You don’t need to look any farther than March 2020 to appreciate the value of recurring revenue generated by a dental savings plan. Even though dental practices were completely shut down – some for almost 3 months – income continued as existing memberships renewed for offices that already had a recurring revenue generating from a plan.
Team Member Benefits
Some team members may initially be hesitant or skeptical because it’s something new to the practice, but when they experience all the time-saving aspects of a DSP they become raving fans.
When you have a membership program your administrative team can say “goodbye” to the following:
- Insurance eligibility verification
- Claim submission
- Unpaid claim follow-up
- Frequency restrictions for prophies/perio-maintenance and x-rays
- Estimating the patient’s out-of-pocket expense
This not only frees up your front office team members, but it gives them more time to focus on filling your schedule and providing excellent service to your patients.
For your practice, a second revenue stream, regardless of your in-chair production, creates an asset in your practice that makes it more valuable when it comes time to sell it or retire. Moreover, you’ll see increased patient treatment plan acceptance which increases your bottom line.
So, to make the most of your dental savings plan, be sure your team understands the benefit to the practice, the savings to the patients, and how to best present it.