Periods of economic crisis can be painful and damaging, but they can also present an opportunity for agile and forward-thinking businesses.
With many dental practices struggling after lean month(s), it’s more important now than ever for dental professionals to predict the needs and desires of their patients. At membersy, we strongly believe that membership-based dentistry is the future and the best solution going forward for practices to attract and retain patients from the large (and growing) self-pay market. Below, we’re going to explain why.
Capture Growing Self-Pay Market
As a result of COVID-19, there will undoubtedly be a much larger % of patients that visit the dentist without dental coverage. While this is obviously a tough situation for our friends and neighbors who’ve lost jobs, this is a huge opportunity for practices to capture patients who had previously made their dental care decisions based on the antiquated insurance model.
Patients with insurance will often receive guidance on which “providers” to go see based on their network. It is incumbent on practices to educate these patients on the alternative – their professionally administered dental membership plan. Membership marketing materials addressing this concern is a great way to promote your membership plan and educate prospective members on your flexible alternative to insurance. Showcasing your membership experience, while highlighting the member perks of no waiting periods, low upfront cost and transparent savings year after year will act as a natural transition for previously insured folks to get the care they need – and at your practice(s) only!
People crave familiarity, and if you can give them something that feels familiar, with an improved and transparent experience, the sky’s the limit. Here at membersy, we’ve seen our dso partners employ this strategy across diverse markets with great success. With our easy-to-use digital platform and hands-on member support, you can rest assured knowing that your valued members are well taken care of.
The growing number of self-pay patient present huge market share capture opportunity, are your practices prepared to take full advantage of it?
Take Control of Your Revenue Cycle Management
As practices across the country have been closed due to COVID-19 transmission concerns and the need to preserve PPE, one thing that dso’s have not stopped doing is chasing down claims payments from 3rd party insurance companies (whom on average keep 60 cents on the dollar). With waiting periods, exclusions, denials, appeals, co-pays, and the utter complexity of the ever-growing dental insurance black hole, dental membership plans provide an easy opt-out by allowing your practices to capture services rendered revenue real-time directly from the patient.
Imagine cutting your revenue cycle management time and cost down substantially, all while producing over twice the amount! It’s not a dream, it’s the data. No more waiting weeks/months to be paid for treatment delivered last quarter. There’s a better option – and we’re here to help.
Increase Patient Loyalty Through a Membership Experience
In this ever more distracted world, it is incumbent upon practices to deliver an experience that makes the patient say “wow”. In life, you don’t always get a second chance, and when it comes to earning new patient loyalty, this is even more true. At this time, people are being uprooted from the familiar, and they’ll be reexamining all aspects of their lives, including who they choose to give their business to. If you and your team are not creating value with every interaction, someone else will. Once patients decide they’re going to give you a shot, that’s usually all you get – one shot. So make it count!
Expectations can be exceeded in many ways. We’ve crafted our platform to be as beautiful, intuitive, and welcoming as possible for our partner’s and their valued members. Whether it be through our subscription-based technology, partner dashboards, custom marketing materials, or friendly support teams, we’re focused on helping practices create a highly personal and connected experience for their members.
Take Advantage of Opportunity
The opportunity to capture new patient market share, increase revenue, and build patient loyalty has never been greater. With the entire world chomping at the bit to reopen for business, there will undoubtedly be winners and losers. We are committed to partnering with and enabling the winners of tomorrow’s dental landscape. A few key decisions now will pay dividends in the times to come. Are you prepared to take advantage of this paradigm shift? We can help you get there. Welcome to the new age of dentistry. Welcome to membersy.
If you’re interested in learning more about our membership solutions, schedule a free consultation here.