A first-hand look at the impacts an in-house dental savings plan made in one practice
Dr. M runs a general practice in rural Oklahoma. While the practice is profitable, Dr. M was looking for something more. He was searching for a way to attract more fee-for-service patients while improving case acceptance rates among his current patient base.
Dr. M discovered Quality Dental Plan. He thought perhaps this in-house dental savings plan could be the solution he was looking for, so he signed up with QDP in October 2012.
He set his membership fee at $300, giving patients the chance to pay upfront for a year’s worth of preventive care. His patients were now able to afford the dental care they needed, and not have to worry about issues with deductibles, maximums or copays.
By October 2013, Dr. M had enrolled 300 members in QDP at his practice. While the savings plan was truly a value-add for his patients, he saw his practice thriving at the same time.
- Dr. M created a predictable annual revenue stream of $90,000 in the first year.
- Recall intervals tightened and case acceptance rates increased because patients had prepaid for treatment.
- There were no longer concerns about collections or dealing with insurance company hassles since patients no longer needed to rely on insurance. Dr. M was even able to give his staff bonuses based on collections!
- Finally there was a compelling way of reaching more new patients and growing the fee-for-service patient base.
By October 2014, two years into his QDP membership, Dr. M reports enrolling another 300 patients in his plan. With 600 patients now taking part, Dr. M has over 50% of his patient base prepaid for treatment – every year!
What is next on Dr. M’s QDP to-do list? Take advantage of QDP’s professionally designed marketing templates to help spread the word throughout the community and surrounding towns to reach even more patients in order to provide them with the care they need at a price they can afford.
- Dentists don’t have to be located in a sprawling urban area or spend a ton of money to achieve practice success.
- Insurance is not always the answer.
- Increasing production, treatment acceptance, collections and new patient flow can be accomplished with the right solution.
Want to learn how to make dental practice success a reality in your dental practice? Fill out the form on the right to discover how to create your own similar success story for your dental practice.