Are you looking for ways to increase revenue in your dental practice or improve cash flow? As more consumers become familiar with subscription-based services and products, subscription-based dental services provide a new way for dentists to offer care to patients. Rather than charging per service, subscription-based dental services charge a monthly fee that covers routine dental care and may cover other services at a reduced rate.
More Predictable Cash Flow
Many dentists find it difficult to predict their monthly cash flow based on reimbursement plans and copays. The first and most obvious benefit of a subscription-based dental service is the predictable monthly cash flow it provides. The monthly subscription fee can be charged automatically, which means you won't have to chase down your patients every month and wonder if they can pay.
The automatic nature of the payment process also saves you time, as you won't have to manually update your financials every month. Subscription-based dental services also provide more predictable cash flow in another sense: They allow you to estimate how much money your practice will take in each month before the month even starts.
Stronger Patient Loyalty
Dental plans can help patients get an estimate of the cost of care and provide a way to pay for it in smaller chunks. These features make patients more likely to stay with a practice that offers dental plans rather than switching providers to save money or spread out payments.
When you offer patients an affordable and flexible option, they will be more willing to visit a dentist regularly rather than deal with a dental emergency that might require costly procedures. When patients opt for subscription-based dental services, they're making a commitment that they pay for in full upfront. This means they're less likely to cancel or reschedule appointments and more likely to stick with the same dentist when they move or change insurance plans.
Research bears this out. One study found 83% of consumers were more likely to stay with a dental practice with a dental membership plan or subscription service.
Greater Patient Satisfaction
When patients have a predictable way to pay for care, they're less likely to stress about the cost of treatment or avoid timely procedures because they don't have the money right away. This can improve satisfaction rates and boost your online reputation when patients write positive reviews and recommend you to friends and family members.
The promise of a monthly payment that covers the cost of preventive care can be an attractive option for patients who can't afford traditional coverage or don't have access to it so they can get care and avoid future dental issues.
Attract a Greater Array of Clients
Not only do subscription plans offer patients another option for budgeting their healthcare expenses, but they also present dentists with the opportunity to attract a wider range of clientele -- including those who may otherwise go without preventative services due to financial constraints. Advertise that you offer subscription-based dental care, and it will help build your dental practice
Dental Practices Can Set Their Own Monthly Fees
Since individual practices offer these plans rather than insurance companies, dentists can set the monthly fee themselves. This means your practice can cover its costs while still offering patients a reasonable price. The exact cost of the subscription will vary from practice to practice, but most range between $20 and $120 per month.
The Bottom Line
The dental industry is constantly changing. It's experiencing everything from technological innovations to new dental procedures to changing patient expectations. And it's not just what happens in the dental office that's changing.
The dental supply business has become more competitive, with more and more online retailers popping up every day. On top of that, dentists must do more marketing than ever before, as they compete with other local practices for patients who are increasingly doing their own research online before they book an appointment.
It's a lot to keep track of -- especially when you're busy helping patients achieve their best smiles. But if you're willing to put in a little effort and stay on top of these changes by offering services like subscription-based dental care, you can help your practice thrive like never before in this new era of dentistry. It's a win-win for dental practices and patients.
References:
"Dental Membership Plans: The Definitive Guide ...." 09 Nov. 2020, mdmanagementgroup.com/dental-membership-plans-guide/.
"Signs you should consider a dental membership plan for ...." 06 Nov. 2020, dentistryiq.com/practice-management/membership-plans/article/14186847/signs-you-should-consider-a-dental-membership-plan-for-your-practice.
"Will more patients be left without dental insurance in ...." 01 Jan. 2021, dentaleconomics.com/practice/patient-communication-and-patient-financing/article/14190117/will-more-patients-be-left-without-dental-insurance-in-2021.