When I work with new dental clients, I’m often asked if they should offer their dental savings plans only to new patients.
I believe this question stems from the dentists’ fear that their revenue will drop because of the plan discounts provided to patients. They’re concerned because their existing uninsured patients have been willing to pay standard fees all along, and they can’t wrap their heads around suddenly providing the same treatment for a lower price.
It’s easy to understand the hesitation, but it’s important to look at the bigger picture.
Whether it be new uninsured patients or existing uninsured patients, those who participate in a plan spend two to three times more than uninsured patients who do not.
Think about it…is it fair to say you have some uninsured patients that have not completed your recommended treatment due to financial concerns? My guess is that it is.
Would I also be on track to say you have some uninsured patients that only come for a preventive visit once per year (or less!) due to the cost of treatment? Probably.
It’s my strong recommendation that you allow everyone to join your plan.
The last thing you want to do is alienate or penalize your long-term patients. You can’t disallow a great patient who has been loyal to your practice to not be able to join your patient loyalty plan!
Having a dental savings plan is a great way to attract new patients into your practice but it’s also a great way to keep your existing patients from becoming your former patients when another office begins offering a plan and you don’t.
Any properly structured plan should work for all patients in your practice.
A dental savings plan is an excellent way to increase your production and generate a recurring revenue snowball that will only grow over time, creating an asset for your business. It’s in your best interest to allow as many patients to join as possible. If you have any questions please feel free to contact me.