If you’ve been perusing our blog posts, you’ve probably read up on a few of the ways dental membership plans can improve the finances of a dental practice. But today, we’re going to focus entirely on this financial aspect. We'll give you a more complete picture of how dental membership plans really do make dentists more money.
Dental membership plans offer consistent and recurring revenue
When you enroll a patient into your practice’s dental membership plan, you’ll be signing them up for automatic monthly or annual payments. That means for those patients, your income is no longer tied directly to scheduled appointments. Instead your revenue is now based on more consistent and recurring payments you can bank on.
And there is an additional benefit. When patients are paying a subscription for your services, they’re more likely to come in for their appointments. This equates to more cleanings scheduled. And, more appointments are attended when a patient is subscribed to a dental membership plan.
Dental membership plans save time (and time Is money!)
A consistent influx of payments creates a sense of security. It also frees up time to allow you and your team to focus on other things. For example, new ways to increase revenue in your practice.
Typically, your front office team members spend hours and hours of their week collecting payments from patients and insurance companies. But with a dental membership plan, you eliminate the time needed for these tasks. That gives your team more time to focus on other initiatives.
Dental membership plans create new ways to build revenue
When your team has more time and focused energy, you’ll be surprised how quickly genius marketing programs begin to take shape. In addition, your team will have the breathing room to focus on how the practice might be more effective and efficient in all areas.
Dental membership plans themselves can make a huge impact on efficiency and marketing creativity. The is especially true when paired with a software platform like DentalHQ, which automates much of the process.
They lead to more restorative treatments
Dental membership plans most commonly include twice-annual cleanings. But when subscribed to a dental membership plan, patients make those appointments more often. Being that they are visiting regularly, patients are more likely to schedule other recommended appointments. You might find your book filled with more fillings (or cosmetic consultations!).
In fact, our founder, Dr. Brett Wells, recently estimated that as many as 50% of his patients are more likely to approve treatment upon diagnosis if they are already enrolled in his dental membership plan.
With a dental membership plan in place, you can simultaneously bring in more recurring revenue, increase appointment consistency (thus retaining more revenue), and schedule a greater number of major procedures.
So, do dental membership plans really make dentists more money? If you’ve read this far, we believe you’ll agree with us that indeed they do.