Implement a Proven System to Grow Your Practice Despite the Down Economy
The dental industry is often described as recession-proof. After all, people will always have basic dental needs, and even in slow economic times, dentists have often been able to generate relatively stable production while other businesses struggle. But resilient though our profession may be, our patients are still affected by the economy. And over time, changes in their budgets inevitably begin to show up in our schedules and treatment plans.
The Changing Marketplace
A recent study from the Department of Commerce confirmed that Americans are spending far less on dental services today than four years ago. This is especially true for cosmetic and elective procedures, which patients tend to view as luxuries, but even preventive care is being prolonged or put off altogether. Dentists across the country are reporting longer recall and lower treatment acceptance. Combine that with the fact that unemployment is up and employers are increasingly downsizing their benefits and it may be easy to think the future of dentistry looks bleak.
But dentists don’t have to just accept these trends and watch their business slow month after month. The recent changes in the dental marketplace can be overcome by evolving the way we think about dental plans and how we approach dental benefits with our patients. Enter Quality Dental Plan (QDP), an in-office membership plan that offers dentists and patients an alternative to traditional insurance, and helps minimize the impact of the economy on our bottom line.
Increasing Production in a Down Economy
Here’s how QDP works: Patients pay you a set annual fee upfront, and in return get basic preventive care for the entire year. As members, they also qualify for savings on more comprehensive treatment and elective procedures. You set all fees, determine which services to include and keep 100% of what you produce. QDP is designed to benefit both dentists and patients by eliminating the headaches and expense of insurance. For you, it lowers overhead, keeps you in control of your own fee schedule and increases collections. For patients, it offers quality dental care for the whole family at a predictable, affordable cost. It truly is a win/win.
Many dentists I speak with are looking at these trends in the marketplace and assuming that the only way to stay profitable is to go on network with more insurance companies. Even those who are resistant to adding new plans may be considering this route as their only option to stem the tide. But Quality Dental Plan provides an alternative and helps private practices stay private. Whether you want to minimize traditional insurance in your practice or are looking to supplement the production it brings in with a regular source of new patients, QDP can help. At the end of the day, dentists may not be immune to this economic climate change, but with Quality Dental Plan, we can evolve to comfortably weather the storm.Find Out More About QDP >>