Though exceptional patient care is the priority for all dental practices, it is just as important that they function as successful businesses too. One of the greatest challenges of practice ownership for principals is finding the time to work on the business as well as in it. Among the many tasks on the list will be the review of existing dental plans. While it may be deemed a lower priority for some, having an inefficient plan in place could actually be costing your business significantly and holding back your growth.
Lost revenue
There are a number of ways in which older or inefficient dental plans could be costing the practice money. Where dental plans have been in place for some time without review, there is a chance that the premiums haven’t increased in line with inflation or the rising cost of running the business. This could be leaving deficit that the practice is picking up. It is also possible for new or developing services like dental hygiene or therapy to be inaccurately represented within the plan structure. The result of all this would be smaller profit margins for the practice and therefore less benefit of offering a plan.
Another risk to revenue increases when your dental plan is no longer fit for purpose and, therefore, in decline among patients. The purpose of an effective initiative is to boost patient retention, but issues with your offerings will have the opposite effect. This may reduce business in the long-term, negatively impacting patient satisfaction, practice reputation and revenue, as well as business growth and stability.
Administrative overload
The other issue with an outdated dental plan is that it may be complex to implement, therefore creating unnecessary workload for the practice team. Whether this involves chasing outstanding premiums or unpaid claims, navigating complicated paperwork or manually adding notes to old systems that don’t cater for your current service offering, extra work could be putting significant strain on administrative and support staff.
Not only does this affect workflow efficiency throughout the practice, but it can also contribute to workplace stress. Higher levels of stress are linked with reduced job satisfaction among staff,[i] which, in turn, increases the risk of staff turnover.[ii] At a time when recruitment is difficult in dentistry, retention is crucial. Improving the working experience for all members of the team can be achieved by providing access to systems and solutions that facilitate efficiency and convenience on a daily basis. The dental plan in place is no different.
Time to audit
If your dental plan is no longer working as hard for you as it should – or if you simply don’t know what kind of shape it is in – then now is a good time for an audit.
The key areas you’ll need to review are:
- What exactly does your dental plan cover? Is there anything missing or any new services you offer that would be beneficial to add?
- Are the available payment plans appropriate for your demographic of patient?
- What is your average uptake rate? What are the main reasons the plan is not implemented by patients?
- How much time do your admin staff spend each week managing your dental plan patients?
- Is your dental plan still in-line with your business goals and objectives? Does it encourage and support growth and development?
Thankfully, this doesn’t have to be a massive task that requires hours and hours to complete. In most cases, it is incredibly useful to work with experts in the field who can help you sort through the data and identify what matters most. By working with the expert Business Development Consultants at IndepenDent Care Plans (ICP), for instance, you will receive an objective review of your current business needs based on 30 years of experience in dentistry. The team will then help you tailor a completely bespoke dental plan for your practice, with a seamless switch over process ensuring a quick and easy transition to a more profitable and efficient business.
Time to thrive
The dental plan you offer is just one of the factors affecting the growth and success of your practice, but it is an important one. When properly optimised, such an offering will enhance patient retention, increase time spent with patients in the chair, elevate professional job satisfaction and workflow efficiency, and boost business revenue. Don’t let an old system hold your practice back.
For more information and to book a no-obligation consultation, please visit ident/co.uk or call 01463 222 999
Author Dr Robert Donald is an IndepenDent Care Plans (ICP) Director
[i] Jaafar, Syaiful. (2021). The Relationship between Stress and Job Satisfaction. International Journal of Business and Management. 5. 8-12. 10.26666/rmp.ijbm.2021.1.2.
[ii] Jogi, Swati & Vashisth, Kamal & Srivastava, Supriya & Alturas, Bráulio & Kumar, Devesh. (2024). Job satisfaction and turnover intention: A comprehensive review of the shared determinants. Human Systems Management. 44. 1-17. 10.1177/01672533241303286.
