Practically every dental practice in the country accepts one or more forms of dental insurance. The popular thinking is that insurance acceptance is a “must-do” since many patients rely on insurance for routine care and relatively minor restorations.
Actually, it’s become a trap for dentists, and here’s why.
Let’s consider a $1500 per-person dental insurance policy. That’s fairly generous, by today’s standards, and probably sounds like a pretty good deal for patients. It’s not.
The dental procedures that a $1500 policy would have covered in 1979 cost $5,387.69 in 2019, adjusted for inflation. If you’re having trouble getting to “yes” when presenting your case solutions, look no further. Between inflation and the unconscionable cost-shifting that the dental insurance industry has implemented, your routine patients simply can’t afford more involved procedures.
The result is that you do a lot of routine exams and drill and fills. That’s a tough way to make a living. You’re limited by the number of patients you can see during the workday, so you pack them in as closely as current restrictions allow. And when you accept insurance, you don’t get full reimbursement.
Stop Being Paid Less Than You’re Worth
Over-reliance on dental insurance inhibits the growth of your practice and your revenue. At times like these, you can’t afford either of those things… and you don’t have to.
The solution is to attract more fee-for-service patients who don’t rely on what insurance will pay. SmartBox’s research indicates that some 20-40 percent of patients have the ability and willingness to pay out of pocket for the dental care they want, from the dentist they choose. That was true during the Great Recession and it’s true even now.
Those patients are in your market. You just need to know how to get them.
Colin Receveur has written a free report that details how to put higher-value patients in your chairs – Busting Out of the PPO Prison: The 4-Part Strategy For Declaring Your Independence From the Insurance Beast Before It’s Too Late.
SmartBox employs the best minds in dentistry to help you grow your practice. Our Practice Growth System™ is proven to help dentists in every market area across the country achieve predictable year-over-year growth.