In the first part of this blog series, I mentioned several key components that dental practice owners will have to ...
Many feel trapped in upside down insurance contracts by the fear that they’ll lose all their patients if they leave. And yes, this probably is the single biggest thing you need to worry about.You can’t just exit all your contracts at once, you’ll destroy your patient base. But it is very possible to completely change your dental benefits contract situation, dramatically increasing your revenue, while also retaining the vast majority of your current patients. It just has to be done methodically, strategically, one step at a time.
Does that seem like an odd question? After all, providers aren’t charged when they join a new dental insurance network. It’s mutually beneficial, isn’t it? Providers get access to more patients, and insurance companies get another provider to add to the network they offer to their subscribers. Everybody wins, don’t they?
“Insurance reimbursement rates have gone down consistently, even through the pandemic, even when costs are rising. So the dentists are getting less money coming back from the insurance companies and yet patient premiums have gone up. And so, where's the money going?”
The operating expenses of owning a dental practice have skyrocketed in the past three years. Materials, supplies, and PPE are more expensive due to supply chain issues and inflation. And as the demand for good hygienists has grown sharply, so has the cost of your office’s payroll.
There are many factors contributing to the revenue and cash flow issues many dental offices need to overcome this year. Materials and supplies are more expensive, payroll is higher than ever, and inflation is affecting the entire economy. But the problem at the front of many practice owner’s minds is likely the low reimbursement rates they’re receiving from insurance carriers.