Free Samples For Dental Professionals

As a dentist, you’ve probably had enough of dealing with PPOs and their low fees. It’s understandable that you’re considering dropping some of your plans. Trust me, I’m right there with you on this. But before you make any hasty decisions, there are two important things you need to do. By following these steps, you’ll not only retain more patients but also increase your revenue. So let’s dive right into it!

Free Samples For Dental Professionals
Free Samples For Dental Professionals

Dig Your Well Before You’re Thirsty

The first step is based on the wisdom shared by author Harvey Mackay in his book. He says, “Dig your well before you’re thirsty,” and it rings true for dentists too. This means that you should plan for the loss of all your PPO patients when you drop their plans, even though it’s unlikely you’ll lose them all. Calculate how many new patients you’ll need to replace the ones who leave. Surprisingly, you won’t need as many as you might think.

Let’s say you have 150 PPO patients. If you divide that number by 1.25 (to account for the 25% increase in revenue due to no longer accepting PPO fees), you get 120. So, even if you lost all 150 patients, you would only need 120 new patients to make up for the income loss. The average lifetime value of a new patient is approximately $4,800. In the first year alone, you can expect to generate about 25% of that amount. Considering these numbers, replacing 150 patients with just 80 new ones is a feasible goal.

Retaining Your Patients: The Key to Success

Now, let’s move on to the second gem. When you decide to exit a PPO plan, there’s a waiting period during which the insurance company will do their best to convince your patients to switch to another provider. To combat this, you need to be proactive and transparent with your patients. Don’t rely on emails or letters; instead, have face-to-face conversations.

Sit down with each patient, maintain eye contact, and explain the situation in a serious yet compassionate manner. Let them know how much you appreciate their loyalty and the quality of care they’ve received over the years. Pause for a moment, allowing them to absorb the gravity of the situation. Then, assure them that you can still provide services as a non-participating provider, and the insurance company will handle the paperwork. Some patients may choose to leave, but by taking the time to have these personal conversations, you’ll maximize patient retention.

Boost Your Profitability

By following these two gems, you’ll not only retain patients but also increase your practice’s profitability. With a shift from low PPO fees to full fee-for-service, you’ll see a significant rise in revenue. Additionally, by ramping up your marketing efforts and attracting new patients, you’ll experience a busier and more lucrative practice.

So, if you’re tired of dealing with PPOs and looking to transform your dental practice, make sure to implement these strategies. Remember, it’s important to plan ahead and communicate openly with your patients. With the right approach, you can say goodbye to PPOs and hello to a thriving dental practice.

To learn more about the strategies mentioned in this article, visit Make You Smile for a free special report. It’s time to take control of your practice and boost your success!

Note: The content of this article is for informational purposes only and should not be considered as professional advice. Consult with a qualified dental professional for personalized guidance.