Insurance Strategies to Take Back Control of Your Dental Revenue
There is a tremendous amount of change that happens regularly, especially between the hundreds of billions of dollar insurance companies that significantly move the industry.
Today 80-82% of the US population has access to a dental benefit. That is a tremendous opportunity that a practice has, and also a tremendous amount of opportunity that a payer has to make the industry very complex.
Of those patients who have access to a dental benefit, on average, 85% go to an in-network dentist. So when starting to identify if your office wants to transition to fee-for-service dentistry or stay in-network with the best mix of payers, you need to first look at your community, and essentially their level of access to your care.
How to find the right insurance payer mix for your dental practice
There’s hundreds of ways that payers work together. So if you start connecting the dots that companies have overlapping relationships with each other you start seeing the complexity grow.
Dental insurance companies decisions, policies, locations, activities, and fee schedules directly impact the way your practice runs. Both in terms of profitability, but also in terms of understanding how your patients are able to access a dental benefit through you.
The battle is payers need providers, providers need patients, and patients need coverage.
So how can practices break the cycle?
- Is it to stay in-network?
- If not, how will you attract and retain patients by going PPO Free?
- If yes, how will you take control against the current system?
Brian Phillips, Director of Sales and Marketing at Five Lakes Dental Practice Solutions, a consulting and technology firm that helps dental practices develop, implement, and manage a PPO participation strategy, addresses these burning questions and discusses the systematic process for developing a comprehensive PPO strategy below.
About Five Lakes Dental Practice Solutions
Five Lakes has helped over 10,000 practices nationwide. The company is a 4-time Inc. 5000 honoree as one of the fastest growing private companies in the US. For more than 14 years, Five Lakes has been an industry leader in understanding and analyzing the impact of dental insurance networks on the financial health of a dental practice.
Learn more about how Kleer and Five Lakes can work together in your dental practice.
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