Plan to Grow Your Practice/
Dental membership plans help dental professionals and their patients by expanding financial options for oral healthcare beyond the typical insurance model.
But the real power of membership plans is in the many ways DentalHQ can help you grow your business as a dental practice owner.
New Patient Acquisition
There are around 100 million Americans without dental insurance, and that number is rapidly growing. Why?
- Gig economy workers are increasing in number, especially among millennials
- More baby boomers are retiring
- Many patients are losing insurance from their employer due to layoffs, quitting, or re-employing, particularly since the pandemic began
Your practice’s dental membership plan is a key opportunity to provide an affordable solution for uninsured and underinsured patients. And the need for those solutions shows no sign of slowing.
The subscription-based financial model supporting dental membership plans improves patient retention within your practice. By offering affordable monthly or annual payments, more of your patients can more realistically tend to their preventive care and maintenance dental needs.
That patient retention then translates into consistent, recurring revenue for your practice. Improving patient retention is also more cost effective, increasing your ROI, and improves your patient’s lifetime value compared to your typical marketing spend on new patient acquisitions.
Businesses with subscription revenue are valued up to 8x more than businesses without.
If selling your practice is part of your business model or retirement plan, a dental membership plan will attract potential buyers and investors.
Dental membership plans decrease your practice’s dependence on insurance. This allows your front office team to spend less time haggling over insurance claims and reimbursements and more time on marketing to new dental patients or following-up with existing patients.
Less Dental Insurance
While accepting insurance can attract those providers’ patients, insurance reimbursements also mean less profit from those patients, especially as those reimbursement rates slowly decline.
Decreasing how much your practice relies on insurance increases your business’s overall financial independence by removing the insurance middleman.