If you’re looking to boost your dental practice, there is no better way than by implementing a dental membership plan. Do you think your practice is ready for the next big move? Have you and your practice been stuck so long in everyday ways that nothing is budging? Is everything you’ve tried and what you are doing not adding up to growth? Or do you just want to see a little extra progress in number of patients or financially? Here are some reasons you might be more ready than you realize for a dental membership plan.
The sound of recurring revenue is music to your ears
Creating an in-house membership plan will bring recurring revenue into your practice every month. Practices who work with BoomCloud have the chance to grow their membership programs by 1000%. Recurring revenue will move your practice to a higher price point due to your predictability in revenue. When you have steady and predictable cash flow, your practice is more enjoyable to manage. With financial problems comes added stress. You won’t have this stress if you have the luxury of monthly and yearly recurring revenue trickling into your bank account.
You’re sick and tired of working with third-party PPOs
A dental membership program allows you to create your own plans as an alternative to insurance. Patients pay your office a monthly or yearly subscription fee in exchange for benefits and discounts. People leave dental practices for various reasons, but more often than not they leave because of insurance coverage (money issues) and not poor customer service.
Dental membership plans can make services more realistic for many of your patients who otherwise would not be able to afford dental work, and this is a win for your practice for creating recurring revenue. When the last recession hit, a majority of patients lost their dental benefits and believed they could no longer visit the dentist. By offering a membership program, you can encourage patients to come to your office even if they don’t have insurance. With you they’ll receive quality dental care while saving money.
Build loyalty with your patients
When you have a base of patients enrolled in your membership program, they become more loyal to you and your practice. They are also easier to manage through dental membership software. No more dealing with insurance companies that reject and delay claims. There’s a good chance that if patients have a good experience with the support and plans you provide they will also serve as a referral system and tell their friends and family about your practice.
PPOs affect your business these three ways
1. PPOs decrease profit margins for your practice—Where do those who don’t have dental insurance go? If you don’t have a dental membership plan in place, they probably will not wander over to your practice.
2. PPOs kill cash flow to the practice—You have to pay PPOs something for their time. Nothing is ever free if someone is providing a service.
3. PPOs hurt the patient experience—Everyone likes to be taken care of, especially your patients. Take care of them like you would a dear friend or family member. If you move too fast and don’t give your patients enough attention, especially if you think of them as dollar signs, they will catch on to the way you think by how you treat them and most likely will not return to your practice or recommend you to others. Offer a variety of options and plans for every customer so they can receive the treatments and care that they deserve.
Why a membership program can work for you
Take back control of your practice. If you don’t have to deal with PPOs, you will be more in control. Your patients can have access to better procedures and treatments that they otherwise would not be able to access. Give your patients the option for the best, especially those who have never had dental insurance or those who are retired. This is an unlimited recurring revenue potential.
What would you do with extra monthly income that came into your practice? Think about that. Reinvest in your practice by hiring more talent, updating your practice, raises for employees, better technology? The ideas are limitless.
By following these suggestions, your dental practice will become more profitable and easier to manage. Check out our ebook for more tips on a dental membership plan and how it can work for your practice. Visit BoomCloud if you have any questions about quitting PPOs and becoming self-reliant.
Jordon Comstock is the founder of BoomCloud Apps, a software company that allows dental offices to easily create, organize, track, and automate an in-house membership program. You can download a free e.bookabout membership programs or watch a free demo. Contact him at (801) 753-8586 or [email protected].
