Wish you could treat more patients without increasing your reliance on insurance? This could be the answer you’re looking for.
A recent podcast from industry expert and DentalTown founder Dr. Howard Farran features Dan Marut, DMD, and founder of Quality Dental Plan (QDP), the country’s leading dental savings plan company.
Download this podcast to learn all the must-know answers to common questions about dental savings plans, including the answer to one very profound dilemma: how can I provide necessary care to more of my patients?
An in-house dental savings plan like QDP is helping hundreds of dentists across the country and it can help you too. Here’s how:
- Dental savings plans attract new patients & builds your FFS patient base.
- They increase access to care by making dentistry affordable for all patients, not just those with insurance.
- Treatment acceptance rates rise because patients get access to exclusive savings on restorative and even cosmetic work.
- Patients who enroll in a plan like QDP are excited to tell friends and family, which sparks word of mouth for the dental office.
- Dental savings plans eliminate insurance distractions and paperwork, freeing the dental team to focus on more productive tasks.
- Plans like QDP create an annual, predictable revenue stream, which allows you to reinvest in your practice, update your equipment, hire more staff and get more patients in the chair.
- When you choose to partner with a proven leader like QDP, you can be up and running in just days. Many think they can build their own plan, but if you’re producing $200, $300, even $500 an hour, why not focus on working a few more hours instead of reinventing the wheel? Partner with a plan you know works – Quality Dental Plan – and start treating more patients immediately.
Fill out the form on this page to download Dr. Farran’s recent podcast and learn everything you need to know about why a dental savings plan like QDP will help you increase the access to quality dental care within your community.
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7 Reasons podcast – Dan Marut with Howard Farran
A dental practice cannot fully realize its potential if everyone in the practice isn’t on board and functioning 100%. As practice owners, dentists are also the CEO and leaders of their practices. Dental practice leadership involves making sure that each member of the team is contributing what they can to keep the practice running smoothly.
Dental assistants are often on the front lines of the dental practice. They have ample opportunities to interact with patients, in addition to performing services. Dental assistants play an important role in keeping the practice on a timely schedule each day. Check out these 8 tips on how to maximize the efficiency of dental assistants.
Consider your own dental practice leadership for a moment. Could there be any room for improvement within your existing processes?
Each team member that communicates with patients, either in the practice or in between appointments, plays a part in the overall patient experience, and happy patients are long-term patients. It’s good to remember that teamwork is essential to patient satisfaction and ultimately, to long-term practice success.
In an ADA report released at the end of 2014, it was reported that financial issues are the number one reason for delayed dental care. Now, as a dentist, this may not come as any surprise to you, although it is certainly frustrating to hear.
Many Americans believe that if they don’t have dental insurance coverage, then they cannot access care. Even those with dental benefits believe that comprehensive dental treatment is simply unaffordable.
This is a big reason why I developed Quality Dental Plan. My own patients didn’t value dentistry and many were unable to proceed with treatment because of cost concerns. No one’s financial situation should prohibit them from getting the care they need. That’s where a dental savings plan like QDP comes in.
With a plan like QDP, patients pay upfront for a year’s worth of preventive care, with the option for further discounts. The cost, determined by the dentist, is often less than what they would pay if they bought traditional insurance. And the headaches related to insurance are eliminated – no more stressing about deductibles, copays and maximums.
Dental savings plans also reduce headaches for the dental team. No more struggling to get through the piles of paperwork, or waiting for reimbursements to come in. With QDP, the dentists gets paid immediately and even better, gets to keep 100% of what they produce.
It’s not acceptable for our patients to forego dental care because of affordability concerns. Offering a plan like QDP will help dentists overcome the number one dental patient objection and allow them to reach countless more patients throughout their communities.
Let’s say you have a patient come in who is in need of extensive restorative care. You discuss with them the reasons for the treatment and lay out a clear plan of action. Then comes the inevitable question from the patient: How much is this going to cost?
Overcoming the cost factor to increase treatment acceptance is a skill that we dentists have to master, for both the health of our patients and the longevity of our practices, but that doesn’t make it easy.
If you are like many dentists who struggle with turning a patient’s no into a yes, check out this blog from the experts at DentalMarketing101.com. In it, the author speaks to the importance of customer service and communication, and how when a patient feels like they are truly being taken care of, cost becomes less of an importance.
Patients are willing to pay for what they want, and what they want is quality dental care. By tweaking your current internal processes, treatment acceptance rates will increase and those uncomfortable financial conversations with patients will no longer hinder your care.
Open lines of communication with your dental practice staff are important for a number of reasons (practice growth, goal achievement, long-term stability to name a few). However, communicating with staff doesn’t always come easy, especially when they come to you to discuss compensation.
A recent article in Dental Products Report addresses the top employee compensation mistakes dentists often make. Are you possibly committing some of the following bad habits referenced in the article?
- Offering wage increases based on reasons other than merit
- Failing to define what “success” means in terms of each employee’s performance
- Giving everyone on the team the same wage and/or bonus
- Increasing wages without evidence of practice growth
- Lacking opportunities for open communication
The DPR article is definitely worth a read, especially for those who dread employee compensation conversations. Instead of avoiding these conversations, take a proactive approach and get the team on board for a fresh and successful start to the New Year.
Happy New Year to our QDP Blog readers! Here’s to a healthy and prosperous 2015!
In case you missed it over the holidays, Dental Products Report published a helpful article talking about 5 things dentists need to know regarding their dental fees. It’s a terrific reminder as we begin a new year, making plans and setting goals.
It’s crucial to take a hard look at your fee schedule once a year to make sure it’s up to date and appropriate for your area. Without incremental fee increases, you may not be able to stay competitive or continue to update your practice with the latest technology. Operating a successful practice depends on setting appropriate dental fees in a way that boosts your bottom line, rather than destroying it.
Have you re-evaluated your dental fees? What changes have you made regarding your fee schedule for 2015?
As we reach the end of yet another year, it’s a good time to pause and reflect on the past twelve months. What successes have we celebrated? What shortcomings can we learn from?
Just as we set resolutions for ourselves in our personal lives, we need to also set goals for ourselves professionally. Is this the year you will bring on a new associate, or break ground on new office space? Goals don’t have to be lofty, and in fact, setting smaller, incremental goals that will help achieve a significant objective can be much more effective. As the saying goes, “A goal without a plan is simply a dream”.
In the end, what matters is that we keep moving forward and progressing ourselves as healthcare providers, focusing on dental practice growth so that we can continue to offer quality care to the people in our local communities.
From the team here at Quality Dental Plan, we thank you for your business and continued support this year and look forward to further success in 2015. Cheers!
The end of the year is an opportune time to examine the business side of your dental practice, and evaluating your fees needs to be a priority.
Everywhere we turn, costs are on the rise. The goods and services that allow us to provide dentistry are getting more expensive with each passing year. Lab fees are going up. The cost of equipment and supplies is going up. Rent and utility bills continue to increase.
Employee benefits are getting more and more expensive. You may not be staying up-to-date with your fees, but I can guarantee you the vendors you rely on to help you run your practice are staying up to date with theirs.
Raising fees is a delicate process. There’s always the fear that if you raise your fees, your patients are going to go elsewhere. And it’s a valid fear. It’s a balancing act, and it’s easiest if you stay on top of your fee schedule.
If your fees are far lower than they should be and you raise them dramatically, you can bet that your patients are going to notice and complain. But if you raise your fees slowly over time and in keeping with local trends, it’s unlikely that anyone will even notice and, if they do, they’ll just chalk it up to inflation rather than blaming you for the fee increase.
In order to maintain a healthy business in 2015, it’s imperative that you adjust your fees to compensate for your rising operating costs. We are in this profession to help people and to provide a valuable service to our communities. However, if we don’t take care of the business side of our practices, we won’t be able to provide our services to our patients and communities at the level that they deserve.
With reimbursement rates falling across the board, dealing with insurance companies has become more trouble than they are worth. Going in network isn’t the only way to fill the schedule.
In fact there are better options for increasing new patient flow and stimulating practice growth without having to increase reliance on managed care. Here are 5 reasons to reduce the insurance companies’ influence on your practice:
1 – Collections Issues
Talk about a nightmare. Most practice management consultants recommend a 95-98% collections rate. Hard enough to achieve on its own, but becoming a provide for insurance plans just makes attaining this goal nearly impossible.
2 – Loss of Control of Your Fee Structure
Having to reduce your UCRs to the insurance companies’ liking defeats the purpose of being in private practice if you can’t even set your prices.
3 – Decrease in Patient Perception of “Quality”
One of things patients hate most about going to their medical doctor is the wait. Patients with appointments often find themselves waiting up to an hour while the MD has to see 10 patients per hour just to afford his or her overhead.
Why would a dentist ever want to emulate a medical practice? If you want to project an image of quality comprehensive care, a volume-based drill and fill operation may not be the way to go.
4 – Why Offer a Permanent Discount?
What is an insurance company? Basically it’s a marketing scheme. In return for them filling your appointment book, you agree to discount your services to the people they send to you. Forever.
5 – There Are Other Options!
With an in-house dental membership plan like QDP, dentists can offer their patients an alternative to dental insurance. Patients pay the dentist an annual membership fee and in return they receive a year’s worth of preventive care. The dentist gets paid up front and the patient has one low annual fee that is often a fraction of an annual dental insurance premium. There’s no third party involvement, and dentists get to collect their own fees and stay in charge of their fee schedules.
Insurance is not the only option for dentists. Alternatives exist that actually benefit the patients and the doctors in a more effective way. Reduce your reliance on managed care and set your practice on a path to success.
Much of the focus on marketing today is on the Millennial generation (typically considered those born between 1977 and 2002). Online marketing is a hot topic, and Millennials are among the most digitally adept group there is, so it is no wonder that companies strive to capture the Millennial audience. And there is no doubt that with their size and influence, Millennials are a consumer group that dentists will need to focus on in the years ahead.
However, in terms of marketing your practice, don’t forget one very significant portion of the population: Baby Boomers. There may not be a more powerful group than the Baby Boomer generation. Inside Dentistry just released an article highlighting the importance of preparing your practice for the Boomer generation and it’s worth taking a read.
Here are a few statistics from the article worth noting:
- A Baby Boomer turns 50 every 8.5 seconds and for the next 18 years, Boomers will turn 65 at a rate of about 8000 per day.
- Boomers not only have high household incomes (on average $70,000+), they also have high accumulated wealth.
- Baby Boomers account for almost half of all consumer spending.
So what does this mean for dentists?
Baby Boomers are interested in feeling good and looking good – and that goes for their smile. They take better care of themselves than their parent’s generation and they are working far longer as well. So not only do they have the disposable income for dentistry, they also see the value.
According to the article, between 2000 and 2010, dental spending increased among Baby Boomers, where as it flat lined in all other demographics.
Also interesting to dentists: Most Boomers are used to having dental insurance as after having this benefit throughout their working years. Upon retirement, they are left without coverage. Among adults older than age 45, only 41% reported having dental insurance.
So here is a group of people who want dental care, with the means to pay for it, but who do not have dental insurance. Welcome Baby Boomers into your practice with open arms and give them a way to pay for their preventive care with discounts on restorative and cosmetic procedures! QDP can do just this for you and for your Boomer patients. Turn their value for dentistry into real growth for your practice.