Navigating Dental Insurance Podcast (SayNoToPPOs.com)
Navigating Dental Insurance Podcast (SayNoToPPOs.com)
This podcast.blog teaches the best practices for cash flow, recurring revenue, Membership plans, PPO Fee negotiation, insurance best practices, marketing, reducing your dependence on dental insurance and building a fee for service practice.
Jordon Comstock

How to Grow Your Practice With an In-House Membership Program

How to Grow Your Practice With an In-House Membership Program

5/1/2016 7:03:18 AM   |   Comments: 0   |   Views: 315
What Are In-House Membership Programs?

In-house membership programs are plans that your office creates for your patients. They pay a monthly subscription to get  exclusive discounts and benefits from your office.

I have been interviewing many dentists and dental business consultants about how in-house membership programs can help grow your practice and increase the value of each patient that comes to your practice. According to Dental Business Advisors they say the average value of a patient for one year is about $500 per patient but when an office has implemented an in-house membership program the average value per patient jumps up to around $850 per patient per year. This is a huge increase and can definitely help your dental practice grow it's bottom line! I recently recorded an interview with Dr. Maio (CEO) from Apex Dental in Utah. He says that "most dental offices have sold their soul to dental insurance companies" and let them control the prices and profits of their practices.

The Importance of Retaining Your Patients

Retaining your patients is probably the most important task you need to focus on when you get new patients. If you are relying on dental insurance alone to keep sending new patients to your office, you will find that they won't stick with your office for a long time because they are committed to their insurance company, if it changes and you don't accept their new insurance then you just lost a patient. If they lose their insurance then you just lost a patient too. If your office creates an in-house membership program for your patients, you can convert patients who lose their insurance or have terrible dental insurance, they will be more committed to your practice because you are offering them more value and giving them a reason to become loyal to your practice.

The Benefit of Recurring Revenue

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One of the biggest benefits of creating an in-house membership program for your patients is that it will generate recurring revenue for your dental practice. For example let's say that you have created an in-house membership program and your office has managed to sign up 250 members at $125/mo per member. Using these numbers you have just generated $31,250 of recurring revenue per month whether you see patients or not. This revenue can be used to stabilize payroll and let your employees fee secure that the dental office they work for is healthy financially. By implementing an in-house membership program for your practice you will be able to grow revenue and patients for your practice. According to Dr. Maio, he says that recurring revenue fro your practice can be the best thing for your bottom line. all the business consultants I speak with say that creating recurring revenue streams in your practice not only will increase the value of your business when you want to sell it but it will make it extremely attractive for a new dentists to buy your practice.

Conclusion

Creating an in-house membership program for your office can be the best strategy to grow recurring revenue and patients. The only thing I advise is get a dental membership software that can help you manage, organize and automate payments for your practice.

If you are interested in learning more, please download my interview with Dr. Maio. You will learn why dental insurance is hurting your practice and what to do about it. 

I hope this article will help your practice grow. Please feel free and reach out to me if you have any questions, you can contact me here - jordon@rocketfiremarketing.com

Author Bio

Jordon Comstock has been in dentistry for 10 years. he started out as a dental lab technician, managing and growing the lab. Jordon currently is the Founder of RocketFire, a turnkey website solution for dental practices and the Founder of BoomCloud Apps, a software company that create in-house membership software for dental practices.


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