|
Date |
ArticleType |
|
11/24/2017 |
Insights |
How To Generate Revenue From A Dental Membership Program |
|
|
How To Generate Revenue From A Dental Membership Program
by Jordon Comstock
Whether you have just started your dental practice or are a dental career veteran, it’s time you took a look at incorporating membership programs into your business.
Membership programs are highly advantageous and extremely profitable for dental practices. Instead of heavily relying on time-consuming insurance payments, which can take months to clear, you can pull this income in-house, make more money, and provide better services to your patients.
The Benefits
Brady Frank, DDS, of Ashland, Ore, knows firsthand the benefits that a dental membership program can bring to a practice. His team has signed up more than 400 patients within three months. By incorporating the program into his practice, he has been able to reduce his dependence on insurance plans while simultaneously giving his patients better care.
Most insurance plans have an annual maximum or cap. These limitations prevent many patients from receiving the necessary dental care they need. What many dentists are doing to combat big insurance companies is to offer their own in-house plans. These plans are easy to customize, and dentists can provide routine cleanings, x-rays, and substantial discounts on treatment plans.
Here is an example of how a dental membership program works. A dental practice develops a special membership plan that costs members $30 a month or $360 a year. On the front end, here is the income boost the practice sees:
- 300 patients at $30/month = $9,000/month
- 500 patients at $30/month = $15,000/month
- 1,000 patients at $30/month = $30,000/month
- 3,500 patients at $30/month = $105,000/month
Here are the benefits for patients. For $30 a month or $360 a year, patients will receive two dental cleanings, one set of x-rays, a 50% discount on fillings, and a 20% discount on other types of dental work. Instead of having a $2,000 out-of-pocket maximum, patients will see the benefit of spending $30 a month and not having a cap on their services.
In return, dental practices gain a long-term patient who is loyal and who has a higher chance of completing the necessary dental work recommendations set forth by assistants and dentists. Ultimately, this is a win-win for everyone.
Read full article on Dentistry Today.
|
|
|