You know how most dentists are signed up with at least a couple dental insurance plans but can’t tell if they are bringing in enough patients to make it worth the write-off? I have designed a tracking system that solves that problem.
Today, most dentists are enrolled in at least 2-3 of the members’ only dental insurance plans. It is a lot of work to sign up with even one plan:
- First, the dentist has to sign a contract (and hopefully read it in detail first)
- Accept (and negotiate first?) the fee schedule
- Submit dozens of forms just to get through their credentialing process (now just where did you put that copy of your malpractice certificate)
All so he could get new patients. Or, as most dentists are sold – so that we don’t LOSE our current patients whose plan just now switched to this insurance company.
So, you signed up.
Now, is this dental marketing strategy working?
- How many new patients are you receiving from each dental insurance plan?
- How much money did these patients bring into the practice?
- How much did you have to withhold (write off) thanks to the fee schedule limitations?
- Did you make a profit?
- Should you keep this insurance plan? Or not?
- Should you sign up for another plan? Will this one be any better than the last?
It’s these type of questions I wanted to find the answers to in my own group practice. So, I set up a system to keep track.