It is extremely common in today’s society for patients to be influenced by insurance companies. Patients often believe the insurance company is the last word when it comes to defining quality and necessary care. If you have ever had an unwarranted claim denial, a letter to your patient explaining you are trying to over-treat, suffered an undue delay in reimbursement, or had a patient tell you: “Just do what the insurance will pay for,” you know exactly the kind of havoc caused by this type of thinking. This frustration is why dental offices around the country are beginning to offer in-office dental savings plans.
An in-office dental savings plan is one way to push back the influence being wielded by insurance companies.
Cost is the number one reason why people don’t go to the dentist and don’t accept treatment.
Experience has shown that consumers will pay a membership fee for access to perceived savings. Dental savings plans, such as the Quality Dental Plan (QDP), are similar to a Costco membership. For a low annual fee that can be less than the cost of traditional insurance, patients earn access to a year’s worth of preventive care at a reduced cost (determined by the practice). Just as consumers feel they’re getting exclusive savings by being a member of Costco, a practice’s patients can be incentivized to accept more treatment knowing they wouldn’t otherwise receive this level of care for the same costs. Moreover, practices offering dental savings plans report an increase in patient referrals.
Each dental savings program works differently. With the QDP dental savings plan, for example, fees for participating patients are set by the office and not regulated by a third party’s “pre-set” fee schedule. There are no claims, EOBs, or any other kind of third party interference with treatment decisions. And because patients pay the office directly at the time of service, there is no waiting for reimbursement checks. The plans are offered locally and directly by the dental office.
In-office savings plans controlled by the practice can be an additional revenue stream for the practice.
At the same time, the practice is able to provide patients with exactly what they want: a dental savings plan and dental care they can afford. Simply put, an in-office dental plan wholly managed by the practice makes good business sense. It’s truly a win-win.
OPT-In members offering the QDP dental savings plan have shared the plan has attracted new patients and increased revenues. They’ve found the 40-50% of patients without dental benefits want a plan and are willing to pay for it.
As you begin to look at your dental practice’s plan for 2016, take the time to learn more about dental savings plans. They can be a great offering for both your patients and your practice.
About QDP and Opt-In Dental Advantage
QDP (Quality Dental Plan) and OPT-In Dental Advantage have been working together to help private practitioners better compete nationally. OPT-In educates consumers on why private practice dental care is a better choice, is a private practice legislative advocate, and provides its members with DSO-like discounts. QDP helps practices grow by attracting patients wanting a dental plan, preserving the dentist-patient relationship, and by being less insurance dependent.
To learn more about OPT-In Dental Advantage and Quality Dental Plan, visit http://privatepracticepartnersdds.com/ or, call 800-469-6850.