Keeping Your Patient Volumes & Finances Steady During Economic Decline

Posted on June 24, 2020 by
Posted in Articles, General

With businesses around the country closing daily, job loss is at an all-time high and employees are losing their benefits. As a result, across nearly all industries, we are seeing a decline in consumer spending, including for health and oral care services.

Additionally, after several weeks, and in some cases, months of being closed, dental practices are looking for ways to mitigate fluctuations in their operations and revenue stream. With a backlog of individuals needing access to affordable care, dental savings plans are the perfect solution for both dental practices and patients.

What is a Dental Savings Plan?

A dental savings plan is a membership plan that offers uninsured patients the opportunity to access quality dental care at an affordable, fixed rate.

  • Plans can be set up with either an annual or monthly enrollment fee and offer savings on a variety of preventive, basic and major dental services.
  • Unlike PPOs, dental practices that offer dental savings plans can determine the membership fee, available discounts and treatments included.

It’s important to note that:

  • Most consumers are already comfortable with subscription-based models and use them for many of the products and services they use.
  • Prior to COVID-19, cost was the primary reason patients didn’t visit the dentist.
  • In the wake of COVID-19 and in the road ahead, the cost of dental care will continue to be a top concern/deterrent for patients.
  • Companies who offer subscriptions are thriving, even though they’re offering their services at a discount. Similarly, dentists who participate in dental savings plans DO NOT lose revenue when implementing a savings plan for their office.
    • Studies show patients participating in membership plans spend nearly twice as more than uninsured patients who do not participate in a plan.

Advantages for Your Practice:

  • Dental savings plans increase patient retention since it can only be used in your office.
  • Dental savings plans can attract new, uninsured patients to your practice.
  • Dental savings plans offer uninsured patients an affordable way to obtain dental services, increasing treatment plan acceptance.
  • Dental savings plans reduce the amount of time your office staff spends on checking insurance eligibility and claim filing/follow-up.
  • Dental savings plan memberships automatically renew at the enrollment anniversary, creating a recurring revenue stream.
  • SmileMore deposits all enrollment fees directly into your bank account.

For Fee-for-Service Practices:

  • Dental savings plans offer a way to create a loyal patient base without the pressure of participating in a PPO.

For PPO Practices:

Dental savings plans can help you transition out of PPO participation.

How Dental Savings Plans Benefit Your Patients

  • Dental savings plans don’t have a deductible, waiting period, or missing tooth clause.
  • In some cases, cosmetic services, whitening, and dental products may be eligible for discounts.
  • It eliminates the possibility that their treatment coverage is denied by an insurance company.
  • Dental savings plans are easy to enroll in.

Don’t Want to Discount Fees?

A carefully created dental savings plan creates a win-win scenario for the patient and the practice. Since the average patient who participates in a plan spends more than twice as much as an uninsured patient who does not, would you discount preventive visits by $50 annually to receive over $100 or more in additional revenue each year?

How to Get Started:

SmileMore is an experienced company that will lead you through every step of the planning and implementation process, including:

  • Developing a customized plan for your practice
  • Facilitating the plan management software integration
  • Designing marketing materials for your practice
  • Training for you and your office staff on implementing and using your plan
  • A custom enrollment webpage for your practice
  • Plan implementation support
  • Ongoing support including video tutorials

Over 2,000 dental offices in the United States have already implemented a dental savings plan.

To get you started, SmileMore is exited to offer IDS members special promotional pricing through July 31st. To learn more, schedule your complimentary consultation.

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