We’ve all faced it–lower payouts, more denied claims, more rules and regulations. Insurance companies are hard at work trying to make it more difficult for dentists like you get paid for your hard work. In fact, here’s a disappointing statistic for you–since becoming popular in the 1970s, dental insurance’s maximum benefit has remained steady at $1000 per patient.
So if you’re tired of feeling like a prisoner to insurance companies, you’re not alone. Every year, it seems like insurance companies make it harder and harder to get paid for your hard work as a healthcare provider. The quality and quantity of your work haven’t changed, but your ability to get paid has dwindled. It’s practically insulting.
But here’s the good news: there’s something you can do about it. You can transition away from insurance and become a stronger, more profitable practice filled with motivated, loyal patients.
Sound intimidating? We’ve got you! This exact dilemma is what our founder, Gary Kadi, discussed with Dental Economics editor-in-chief Dr. Pam Maragliano-Muniz at the latest DE Solutions Lab webinar. In a fascinating and informative hour, Gary walked Pam through the whys and hows of dropping PPOs.
You can watch it now for free right HERE.
While I suggest you watch the entire webinar, here are some highlights from their discussion:
Change Your Mindset
Before you can earn what you’re actually worth, you’ve got to believe that you’re worth it. Here at NextLevel, we call this your Healthy Deserve Level (HDL). If you don’t think that your services are worth more than the $1000 payout from insurance, you’ll never get more than that–even if you drop PPOs.
Once you recognize that you’re a highly-trained, highly-skilled individual who deserves to be paid commensurate with their ability, then you’ll be able to ask your patients for payment that matches your time and effort.
So take a minute and look inside. If you’re not ready to charge a patient cash for your procedures, you need to work on your mindset first.
(Want to know more about HDL? Gary wrote an entire book on it! You can download a free copy of it HERE.)
Make a Plan
The absolute worst thing you could do is to drop your PPOs before having an implementation plan in place…and having your team fully on board. Your team are crucial players for helping patients come on board to the new system, to explain why the payments are the way they are, and to encourage case acceptance.
Dentists who failed to have a plan in place often experience a mass exodus of patients who don’t value or understand why their dentist no longer takes their insurance. A communication plan is absolutely a must.
Look at Your Numbers
Before you make a move, you need to ensure that your practice is already healthy and thriving.
Gary suggests you have:
- 1000+ active patients
- 90% reappointment
- 67% case acceptance
- 16 new patients (average) a month
- 20% period to prophy ratio
With an engaged, motivated patient base, you know that your patients are loyal and listening to what you have to say. They will be much more likely to stick with you through the transition because they VALUE what you offer.
Don’t have those numbers quite yet? Not to worry! Our launch program was specifically designed to examine these exact key performance indicators and help you make a plan to improve them. And better yet, it does this in just two laser-focused coaching sessions for less than $1000!
If you’re tired of feeling like you’re at the mercy of insurance companies, it’s time to take action. Watch our Drop PPOs NOW webinar to learn how to make the transition to a fee-for-service model and take back control of your practice and your income. Don’t wait any longer to make the change. You deserve a practice that better serves your patients AND pays you what you’re actually worth.