A Tool to Help See You Through Production Slumps

We’re entering that time of year when things slow down for a lot of dentists. Schools across the country are back in session, and everyone’s shedding their summer vibes and getting back to business. If you’re one of the lucky practices whose marketing strategy or referrals keep your chairs full, then the fall slump isn’t a big deal. But if you worry you’re entering the slow zone, there’s a tool that just might help you identify where things are falling short, and where missed opportunities are keeping you from growing.

Anyone paying attention to technological trends over the last decade has probably seen terms like data mining, data intelligence, or big data. The common denominator, of course, is data. And it’s the act of using data to make strategic decisions for your practice that can help you push through slow times, good times, and all the times in-between.

Data covers a broad range of areas for your business, but we’re going to focus on data that act like a crystal ball, revealing clues to your practice’s future – Only there’s nothing magic about
these numbers. They’re accurate, revealing, and show you exactly what you can expect when you apply the right pressure to the patient aspect of your business.

The data tool we use helps dentists see what they can achieve in production and collections based on the type of patient they’re working with. These could be PPOs, fee-for-service, or club
memberships. And a simple adjusting of the data dial shows clinicians unrealized production potential in each area.

Pull the Levers On Your Future

What if, like a crystal ball, you could look into your practice’s future and see unrealized collections and the profit potential your practice is capable of? You’d probably want to see a
clear vision including:

● Additional collections earned by year one
● Additional profit pulled in by year one
● Which patient type gets you to your goals faster
● What it would look like to be PPO free

Each of these would have a direct connection to your patient type – insurance, cash, membership club – giving you a perfect view of what you could have with the right patient attraction in place. The best part about this tool is that you can manipulate the numbers withoutdoing any harm to your current data structure.

Using available information can significantly assist you in understanding and maximizing your profitability potential. Here are a few more ways our tool helps:

● Financial Analysis + Performance Measurement: Identify patterns, trends, and areas that need improvement over time. For example, if you’re thinking about offering a membership club, you can adjust the numbers in the tool to see how your practice would perform with that patient structure.
● Patient Demographics + Preferences: When you can quickly analyze your patient demographics, preferences, and behaviors, you can tailor your services and marketing efforts to attract and retain the most profitable patient segments.
● Future Planning + Growth Strategies: Practice growth doesn’t happen overnight. And it shouldn’t if you’re doing it correctly. Your data plays a pivotal role in long-term planning and growth strategies. When you can project trends and estimate future demand for your premium services, you can make informed decisions about expanding your services, offering different payment structures, or even opening new locations.

Boost Your Profitability Potential

Leveraging data to make evidence-based decisions leads to improved operational efficiency, better patient care, better patients, and ultimately, higher profit potential. If you had a tool that could provide a glimpse into a very profitable future, wouldn’t you want to give it a try? Transitioning to Fee-For-Service has never been easier. illumitrac provides the software to create your custom dental membership club that is 100% yours. As your membership club grows, you can drop your bad PPOs—allowing you to work less and earn more. Predictable, passive revenue, here you come! Learn more and schedule your free demo today.

Dropping PPOs Can Actually Help You + Your Patients

Since 1954, insurance has accompanied a good percentage of patients to their dental appointments. And for decades, things have gotten progressively worse for clinicians and patients alike. Instead of having patients’ best interests in mind and doctors’ expertise when recommending treatment, insurance gravitates to low-cost procedures and material, looking out for their bottom line. Dwindling reimbursements and dictating treatment options have significant adverse effects on dentists’ production and the overall health of their practice. We’re going to explore various key aspects in which these factors could also be harming your business:

  1. Financial Strain:
    It’s no secret that insurance reimbursements are getting squeezed every year. If you’re dependent on a large population of PPO patients, it’s increasingly challenging to grow, let alone maintain, a profitable practice. How will you cover operating costs, invest in advanced equipment, and maintain your dental offices effectively when your revenue continues to get cut?
  2. Limited Treatment Options:
    When insurance companies get involved in making dental decisions, you’ll often find yourself restricted in providing the most appropriate and effective care. Cost containment is often prioritized over patient care resulting in insurance pushing for less expensive or outdated treatment options. What can this result in? Suboptimal treatment outcomes. It’s a lose-lose situation for you and your patient.
  3. Reduced Patient Satisfaction:
    Offering limited treatment options leaves patients feeling dissatisfied with the level of care they receive – even though it’s not you calling the shots. Believing their dental needs are not adequately addressed, or they’re not offered the best available treatment options, they may walk or delay treatment. Either decision adversely impacts your production.
  4. Increased Administrative Burden:
    Insurance billing is complex, policies are constantly changing, and it’s filled with bureaucratic formalities. It’s a time-consuming hulk of an entity and your time and your staff’s time is better spent focusing on patient care and practice growth.
  1. Impact on Reputation:
    The more limitations imposed on you for treatment options, even if these restrictions are beyond your control, the more you’ll become associated with those limitations. The reputation you worked so hard to build could crack under patient assumptions that you’re the dentist unwilling to provide the best care due to financial considerations. It’s not fair, but it happens.
  2. Discouragement + Burnout:
    Financial strain, limited treatment options, and increased administrative burden all lead to stress, discouragement, and burnout among dental professionals, and you’re not the exception. When you feel undervalued and unable to deliver the level of care you trained for, you become less motivated and passionate about your profession, leading to a decrease in productivity and enthusiasm.
  3. Professional Autonomy:
    You spent years in dental school and invested hundreds of thousands of dollars to become the expert in all-things related to oral care. Professional autonomy is a huge part of what makes you the best clinician you can be. It allows you to make the most impactful decisions for your patients based on your expertise and knowledge. When restrictions are imposed on what you can do, you’ll feel disempowered and frustrated, leading to a decreased sense of job
    It’s no secret that insurance is getting worse. And while there are dentists who work alongside PPOs, if you’re looking to grow, keep more of what you earn, and want to call the shots for your patients, then it might be time to seriously consider dropping it. This process doesn’t happen overnight but is rather a slow and deliberate replacement of PPO patients with those you want to work with. These patients aren’t insurance-driven and will have you keeping more and making better decisions for them without the restrictions handed down by the insurance middle- man.

Claim Your Freedom From PPOs

The ADA Health Policy Institute (HPI) reports that 1 in 6 dentists is cutting ties with insurance. From increasing revenue to improving the quality of patient care, there are obvious reasons – and so many benefits – for quitting PPOs.

Do you want to break your insurance dependence, but don’t know where to begin? Getting started has never been easier. Learn more and schedule your free demo today.

6 Benefits to Starting a Dental Membership Club for Your Practice

The traditional way of paying for dental treatment may have finally met its match, and this opponent is beneficial to both patients and clinicians. A growing number of dentists are finding success employing in-house membership clubs, giving the old way a run for its money – literally. In fact, the ADA reported this year that 1 in 6 dentists have cut ties with insurance. As in-house membership plans become more popular, dental practice owners and associates are seeing the benefits of pivoting to a subscription-based business. Here a just a few perks of keeping things in-house:

  1. Increased Patient Retention
    Dental membership plans offer structure and stability for regular treatments. Patients aren’t surprised by large bills and can better control their own oral healthcare path, because they can budget for their dental visits and know what to expect. Patient loyalty also tends to be higher with membership clubs, as it gives them decision-making power that doesn’t rely on insurance.
  2. Predictable Revenue
    Not only do membership clubs offer patients stability, clinicians feel empowered with a predictable revenue stream. When you know how many memberships you have and what they bring in each month, you can build on that base to grow your club. It’s a win for both patients and dentists for financial planning.
  3. Focus On Preventive Care
    Membership plans emphasize preventive oral care, so patients are encouraged to maintain regular visits for check-ups and cleanings. This in turn helps reduce the need for costly
    restorative treatments. How do patients benefit from membership clubs? In addition to helping you generate a stable revenue stream, the benefits of a membership club for patients is worth a closer look. Subscription-based services are growing in popularity, so customers are more likely to accept this type of structure when visiting their dentist.

If you’re looking to move to this type of structure for your practice, here are three ways you can show your patients the benefits of joining the club:

  1. Cost Savings
    In-house memberships often cover preventive services and allow for discounts on other dental treatments. This is especially valuable to patients who do not carry dental insurance. You can play a pivotal role in helping them maintain their oral health by offering club membership.
  2. Transparent Pricing
    There are no surprises when it comes to the cost of maintaining and receiving quality oral health care. The cost to “join the club” is clear and predictable so patients can easily budget for their care on a monthly or yearly basis. You can further put your patients at ease with up-front literature outlining all the treatments and services their membership covers.
  3. Personalized Care
    Club memberships don’t bend to the will of insurance, so clinicians can offer the treatment plan that’s best for their patients. There’s no waiting for reimbursements (that are getting squeezedmore and more each year) or insurance adjustor telling you what treatment or material to use. You’re the expert and know your patients best. Membership allows for that personalized care your patients deserve and you worked hard to deliver.
    Memberships Are Good for Both Patient + Doctor
    There are various other reasons membership plans are beneficial to both patient and doctor. For our doctors, the biggest benefit (and by association, their patients) is no more insurance hassles. Time saved on paperwork alone is eye-opening, and you’re no longer at the mercy of treatment approval, shrinking reimbursements, or patients who might be insurance-bargain shopping. Keep in mind that you’re also collecting 100% of the service fee for each member you gain. This puts you back in the driver’s seat of your business so you can run things the way you see fit. Memberships help support patient retention, generate predictable revenue, and streamlined administration. You and your patients both enjoy a better oral health experience.

Ready to Break Free From PPO Prison?

If you’re ready to reduce your insurance dependence and reap the benefits of creating your own in-house membership club, illumitrac provides the software to create your custom dental membership club that is 100% yours. As your membership club grows, you can drop your bad PPOs—allowing you to work less and earn more. Predictable, passive revenue, here you
come! Learn more and schedule your free demo today.