealed “Reward Program Members 70% More Likely to be Word-of-Mouth Champions than Non-Members New Word-of-Mouth Research Shows Reward Programs Are Marketers’ Best Source for Finding Consumers Who Recommend their Brands.” Compared that to this finding from the same COLLOQUY study: “Only 32% of non-reward program members are self-described WOM champions. What this translates to in the dental office is this: Simply by adding a membership program you can see a 70% increase in new patients from WOM referrals.
To find out how QDP can make it easy for you to implement and manage your very own customized, sustainable patient membership program request more information today.
Welcome our new website QDPdentist.com! Here interested docs and office can request information about QDP and current QDP member offices can access all QDP implementation materials, marketing materials and a myriad of practice building tips and special QDP member-only offers from leaders all across the dental world!