Did you know that the average dental practice loses 15-20% of its patients each year? That means to maintain basic patient load and office growth, practice owners need to acquire at least 20 new patients every month. On top of keeping up with the latest health regulations and collecting outstanding debts, maintaining a healthy patient base can feel like too much to handle.
These statistics are worrying for everyone. At first, they indicate that practice owners are losing money and spending inordinate amounts of time gaining new clients to combat the inevitable deficit. But patients lose out, too, because they don’t receive the oral healthcare they need. In-house dental membership plans solve both these problems and provide multiple benefits for both parties.
What is an In-House Dental Membership Plan?
An in-house dental membership plan is like an insurance policy and loyalty program combined. The practice owner creates several different tiered plans, each of which comes with its own set of benefits. These benefits often include various preventative treatments, plus a discount on other dental services, in exchange for a monthly or annual fee. The higher the fee, the more preventative treatments and discounts the patient receives.
The dental practice owner is in charge of deciding which benefits come under which plans for which price. Patients can choose which plan they subscribe to, according to their dental needs and budget.
In-house dental membership plans are beneficial for everyone because they improve patient retention rates and regular income for practices, while providing non-insured patients with affordable, quality dental care.
What are the Benefits of an In-House Dental Membership Plan?
Improved Patient Retention
An in-house dental membership plan ties your patients to your practice through a membership mentality. With a standard insurance policy, patients can go anywhere to receive treatment. But by transforming your patients into members, they’ll visit your practice to take advantage of their accumulated discounts.
Since members pay a monthly fee for a set period of time decided by the practice owner, the business has a regular stream of income it can rely on. This makes investing in expensive equipment and planning for the future much easier than not knowing how much your practice will earn from month to month.
More Money When it’s Time to Sell
The predictable revenue that a subscription model generates doesn’t just benefit you directly. It will also benefit you indirectly when it’s time to sell your practice. You’ll have proof of your steady monthly income that you can use as leverage to persuade another dentist to buy.
No Hassle from Insurance Companies
No dental practice likes dealing with insurance companies. With an in-house dental membership program, you avoid all the headaches they create. The members of the program are your customers — not the customers of an insurance company. You don’t need to worry about filling out lengthy paperwork and waiting months to get paid.
By improving patient retention and loyalty, your practice profits will soar. With most dental insurance companies keeping 40% of patient payments, and reimbursement rates dropping every year, practice owners are earning less and patients are spending more than they should be. By cutting out the middleman and introducing an in-house membership plan, patients get what they pay for and you keep more of the income you’ve earned.
Stand Out From the Crowd
Despite all the advantages for owners and patients, only a handful of dental practices have embraced in-house membership plans. By introducing one into your practice, you’ll set yourself apart from the other practices in the area and will attract more attention than offices that just stick to insurance plans.
Cheaper for Patients
Patients benefit greatly from in-house dental membership programs in terms of quality care and money saved. In almost all cases, the cost of membership is much lower than what a patient would pay if they were covered by their employer’s dental benefit plan, taking into consideration deductibles, maximums and co-payments.
What Makes Cloud Plans Different?
Cloud Plans gives you all the tools you need to create and maintain a customized in-house dental membership program with minimal fuss. You can set up your free account in minutes and avoid ever having to work with dental insurance agencies ever again. After the initial setup, advanced automated processes take care of all the hard work, so you can focus on treating your patients.
Easy to set-up
Some dental insurance plans are so complex that practices outsource the work to another company. This isn’t the case with Cloud Plans. The fast, easy-to-use interface means you’ll be ready to go in minutes. The platform provides you with everything you need to run your in-house program with the added flexibility to choose the plans, treatments and prices you’ll offer your patients.
After the initial setup, leading automation processes guarantee a stress-free revenue stream. It’s simple to invite new and existing patients to join your membership plan and when they do, membership fees are automatically deposited directly into your account without you even lifting a finger.
Cloud Plans’ advanced AI also makes the process of managing your patient base simpler and more effective. As you input more data about your patients and your practice, the progressive system learns, noticing patterns you may have missed. The more patients you acquire, the more data the platform collects and the better insights it can provide you to help grow your practice.
The Best Choice for Practices and Patients
Cost is one of the main reasons people avoid visiting the dentist. By incorporating an in-house dental membership program into your practice, you can eliminate the stigma of high dental treatment fees and help patients gain access to the oral care they need. This way, both the dental practice and the patients benefit.