Subscription-Based Dentistry: Exploring the Benefits

Many dental practices are actively searching for ways to bring in more revenue while offering patients quality care. This is why some dentists are offering subscription-based dentistry which allows them to customize their payment plans. This allows dentists to meet the needs of their practice while providing the services patients need and want. While it is important for practice owners to research the details of a subscription-based plan, there are several benefits that could boost business for most specialized medical practices. If you think your patients may prefer subscription-based services, here are a few things you need to know.

The Overall Benefits of Subscription-Based Dentistry

There are several perks to offering dental services using a subscription model. Patients can purchase a membership based on their dental needs and work with your office to come up with a payment plan that will allow patients to maintain their dental health while sticking to their budgets. You also have the ability to make adjustments to the plans in ways that will allow you to provide quality customer service to your patients while improving revenue for your medical business.

Determine Your Own Rates

During the 1970s, dental offices started widely embracing paying for medical services with health insurance. Insurance plans were seen as a way to encourage patients to visit the dentist regularly and ensure a steady income for dental practices. However, when the dental fee schedule started affecting profits, some patients were not saving as much money as they'd hoped.

In more recent years, the fee schedule has continued to make it challenging for dental practices to make a profit. PPOs will often force dental practices to lower their fees by up to 50% for each procedure. This causes dental staff members to work extensive hours and see more patients in order to meet the practice's revenue goals.

With subscription-based dentistry, the dentist can determine the cost of a treatment or procedure. A dentist will typically charge an upfront fee and the patient will pay for the services each month or year. This keeps patients from having to come up with lump sums for dental procedures and ensures that dental practitioners will be paid for their work. Many dentists have discovered that this form of payment has boosted their revenues significantly. Some dental practices have report a 30-50% revenue increase as opposed to solely working with PPOs.

While subscription-based dentistry can be beneficial, these payment plans don't change any network contracts the dentist is obligated to uphold. It is essential that dentists check to see whether charging a price other than the established network fee will still allow them to abide by their contracts.

Servicing Patients Without Insurance

People are usually not likely to enjoy going to the dentist but they are far less likely to schedule an appointment if they are not insured. Some people assume that any dental procedure will be expensive, which is another reason they avoid appointments. Research indicates that around 80% of insured individuals are open to subscription-based dentistry. Some patients will already be in the dental office system since some individuals only visit the dentist for emergency treatment. If you offer a subscription plan to patients, you'll increase the chances that these individuals can maintain their oral health, prevent dental emergencies or tooth removal, and bring in regular revenue for your business.

Providing a Boost in Preventative Care

Even insured people can be hesitant about going to the dentist regularly. While appointments are not as expensive if a person uses insurance, there are still deductible and co-pays to cover. So, these individuals end up paying for their insurance policy as a whole but won't use it since dental procedures tend to be more expensive than some other medical treatments. Subscription-based dentistry allows you to eliminate these concerns for your patients and offer the services they need at the prices they need, since it is legal for an individual to have a subscription plan and insurance simultaneously.

Making Your Practice More Efficient

Dental offices that accept health insurance spend a significant amount of time submitting documents, negotiating prices, and speaking with insurance representatives. When you create a membership plan that is specific to your dental practice, you won't have to deal with the middleman. Subscription-based dentistry allows you to spend more time focusing on your patients instead of dealing with the insurance company.

An Increase In Patient Loyalty

If you offer a subscription-based plan for your patients, they will be more likely to visit your office regularly. Insured patients, and patients who are not insured, can impact your relationship with your patients. If appointments and treatments are too expensive, people are more likely to avoid dental visits. Some people also blame the dental office for high prices when insurance companies are responsible for the rates.

It is also important to note that patients are not rewarded for their loyalty if they have insurance since they will have to go go another provider if your practice is out of their insurance network. If you remove the insurer out of the equation, it will be easier to boost patient loyalty.

Final Thoughts

Subscription-based dentistry helps you build a loyal patient base and offers your quality services in a way that is more financially feasible for some individuals and families. Since you can customize these plans, you can provide a solution for your patients as you work to maintain your thriving dental practice.