What is Dental Insurance?
Dental insurance is a type of health insurance plan that covers some of the costs of a patient’s dental care. Patients pay a monthly premium to an insurance company which in return pays cash benefits for covered services. This can include coverage for preventive and basic dental care services, and even some major services.
For dental practices, dental insurance can be a double-edged sword, from complicated reimbursements and low fee schedules to administrative burdens. Because of this, many dentists are considering dropping ineffective insurance plans. Instead of potentially losing patients, dentists should explore alternative solutions like offering a dental savings plan.
What is a Dental Savings Plan?
A dental savings plan is like having a membership card for your dental care needs. For a monthly fee, patients can receive deep savings off the care they need. There are no deductibles to meet and no annual maximums. Your practice is in total control of what plans and discounts patients receive when they enroll in a dental savings plan with you.
For example, Mary is a patient at Big Smiles Dental. She signs up for a Big Smiles Dental Plan for $119 a month for 12 months. Because she is enrolled in a dental plan, she has access to exclusive savings for the services she needs. With her membership, she only has to pay $1200 for implants, crowns, and other major services instead of the regular price of $2600. That’s more than half off!
So why should dentists consider offering a dental savings plan before dropping insured patients? Here are 5 reasons why.
- Reliable, consistent, and predictable revenue stream
With a dental savings plan, you can create a reliable and predictable revenue stream for your practice. Patients pay a monthly or annual fee for comprehensive dental services, which ensures a consistent cash flow for your practice. This allows you to focus on providing quality care for your patients without the limitations imposed by insurance companies.
- Boost patient retention and loyalty
Dental savings plans improve patient loyalty and increase repeat visits for first-time patients. When patients enroll in a dental savings plan, they can feel a sense of ownership and commitment to the practice. They are more likely to prioritize their dental health and continue seeking treatment from the same practice in the long run. This helps build trust and good relationships between you and your patients, all while increasing production and profitability of your practice.
- Saves time by simplifying administrative processes
Managing dental insurance claims and dealing with insurance companies’ requirements can be complicated and time-consuming. A dental savings plan can help simplify your front office workflow and save time in your workday. There is no need to submit claims or deal with insurance paperwork. This frees up more time for you to focus on providing patients the quality care they deserve and building relationships with them.
- Higher rate of treatment acceptance and patient satisfaction
Dental savings plans allow you to design treatment plans based on the patient’s specific needs, without being limited by insurance coverage. This personalized approach leads to better treatment outcomes and patient satisfaction. Dentists can focus on providing the necessary care and recommendations without being bound by insurance restrictions, which results in higher quality of dental services.
- Attract new patients and expand your patient base
A well-structured and marketed dental membership plan can be an attractive option for patients without insurance, out of network, or those who are unhappy with their current insurance coverage. A dental savings plan offers affordability and transparency, giving patients peace of mind and control over their dental expenses knowing that there are no surprises or hidden fees.
In summary, implementing a dental savings plan before dropping any insurance plan can be a strategic move for dental practices. It offers improved revenue and cash flow, enhanced patient loyalty, simplified administrative processes, increased treatment acceptance, and attracts new patients. Dental membership plans provide a win-win solution for both practices and patients, allowing dentists to regain control over their financial stability while providing patients with affordable, comprehensive dental care.
Take a proactive step towards becoming a more successful and patient-centered dental practice by contacting us today to learn more about our Dental Savings Plan. You can learn more about how we can help by visiting this link!
