Many of my clients have told me that there is definitely one thing they have learned from the Covid 19 situation: It’s better to achieve financial freedom through their practice sooner, rather than later. Who would ever have predicted this!
So how can one achieve this financial state sooner? And can is still be done even in the face of the current unusual challenges?
Yes, it can be done and there are several avenues that can be pursued to do so. The one that I focus on is helping my clients build a “non-insurance-driven” practice. I have found this approach to be extremely reliable, and bring about excellent results predictably even under the most extreme circumstances.
A “non-insurance-practice” is not a “no-insurance” practice. I don’t advocate not accepting any insurances. That can make it much more difficult to succeed. I also don’t advocate accepting “all” insurances, as collecting only a small percentage of your production is also not going to help you get where you want to go. The right answer is accepting insurances that make the most sense to accept – and I work this out individually with each client depending on their specific circumstances.
But no matter what insurances are being accepted, or not accepted, is the practice “insurance-drive” or “non-insurance-driven”?
“Insurance-driven” simply means that the majority of patients are making their treatment decisions based primarily on whether treatment being presented is going to be covered by their insurance, or not. If not, then “I only want to do what my insurance will cover” is a common response.
A “non-insurance-driven” practice is the reverse. Patients presented with medically needed care that exceeds their insurance limits understand the importance and value of their present and future oral health, and consequently prioritize their needed care and do what they can to get it paid for and done, even when it exceeds what their insurance will cover.
Many dentists refer to such patients as having a “high dental IQ” and they are very sought after. But there are not many of them – not enough to go around.
But there is a solution. And my husband and I put it together over 30 years ago, so much so that today I can tell practically any dentist in practice: You can have a non-insurance-driven practice. You can accomplish this in months, not years. And then you can achieve your production, collection, and income goals. And if they follow my advice, that’s exactly what happens.
The primary requirement in building a non-insurance-driven practice is very simple: You have to attract a majority of new patients who are financially qualified and can afford to pay for their needed care. That is plain common sense. If you want patients to value their oral health, and pay for their needed care when necessary, they have to be able to afford it! If 90% of the new patients coming into your practice have bad credit or do not have the wherewithal to pay for needed care, it’s not going to happen no matter what you do. (That’s why higher-end car dealerships locate themselves in more affluent neighborhoods – no matter how “busy” they get, if people can’t pay for their cars they aren’t going to sell any.)
So where are these financially qualified prospective new patients? Hopefully, they are all around your practice. Step 1 is to find out, as accurately as possible, how many such households exist around your practice, and within what distance. And then Step 2 is, how to economically attract enough people from these households to your practice.
We cover how to do this fully with our New Patient Acquisition System. Click here for more information.
Once you have a steady flow of sufficient financially qualified new patients coming in every month, your non-insurance-driven practice can now become a reality.
Regarding the Covid 19 situation and it’s impact on your practice: You still need financially qualified new patients coming into your practice. Enough of them. Every month. That doesn’t change. And our clients, since reopening and implementing again what they learned from us before the pandemic, are doing fine. In fact, many are doing better than ever.
We are not dentists. And we will never give you medical advice. It’s not what you need. We are experts in how to build a non-insurance-driven practice. Maybe one of a few left in the country. (Everyone else seems to have gravitated away from this.) Your practice is a business. A small privately owned business. And it is unique in its needs and requirements to be successful. And this, we know how to do.