The insurance industry has thoroughly redefined the financial aspects of practicing dentistry. Few practices can manage to work on an exclusive fee-for-service basis these days, so dental insurance providers dictate compensation for covered treatment ... and although the cost of living continues to rise, insurance reimbursements are actually declining!
Clearly, you need to take a businesslike approach to dental insurance. Use it to increase production while you and your team control overhead and develop systems that enable you to provide patient care cost-effectively.
Help patients increase insurance utilization. The purpose of dental insurance is to help patients get the oral healthcare they need in an affordable way. You can help, too, and increase production along the way. By studying insurance policies carefully and advising patients about their benefits and how to take advantage of them, you can ensure maximum utilization.
Don't have a negative attitude. Complaining about insurance won't help anyone. Learn how to preserve a profit margin on insured services and develop strategies for increasing the volume of elective procedures you perform.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email firstname.lastname@example.org.
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