Podcasts about ppos

Play Episode Listen Later Mar 27, 2025 21:04

In this episode of the Less Insurance Dependence Podcast, hosts Gary Takacs and Naren Arulrajah break down the essential steps to developing a customized blueprint for success in your dental practice. Many dentists feel trapped by PPOs, working harder each year while losing a significant portion of their revenue to insurance write-offs. But the good news? There's a way out. Gary and Naren share a step-by-step approach to help you reverse engineer your success, transition away from PPOs, and build a thriving, profitable practice that provides personal, professional, and financial satisfaction. Book your free marketing strategy meeting with Ekwa at your convenience. Plus, at the end of the session, get a free analysis report to find out where your practice stands online. It's our gift to you! https://www.lessinsurancedependence.com/marketing-strategy-meeting/ If you're looking to boost your case acceptance rates and enhance patient communication, you can schedule a Coaching Strategy Meeting with Gary Takacs. With his experience in helping practices thrive, Gary will work with you on personalized coaching, ensuring you and your team are prepared to present treatment plans confidently, offer financing options, and communicate the value of essential dental services. https://www.lessinsurancedependence.com/csm/

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Is it Possible to Successfully Resign from PPO Plans Smaller Towns?

Play Episode Listen Later Mar 20, 2025 19:11

Many dentists feel stuck in PPO plans, especially in small towns where every other practice is in-network. They worry that going fee-for-service isn't possible in their area. But what if that belief is holding them back? In this episode, Gary and Naren share the story of a dentist who thought exactly that—until he saw things differently. Instead of seeing his town as a challenge, he realized being the only fee-for-service practice could actually be an advantage. Patients are looking for quality care, and many are willing to pay for it—if they know where to go. Gary breaks down the mindset shift needed to leave PPOs successfully, no matter where your practice is located. He also shares practical steps, including how to market your practice, attract the right patients, and build strong relationships that keep them coming back. Book your free marketing strategy meeting with Ekwa at your convenience. Plus, at the end of the session, get a free analysis report to find out where your practice stands online. It's our gift to you! https://www.lessinsurancedependence.com/marketing-strategy-meeting/ If you're looking to boost your case acceptance rates and enhance patient communication, you can schedule a Coaching Strategy Meeting with Gary Takacs. With his experience in helping practices thrive, Gary will work with you on personalized coaching, ensuring you and your team are prepared to present treatment plans confidently, offer financing options, and communicate the value of essential dental services. https://www.lessinsurancedependence.com/csm/

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863: Want to Drop a Few PPOs? Here is What You Should Consider – Sandi Hudson

Play Episode Listen Later Mar 19, 2025 49:12

Are you overwhelmed trying to navigate PPOs? Then keep listening! In this episode of Practical Solutions Day, Kirk Behrendt brings back Sandi Hudson, founder of Unlock the PPO, to decode some of the biggest challenges when dropping PPOs. You didn't go to dental school to deal with insurance. Let the experts do it for you! To learn more about Sandi's company and the key things to consider before dropping PPOs, listen to Episode 863 of The Best Practices Show!Learn More About Sandi:Join Sandi on Facebook: https://www.facebook.com/UnlockThePPOFollow Sandi on Instagram: https://www.instagram.com/unlocktheppoLearn more about Unlock the PPO: https://unlocktheppo.comLearn More About ACT Dental:ACT's webinars: https://www.actdental.com/135ACT's website: https://www.actdental.comACT's Instagram: https://www.instagram.com/actdentalACT's YouTube: https://www.youtube.com/actdentalACT's Facebook: https://www.facebook.com/actdentalACT's LinkedIn: https://www.linkedin.com/company/3137520/admin/feed/posts/ACT's Twitter: https://twitter.com/actdentalMore Helpful Links for a Better Practice & a Better Life:Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin The Best Practices Association: https://www.actdental.com/bpaDownload ACT's BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360Download ACT's BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_USJoin ACT's To The Top Study Club: https://www.actdental.com/tttSee the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/eventGet The Best Practices Magazine for free: https://www.actdental.com/magazinePlease leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Main Takeaways:Fee-for-service dentistry is...

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The Fee That Patients Are Most Sensitive To When You Resign From Their PPO Plan

Play Episode Listen Later Mar 6, 2025 19:44

When a practice drops a PPO plan, patients don't always react the way you'd expect. It's not the cost of a crown or an implant that surprises them—it's their hygiene visit. For years, they've believed their cleanings were “free,” but once you're out of network, that changes. In this episode, Gary and Naren dive into why hygiene visit fees create the biggest pushback, how insurance companies handle co-pays differently, and what you can do to keep patients from leaving. You'll hear real-world examples, simple communication strategies, and ways to prevent surprises for your patients. Navigating this transition doesn't have to be difficult. By preparing in advance and understanding what matters most to patients, you can avoid common pitfalls and ensure a smoother shift to fee-for-service. If you're thinking about resigning from PPOs, this episode is a must-listen. Learn how to keep your practice thriving while reducing insurance dependence—without losing valuable patients. Book your free marketing strategy meeting with Ekwa at your convenience. Plus, at the end of the session, get a free analysis report to find out where your practice stands online. It's our gift to you! https://www.lessinsurancedependence.com/marketing-strategy-meeting/ If you're looking to boost your case acceptance rates and enhance patient communication, you can schedule a Coaching Strategy Meeting with Gary Takacs. With his experience in helping practices thrive, Gary will work with you on personalized coaching, ensuring you and your team are prepared to present treatment plans confidently, offer financing options, and communicate the value of essential dental services. https://www.lessinsurancedependence.com/csm/

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Your Ideal Patient and How to Get More of Them | GMS

Play Episode Listen Later Mar 3, 2025

Are you reaching the right audience or casting your patient net too wide?In this episode of the Ground Marketing Series, we unravel the secrets behind targeting the perfect patient audience to boost the success of your marketing strategies. We dive deep into the art of identifying and defining your ideal patient personas by analyzing demographic and behavioral data. By honing in on specific patient groups, you'll uncover the psychological and behavioral dynamics that drive patient decisions, enabling you to make smarter, data-driven marketing moves.We'll walk you through practical methods to analyze your existing patient base and research local demographics, crafting marketing strategies that meet your patients where they are. Learn how to naturally engage your target audience in places they frequent, utilizing pre-visit strategies, impactful initial interactions, and persistent follow-ups. To cap it all off, discover the power of forming local partnerships and nurturing community relationships for long-term success. Embarking on this detailed guide, you'll be equipped to create a strategic ground marketing plan that resonates with your ideal patients, laying the groundwork for sustainable growth.What You'll Learn in This Episode:Crafting a detailed profile of your ideal patient persona.Utilizing demographic and behavioral data for marketing plans.Targeting patient groups using psychological and behavioral insights.Analyzing current patient data and local demographic trends.Engaging with patients in their natural gathering spots.Developing a systematic and structured approach to ground marketing.Building robust local partnerships within the community.Tune in to discover how to transform your practice's marketing strategy with precision and insight!‍‍Learn More About the Ground Marketing Course Here:Website: https://thedentalmarketer.lpages.co/the-ground-marketing-course-open-enrollment/‍You can reach out to Michael here:Email: michael@thedentalmarketer.site‍Other Mentions and Links:‍Podcast Episodes:313: Dr. Tyler Brady | How to Use "Influencer Marketing" to Attract New Patients & Grow Your Practice FAST! – The Dental Marketer PodcastBusinesses/Brands: Invisalign Amazon CrossFit24 Hour Fitness LA Fitness HyattMarriottPeople: Dr. Tyler Brady Groups:Rotary Club U.S. Chamber of CommerceData Collection:U.S. Census DataFacebook Groups‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Alright, we're going to be discussing identifying your target. Now, this is huge how to pinpoint and approach your ideal patients through ground marketing. So right now, if you're thinking, man, I hear this all the time, I need to find my target audience. I need to know my ideal patients. Maybe sometimes you're thinking like, I just want any patient, but no, you gotta get specific here. Niche down. And you do have an ideal patient in your mind, right? Maybe you're an existing practice in your favorite patients. Those are your ideal patients. If you don't have a practice yet and you're in the opening startup phase Who you've worked with in the past as an associate and your favorite patients, whoever they were, those are ideal patients, right? Obviously it's going to evolve within time. You're going to get more niched down and more specific, which is going to be perfect. Because you're going to be able to target that audience. So why targeting matters in ground marketing. So ground marketing is not about reaching the most people. It's about reaching the right people without precise targeting. Efforts are wasted on audiences who are unlikely to convert into loyal patients. So identifying your ideal patients ensures. That your marketing is efficient, high converting and relationship driven. That's, what's going to be most important, right? You want it to be efficient. Obviously you want it to convert as high as possible, but relationship driven these offers or these other things, they can be easily broken, right? you can cut ties quickly. But once that relationship thickens and thickens more, it's harder to cut because it's a relationship. And that's what you want. You want these ideal patients, all of them to be relationship driven, unlike digital marketing, where you can segment audiences with online analytics, ground marketing relies on behavioral. Demographic and psychological factors to pinpoint ideal patient groups. And in previous episode, we discuss the psychology behind it. Brown marketing. Now the science behind patient behavior and decision making, if we understand how people make healthcare decisions, it's going to help us tailor our approach. So I want to give you some key psychological factors that drive patient choices. And these are things you need to keep in mind whenever you're out ground marketing, or just in general, whenever you're doing any type of marketing. Okay. It's four things, And number one, this is a huge one, proximity and convenience. People providers within a 10 to 15 minute radius from home or work. So a solution for this. Is you want to focus on high foot traffic areas near your practice, grocery stores, schools, gyms, coffee shops, anything in that area, in that radius, you want to focus on and there's a, module in the ground marketing course under the existing patient analysis. The EPA module or the EPA unit, we discussed this in depth. We dive a lot deeper on the exact radius you should be looking at for your practice. that's number one, proximity and convenience is trust and social proof. So patients choose providers recommended by friends, family, or familiar community figures, right? The solution for this would be leveraged word of mouth referrals and local partnerships to build credibility. So your favorite patients right now, the ones who talk you up, make sure they are consistently talking you up, but you want to turn them into ambassadors who can turn other potential patients into ambassadors. You want to keep this going. That's going to be social proof and you want to build trust as well. That builds a lot of trust. As we know, that's the strongest form of marketing, which is referrals, word of mouth. So that's what you want to do. You want to leverage word of mouth referrals and local partnerships to build your credibility. That's two trust and social proof. Three is immediate need versus preventative mindset. Now, some patients seek urgent solutions maybe they have tooth pain, emergencies right, things like that. Then others prioritize long term dental health, so Invisalign, cosmetic work, etc. Your solution for this is segment patients based on need and customize your approach accordingly. If you're going for emergency patients, That's what we're going to start targeting. Emergency locations, clinics, urgent cares, specific locations. If you're looking for long term, preventative, think of cosmetic, right? Or full mouth reconstruction or something else. Misalign, implants. That's where you want to start targeting. Start thinking of where that demographic probably would be. That coupled with trust and social proof and then proximity and convenience. Now we're targeting, right? We're niching down. And finally is financial concerns and insurance acceptance. So many patients choose a practice based on insurance coverage or affordability. This is not new to you. You know this. You get a call maybe a couple times a day saying, Does my insurance cover this? many patients choose a practice based on that. So the solution is Highlight flexible payment options and insurance acceptance in your marketing, and we're going to dive deeper into this. And in the ground marketing course, there's a whole section on this, on how to verbalize or enhance your vocabulary. So. You know how to respond when people ask questions like, do you accept my insurance or how much does this cost? And so forth. So identify which psychological driver fits each audience and tailor your messaging accordingly. Okay. So little do you know right now, your marketing message is tailored to a specific target audience. Is it the target audience that you want? Based on these four things, number one, remember proximity and convenience to trust and social proof three immediate need versus preventative mindset and for financial concerns and insurance and acceptance based on those four things, who do you think your marketing messaging is targeting right now? so we're going to niche down if it's the right people, perfect. We're going to continue to do that. If it's not, we need to adjust. And make sure you want to niche down to your ideal patients, who you want to continue to see forever, if you could. So now that we got that down, number one, the science behind patient behavior and decision making. We understand how the patients are going to be making decisions. Now we want to define your ideal patient persona. So a patient persona is a detailed profile of your target patient. You want to consider the demographics, behaviors, and pain points. So the steps to create an ideal patient persona, and here's where you probably want to take out your pen and paper write this down, right? And start analyzing and start defining your ideal patient persona. So step one, analyze your current patient base. Who are your most loyal and high value patients? Write that down. What age group, income level, and insurance plans do they have? Write that down. Group them. What common concerns bring them to your practice? Write that down. Okay. That's going to be huge. This is probably the biggest thing ever, because let's just say you have lot of patients, right? And you're writing it down, you're like, your most loyal and high value patients is let's say Bob and Barbara. I love them. What age group are they? Oh, they're ones in the thirties, ones in their fifties. Okay, income level. Oh, I see the income level is common. It's in the 100k to And they do have insurance too. They have PPOs. Okay, cool. Awesome. What common concerns bring them to your practice? Well, They both had initially, you know, pain or maybe they moved and then they wanted to see a new dentist. Or something, or they just had, concerns or they wanted cosmetic work done. Now you're starting to niche down, okay, where do they work? What income level? Where is their HOA? Or where do they live? And what type of apartments at the same time, wherever their hobbies are, what are they doing? Things like that, right? You're starting to live around their life. That's how you're analyzing your current patient base. Once you live around their life, they go to these grocery stores, they go here, they go here. Now we're starting to niche down. Let's focus on those locations to ground market too. So step one, most important step, analyze your current patient base. Step two, you want to research your local demographics. You can use your U. S. census data, city planning sites, or my favorite is local Facebook groups to gather insights. Just go to the Facebook group in your community. There's probably five or more. And then they even niche down on that. There's mom groups, there's athletic ones, there's ones who love recipes and stuff like that. And just in your community, niche down on that and be a part of those Facebook groups, and you're able to gain some insights on that. What are people talking about? Even if you just type in the search bar, dentist. You're able to gain a lot of insight on that. What's their concerns? What are they looking for? And things like that. And then you want to identify major age groups, household incomes, education levels, and common employment types. Always do that. Every single one of your patients, you should be able to know where they work at what type of obviously insurance they provide, but at the same time, what I recommend and in the course, we recommend this all the time. And we teach you, we give you the scripts on exactly what you should say and how to do this. So that you can get into these patients who let's just say, Oh my God, you work at the Amazon fulfillment center. It's a corporation of 000 employees or a hundred employees. And you would love to have them as your patients because their insurance is great. Yeah, we give you the script on how to ask that patient who's already a patient of yours, how you can dive deeper into their place of employment, who do you need to contact, things like that in order to go inside of the corporation become one of their main providers. So you definitely want to be asking these questions to all your existing patients already, but at the same time, this is something you want to sit down and start identifying yourself, the age groups, household incomes of your ideal patients, the education levels, common employment types, things like that. So that's step two, research local demographics. And the way you can do that is by going to Facebook groups, but us census data and city planning sites are good to Facebook groups, you're able to get a little bit more insight, casual conversations, which is what's on their mind at that time. And identify a lot of the insights that you're trying to get. So step three would be identify their pain points and decision making triggers. And this is where the Facebook groups come in pretty handy. You can see the insights. You can see what people are saying, but do they struggle with dental anxiety, busy schedules, cost concerns? Are they parents seeking pediatric care? Are they young professionals considering Invisalign? Look into this. Okay. So you want to do three things on step number two, which is number one, analyze your current patient base, who are your most loyal and high value patients, age group, income level. Step two, research local demographics. U. S. Census data, local Facebook groups, right? Three, identify their pain points and decision making triggers. Remember, we discussed what four decision making triggers are. So identify them. Identify their pain points. What are they? And then we niche down. An example of this is right here. And if you're listening to this on the podcast, great, wonderful. But when you can, look at the video version of it because this is where I'm showing you right now the examples of the patient persona. So let's just say persona number one, the busy parent, which is ideal for pediatric and family dentistry. Their ages is 30 to 45. Their lifestyle is full time working parent and their kids are aged from four to 12 pain points would be lack of time and concerned about their children's health, their dental health. So your marketing approach is this. You want to offer a convenient evening or weekend appointments partner with local daycares and schools for easy referrals. And provide family discounts, if you would like, or bundled appointments. Okay. That would be how that would look if you're dealing with a busy parent. Persona number two, the aesthetic driven young professional. They would be ideal for a cosmetic or ortho services. This is a young professional. there between the ages of 25 to 40, their lifestyle, their career oriented, active on social media, and willing to invest in appearance, their pain points. Is they want straight white teeth, but they fear high costs. So your marketing approach would be you offer interest free financing and small makeovers. Just offer the interest free rate financing, offer something bundled up. That's beautiful. A lot of the times we like to show them the big ticket price and say, Hey, this is all the discounts we're giving you. You don't need to do all that. You can just say, you're going to get this at the monthly rate. That's it. you're being efficient with your time, short, sweet, to the point brevity. And at the same time, it's appreciated by them. They're like, Oh man, I can do that. That's as much as like a gym membership or a CrossFit membership. You want to partner with gyms, salons, or coffee shops where they frequent. And you want to provide a before and after transformation and influencer collaborations. And in the course we discuss on how you can do that and influencer collaborations. And in the podcast, we discussed that if you want to type in the search bar on our website the dental marketer. org, you can type in Tyler Brady, he discusses quite a bit on how to do influencer marketing and collaborations. But that's what you want to do. You want to provide before and after transformations big time. one thing I recommend is you want to create two to three personas and align your outreach strategies accordingly. So your ideal patient doesn't mean it has to be one specific persona and one specific ideal patient and that's it. You can have multiple. and I challenge you to have three ideal patients. So one could be the busy parent, the other one can be the aesthetic driven young professional, and then the other one can be like The retired senior who is living it up in the community center, right? And you can go from there. So that's going to be step number two. So to recap, step number one is the science behind patient behavior and decision making. Two is defining your ideal patient persona, which we just did. Three is now locating and approaching your ideal patients. once you've identified your ideal audience, the next step is finding where they gather and crafting their perfect approach. You want to craft your perfect approach. So where to find different patient groups in your community. Now you can make a list and put top left patient type in the middle, where to find them and then on the right best approach. if you want, you can look at my, screen and I have that right here. So the patient type is parent with young kids. You can find them in schools, daycares, pediatrician offices, kids, sports events, ice cream shops specific gyms, just for children, like jamboree and things like that, et cetera. And your best approach could be, you can offer a free comprehensive exam. You can offer something as like a free consultation. You can have signup sheets for parents. You can offer, Hey, come in your first visit a tour for free, right? You can create an event just for the parents to tour everything, do something amazing for the children. That would be your best approach. Patient type. Young professionals, where to find them, gyms, coworking spaces, networking events, coffee shops. You want to go to specific events. If you're looking at the chamber of commerce on the calendar, you can see specific events that people are a part of your community throws specific things for them. A lot of apartment complexes, humongous apartment complexes, throw events every single month for people like a wine and cheese type of thing or anything like that. You can be a part of that. And honestly, your best approach is promoting teeth whitening. That has been incredible. Promoting teeth whitening, or if you want Invisalign specials as well. Patient type, seniors and retirees. You want to go to community centers, senior health centers things like that. And you want to offer specific things, right? Mainly what we've seen is they have a lot of questions specifically. About not just insurance, but what's covered, what's not, they will have insurance questions. And so we will dive much deeper, maybe multiple episodes on seniors it's an incredible patient base we forget sometimes that, they're the ones who are learning the quickest, the internet, and they're using it the most. And at the same time, they are excited to receive emails and so much more. So if you're at senior events, senior centers, and things like that, independent living facilities, all you really have to do at those. When you're speaking to them, if you're doing like a booth and a luncheon or anything like that, it's just answer questions and they will sign up and they will be a part of it and they will get their families to go to, so you can do free oral health workshops at these facilities. You can do implant consultations and things like that. But I'd go with, just wanting to answer questions and then you can. Understand the feel of the group and be like, okay, this is what they want. We're going to offer that, or maybe they don't want anything. They just need work done. And then you want someone to finally answer their questions. So anyways, we're going to dive deeper on seniors and later episode, emergency patients, right? You want to go to urgent cares, clinics, pain management centers. That's where you can find them and then provide specific emergency things, right? You want to partner with pharmacists, let them know, talk to them, partner with urgent cares, partner with hospitals, small clinics, things like that. Give them specific flyers if you want on the services and how you're available, what you can do, things like that. And then patient type corporate employees. You want to do HR departments, lunch and learn sessions, offices, offer insurance maximization workshops. You want to dumb it down to them, literally to where you can explain it to a third grader. That's how you want to look at it. And then you want them to be able to explain it to an actual third grader. That way, you know, that they understand the more you can educate them like that, the better, especially with corporate employees, because they have a ton of work. They're doing a lot and they just want, Hey, did I maximize it? Did I do everything I could? At the same time, I know a lot of members in the course, they do have onsite dental screenings, or they actually will go to these corporations and work on them. They have these mobile units that they can just go and do cleanings there. That is huge and helps them out a lot. And the companies absolutely love that because more time there is better for the corporation than, you know, less time out and about. Scheduling and then having be out, So if you can offer that, that's awesome. like I said, we dive deeper into that as well in the course. Now, you want to strategically choose locations where patients already gather rather than trying to bring them to you. Okay? So if they're already there, strategically choose that location. I'll give you an example. There's a pretty big hotel. Let's just give a name, right? Let us say the Hyatt or Marriott or something like that. Right. And they have quite a bit of employees and instead of you trying to go after, Oh, Hey, me go just for the front office. Hey, let me go for the maintenance, signatures, housekeeping. They actually have team meetings early in the morning, monthly team meetings. And believe it or not, they will allow you to come in, set up your booth and have speaking time. that meeting with everyone watching you. And so that's your time, And that is a good example of you're choosing a location that offers insurance, that offers good benefits to their employees and things like that. And. You're choosing locations where patients are already gathered, rather than you're trying to bring them to you individually and just handing out your flyers, you're being strategic, right? And then one of the last is number four, creating a targeted ground marketing approach plan. So now that you know who you're targeting and where to find them, let's just say it's the mother, right? With the kids or it's the young professional. Now you know where to find them. You need a systematized approach. Okay. So there is a pre visit strategy. You want to establish credibility first, right? You can either do that by connecting on LinkedIn or local business networks before showing up. That's why sometimes I do recommend joining the chamber of commerce or the rotary club, but it's not necessary in the course. We teach you how to, be a part of the chamber of commerce and other events without actually joining the chamber of commerce. So you don't have to pay that fee, it does help. if you are. Because you're able to be a part of specific networking events. Now that's one thing you can do. You can also send an email or letter of introduction of your practice before visiting businesses. This works sometimes. I have yet to do this, but I added this in here in this episode because I know some of the members do it. For specific corporations and it's helped out tremendously. So go ahead and do that if you like. I know it's specific corporations. we actually in the course we give you the template. We give you the whole script on what to say in the email and then boom, you can just put your name and send it. But like I said can do that or can find a common contact who can introduce you, right? Mutual connections. That is the best thing. That is what I normally do find a common contact, mutual connections, and that equals trust, right? You call the location. Hey, one of your patients just came into our practice and, you know, I had a couple of questions and. They are like Cause you're calling the HR department. Is everything okay? What, What happened with that person? Oh, no, they're just saying how much they love it there. They love you. And we love them as a patient as well. And I was just wondering, is there any way we can kind of, offer more specific benefits and special offers for the employees there? mean, We love you guys. We love employees that you have. And boom, you're able to get in there, right? And offer more. But that is because you have a common contact who can introduce you. Technically, the person didn't even introduce you. You just have a common contact. And that's what I utilize. I'm just like, hey, you work at this location? Perfect. Is it okay if I call the HR department or, you know what I mean? And let them know. And nine times out of ten, the patient who's already an existing patient will tell you sure, you can go ahead. I mean, I have nothing to do with it. And then just go ahead and call. And then you're able to get in. So perfect. That's a pre visit strategy, right? And then the perfect first interaction you want to approach without being salesy. So that's A. A is the pre visit strategy. B is the perfect first interaction. You want to keep it casual and conversational, not sales pitchy. I can't express to you how important this is. Keeping it casual, Almost like you're talking to a friend. Not overly casual, but casual in the sense of you're now walking in there with everything in your hand and you're not on the phone call. like you're reading something from a script, although you might be reading something from a script. You just want to keep it casual, offer something of value up front, And then use social proof. You know, We worked with other businesses and we've helped their employees and patients. We would love to support your team too. You can use social proof in the sense of, you know what, every month we partner with a fitness facility. And this month we would love to partner with you guys. We saw incredible results for our patients the employees or the clients or the members in. 24 hour fitness. And we really wanted to partner up with LA fitness now, because that's just been a request and you have something every month that we can be a part of? boom, they're going to say, yeah, we do. We have something that you can be a part of. Wonderful. How does this work? And then you can continue with them. Never start with. And this is a humongous pro tip and you hear this all the time and you've probably done this, I've done this So never start with, Hey, we'd love it if you send referrals our way. So you're going in, dropping off flyers to the perfect location that you want your ideal patient to come from. And you're like, hi, I'm the new dentist down the street. We'd love it if you send referrals our way. That does nothing. Maybe one in a million times it might get you a referral here and there, but that's it, just know as you're the person who's asking for something. So start by offering something first. And then see follow up system. I cannot tell you how important following up is. And I discussed this in the previous episode. I mentioned this is probably where you either gain or lose the most potential patients, new potential patients. Most people won't book immediately. They need reminders and touch points. So you want to immediately follow up same day, send a personalized message, thanking them for their time. Everybody you meet at an event, you just dropped off something, you introduced yourself in the sense of you're going to go be a part of their event. You dropped off a signup sheet. just follow up immediately that same day. more than likely the person you spoke with is not one of your patients already and they can become your patient. Step two, you want to do a three day follow up, right? Provide a quick reminder about the offer, the benefits. And then you also want to follow up again with that. If they haven't booked, want to offer a limited incentive. month our free whining is ending, and I noticed there's only five more days left, or we have five free whining sessions left. We'd love to save one for you, things like that. Right. And we're going to dive so much deeper, multiple episodes on how to follow up specifically. But in the ground marketing course, I give you the breakdown, I give you the scripts. I give you templates, everything on exactly how to follow up, how many days you should wait, how many months, if so. And what to do and what to say in each of them, but remember 80 percent of conversions happen after five to seven touch points. So keep nurturing leads, always keep nurturing leads. So a final thoughts you want to have a targeted strategic ground marketing plan, That is the key to success. So a step by step summary for success. And in this episode is number one, you want to understand patient behavior, identify what drives decision making and we discussed that right. Convenience, cost trust, create clear patient personas, define who you want to attract, and then define their pain points. Get those two crystal clear. Three, locate the right places. Be where your target audience naturally gathers, but be there consistently. Don't just be there one time and that's it. Be there as much as you can for as long as you can. Locate the right places. Four, use a systematic approach. Have a pre visit strategy, an engaging first interaction. And a structured follow up. So when ground marketing is done strategically, it builds sustainable, high value patient pipelines without relying on expensive ads. Identifying your audience is the most critical step to making your efforts pay off. So that's what you want to do. First and foremost. Okay. So thank you so much for tuning into this episode. I hope it helps. I'm excited to see you continue to skyrocket on your ground marketing journey. If you have any questions or concerns, please feel free to reach out You can email me, you can find me at Michael at the dental marketer dot site. That's the email. Or you can just go on the website, the dental marketer. org and fill out. One of those follow up forms, but the best way to reach out to me is if you are part of the ground marketing course, which I'm going to put a link to it in the show notes below, it's going to be the first link in the show notes below. I mean, We have live office hours like this. You're able to engage with me, talk with me. It's like a mastermind session. At the same time in there, you're able to see all the strategies, all the scripts, all the templates, all the workshops. You even see real life examples of me. I hide the camera or I'm on the phone. Doing these strategies and you're able to see it work in real time, exactly how it's supposed to be. so definitely join the ground marketing course. I'd love to see you in there. I'd love for you to be a part of it so you can start attracting new patients, but at the same time, become the go to practice in your community and build these incredible local partnerships And that's what we're going to be discussing in the next episode, building local partnerships that matter. So thank you so much. And I'll talk to you soon.

When Is the Wrong Time to Go Out of Network?

Play Episode Listen Later Feb 27, 2025 18:43

Going out of network with insurance is a big decision for any dental practice, but timing is crucial. In this episode of The Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah break down the key mistakes practice owners make when transitioning away from PPO plans. They outline four critical factors to evaluate before making the move, including the strength of patient relationships, the effectiveness of marketing strategies, and scheduling demand. If your practice isn't prepared, dropping PPOs at the wrong time can lead to revenue loss, empty schedules, and unnecessary stress. But with the right approach, you can successfully transition while maintaining financial stability. This episode is essential for practice owners who want to take control of their profitability without risking their patient base. Tune in to learn practical steps to ensure your practice is truly ready to go out of network. Book your free marketing strategy meeting with Ekwa at your convenience. Plus, at the end of the session, get a free analysis report to find out where your practice stands online. It's our gift to you! https://www.lessinsurancedependence.com/marketing-strategy-meeting/

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Marketing Audit To Reduce Dependence on PPO Plans

The My Practice My Business Dental Podcast

Play Episode Listen Later Feb 20, 2025 24:37

Are you tired of PPOs cutting into your hard-earned revenue? Many dentists feel stuck relying on insurance companies for patients—while sacrificing profits. But what if you could take control and bring in patients on your own? In this episode, Gary Takacs and Naren Arulrajah discuss the 5 key areas of a marketing audit that can help determine whether your practice is ready to reduce PPO dependence. You'll learn how to check your Google rankings, online consistency (NAP score), website performance (Lighthouse score), credibility (E-E-A-T), and review growth (Google Review Velocity). By understanding these essential marketing factors, you can replace insurance-driven patients with high-quality ones who value your care—all while lowering marketing costs. If you've ever wondered, “Is my practice ready to go out of network?” this episode gives you the answers. Tune in now and take the first step toward insurance freedom! Book your free marketing strategy meeting with Ekwa at your convenience. Plus, at the end of the session, get a free analysis report to find out where your practice stands online. It's our gift to you! https://www.lessinsurancedependence.com/marketing-strategy-meeting/

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An Open Letter To The ADA, UDA, and All Dental Associations

Play Episode Listen Later Feb 10, 2025 38:15

Dear ADA, UDA, and All State Dental Associations,As many of you know, my wife and business partner, Tracy, and I have been strong advocates for both dentists and patients through our company, My Practice My Business (MPMB). Over the years, we've trained dental practices in Utah and across the nation on how to achieve profitability, even when participating in PPOs. Part of our training includes thoroughly understanding dental insurance contracts and state dental laws.We were the primary drivers of Utah's HB359 legislation—the Network Leasing, Down-Coding, and Bundling Protections Law—which protects dentists and patients from the overreach of dental insurance companies. I'm happy to report that we are actively working on additional legislation this year to help safeguard dental practices and the patients they serve.Unfortunately, the dental profession continues to face challenges that highlight a disconnect between the priorities of our professional associations and the concerns of practicing dentists. Membership in associations like the ADA, UDA, and other state dental associations is declining, and it's not just due to financial pressures. The real issue lies in the misalignment between the needs of dentists and the actions of the associations that claim to represent them.In this podcast are examples that illustrate this disconnect...Support the show

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Dr. Tarek Badawy: Building Community, Embracing Technology, and Elevating Dentistry w/ Dr. Adam Vega

The Nifty Thrifty Dentists

Play Episode Listen Later Jan 31, 2025 28:37

In this episode of the Nifty Thrifty Dentists Podcast, host Dr. Adam Vega welcomes Dr. Tarek Badaway, a passionate leader in the dental community and admin of the Commander Doctors Facebook Group. Dr. Badaway shares his inspiring journey from Egypt to becoming a super GP in the U.S., his commitment to advancing organized dentistry, and how he fosters collaboration within the dental profession. Dr. Badaway dives into key topics such as: How to balance clinical, business, and advocacy aspects of dentistry.Why dentists must get involved in organized dentistry and have a voice.Embracing technology to improve patient care and streamline practices.Strategies for navigating PPOs, patient education, and financial sustainability. ✨ Sponsor Shoutout:This episode is brought to you by SMC National, your ultimate growth partner for dental practices! SMC National helps you attract more patients, improve ROI, add full-arch implants, and scale your practice effortlessly. Don't let giant DSOs take your patients—reach out to SMC National and ask for the "Nifty Thrifty Deal" today!

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2159: Startups to Systems

The Dentalpreneur Podcast w/ Dr. Mark Costes

Play Episode Listen Later Jan 13, 2025 44:19

On today's episode, Mark welcomes Dr. Chris Green, an accomplished dentist, multi-practice owner, DSI Black Belt coach, and now a published author, to discuss strategies for optimizing dental practice efficiency and profitability. Dr. Green shares tactical advice on combating patient cancellations, scaling with multiple providers, and balancing clinical time with CEO responsibilities. The duo also delves into insights from Dr. Green's latest book, The Dental Financial Coordinator Position Manual, a resource designed to streamline insurance processes and maximize collections. Whether you're navigating the challenges of PPOs or exploring the path to fee-for-service, this episode offers valuable lessons for every stage of practice ownership. EPISODE RESOURCES ThePracticeLaunchpad.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

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How to Scale a Membership Program to 365 Members in Just One Year

The Navigating Dental Insurance Podcast

Play Episode Listen Later Dec 10, 2024 44:36

"How to Scale a Membership Program to 365 Members in Just One Year: Lessons from Pioneer Valley Dental Arts"Read my article for this podcast!Summary:In this episode of The Automatic Patient Podcast, host Jordon Comstock chats with Gina Kiner, Office Manager at Pioneer Valley Dental Arts, about her incredible success in growing their patient membership program to 365 active members in just one year. Gina shares her strategic insights, emphasizing the power of empowering clinical teams to promote the membership program alongside the admin staff. Together, they discuss the importance of patient experience, the role of membership plans in reducing financial barriers, and how effective communication fosters trust and treatment acceptance.Key highlights include:How integrating clinical teams into the financial discussion boosts program adoption.The importance of creating seamless patient experiences and building trust.Specific strategies used to educate both uninsured and insured patients about the membership program.The overwhelmingly positive feedback from members and how it fuels continuous improvement.The significant advantages of membership plans over PPOs, including increased treatment acceptance rates and simplified processes.Whether you're looking to enhance patient care, boost recurring revenue, or learn actionable tips for scaling a membership program, this episode offers invaluable advice from a practice that's successfully done it.How to Scale a Membership Program to 365 Members in Just One YearJordon Comstock - BoomCloudapps.comAutomatic Patient Podcast

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Why Patients May Benefit from the No-Hygienist Model | Dr. Ron Schefdore | MME

Play Episode Listen Later Nov 18, 2024

‍Can a dental practice function on a NO-hygienist model? In this Monday Morning Episode, I sit down with Dr. Ron Schefdore, a trailblazing dentist who dared to challenge the conventional hygienist-dependent model and hasn't looked back since. He bravely shares his transformative journey, detailing the hurdles and victories of running a practice without hygienists. By prioritizing time with patients and refining diagnostic capabilities, Dr. Schefdore not only enhanced patient care but unveiled significant financial benefits. He offers a candid look into the operational dynamics of his practice, demonstrating how a focus on customer relationships can complement financial growth in the dental industry.Further into the conversation, Dr. Schefdore delves into practical strategies for managing the shift, particularly in scenarios involving the exit of hygienists. His methodical approach includes a gradual dropping of insurances to attract and maintain loyal and high-quality patients, while emphasizing the pivotal role of training and teamwork. Ron passionately challenges the traditional mindsets that dominate dental practices and invites you to do the same!What You'll Learn in This Episode:The compelling advantages of a no-hygienist dental practice model.Steps to overcoming operational challenges without hygienists.Financial benefits of spending more time on patient diagnostics.How to navigate network transitions for retaining top-tier patients.The critical role of training and teamwork in a restructured practice.Strategies to shift the mindset of traditional dental practices.Tune in now to explore the no-hygienist model with Dr. Ron Schefdore!‍‍Sponsors:‍CareStack: Modern, Secure, Cloud-Based Dental Software for Growing Your Practice! With state-of-the-art features including Online Appointments, Integrated Payments, Text Reminders and more. Click the link here for a special offer: https://thedentalmarketer.lpages.co/carestack/‍You can reach out to Dr. Ron Schefdore here:Website: https://www.pharmaden.net/Facebook Page: https://www.facebook.com/dentalcoachingsystems/‍Mentions and Links: ‍Education:Loma Linda University‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey Ron. So talk to us. What's one piece of advice you can give us this Monday morning? Ron: Don't worry about not finding a hygienist or having hygienist issues because I did a no hygienist model very successfully for decades. And I teach that to dentists now and how to do the same thing.Michael: Interesting. Okay. So if you can a little bit expand on, how did you first transition to the no hygienist model and what were the biggest operational challenges you faced? Ron: The first 17 years in practice, we built three practices. I owned the three buildings. Staff of 36 associates out of network financially.It was fantastic. It was like every dentist's dream, right? And what I realized after that long of managing people that that is not my forte drove me nuts somebody offered me some stupid money and I took it And thank God because it gave me an opportunity to grow up now being a dentist and say, you know, what do I really want to do?Why am I here? What excites me? And for me, it was spending more patient time, which a lot of doctors want to do. So I says, if I want to spend more doctor time, and I really want to help people with their perio, get them cure basically of perio, get them to look better, the things that excited me and the work I wanted to do, that means that I can't be chair hopping.Forget the chair hopping. I don't know a dentist that likes it. I mean, There is some weirdos that like it, but who the hell wants to keep jumping from chair to chair? This never excited me, never interested me. And not getting paid, they're all joining these cut rate insurances.Why you went to all the schools, spent all this money and you're an expert. Why are you doing that? I never bought into that and I had, a bunch of money. So I didn't really need to worry about the money when I opened up the second practice of a new hygienist model. we figured it out and very quickly in today's dollars, we got up to doing a million dollars and bringing home ham and I did that for a couple of.and I had six weeks vacation, sometimes a little bit more, took a month off. A lot of times, it was the best of all worlds. And so once I retired the second time, five years ago from clinical dentistry, I started getting on Facebook and just telling dentists, Hey, you guys could still have it all.It works out really good. You're having so many hygienist issues. You don't need those anymore. Hygienists are valuable. However, they're getting theirselves. Out of the market, they're pricing themselves out of the market. They have quite an attitude. So many of them think they're doctors and it's like, no, you're an employee.You might be a colleague, but you're still an employee. So let's not cross that line, it's just a weird dynamic. Now, I've met hygienists that are awesome. I'd hire them in a second. That's 5 or 10 percent of them that I've met. And this is a real problem with most dentists that I've talked to.Don't do a hygienist model. Get out of network or minimize the PPOs. Keep just the best ones. You only need 400 active patients. For this. That's it. If we all only had 400 active patients, there's plenty of patients to go around. All these dentists are fighting over. I need 1, 000. I need 2, 000. I need 3, 000 patients.That's crazy. No, you don't. You know, just, Just stop the nonsense already. So that's my advice. Michael: Okay. Okay. So then when you apply this or what systems or workflows did you have to adjust to maintain or improve your patient care without a hygienist? Ron: One column, see one patient at a time, minimize the amount of re cares that you do, and it's assisted hygiene.No, it would be stupid for a doctor to do hygiene all day long. Get that out of your brain. Oh, I'd rather do something else where I make more money. I could prove to you, any dentist can make six to seven hundred dollars an hour doing a re care visit. I've done this on dozens of practices.How many doctors are making 700 an hour without even breaking a sweat? I mean, That is about the easiest appointment you could do. Why not have some appointments during the day that are easy on us both emotionally and physically? There's nothing wrong with that. So, you know, 800 an hour and you get a 50 percent overhead, that's a million a year and bringing home 450, 000 pace.Why do we need a hygienist? Most dentists, if they made a half a million dollars a year take home, they would be very, very happy with that. I did that for decades, took six weeks off, and it was, dentistry's still hard, but you know, I only had three cross trained staff. So when you're doing hygiene, you minimize the amount of re care that you do, and you use a great cross trained assistant with you.That's all you need to do, and you fit those half hour appointments, it's half hour doctor time, half hour assistant time on the recare, that time that you spend with them is so much more fun, and it's relaxing in between all the hard work that we have to do, look, I don't have any physical problems, it didn't burn me out, it was so much easier than what dentists are doing.Please do this, please look at this. Michael: Gotcha. Yeah. if we are already, we have a hygienist our new patients are coming in, we're pretty bustling office, right? And then right now our hygienist left. We're listening to this episode and we're thinking, man I, I want to do this, but we just have too many patients at this time.would you recommend in that situation? Ron: That's when you strategically over 18 months get out of network and half the patients will fall off, which is fantastic because the ones that stay will stay pay and refer because they like your service, but you got to change the mentality of a PPO doctor to an out of network doctor.It's a big change and you need some coaching on it. If it's not me, get a successful other network doctor to talk to you on how to treat, how to present treatment to patients, how to make the appointments in your schedule. It's. It's way different than a PPO. You can't expect a network patients to get the care that they receive in a PPO setting.It's much different. So you gotta learn that. Michael: Okay, interesting. So then, how have the dentists you've taught responded to the model? Like What are the most common difficulties or misconceptions they have when transitioning? Ron: Number one, oh, it's going to cost me money to do a recare visit because I could make so much more money by going and doing blah, blah, blah, blah, blah.And that's their belief. And I say, well, why are you making half the income that I am? And I'm seeing half the patients. I had to change their belief system. And it's the common belief with dentistry that they miss. The biggest reason they missed that is because. Where do we make our money in dentistry?Every dentist misses this. It's the diagnosing. The PPO doctor spends two minutes diagnosing. Why would you do that when I could spend 30 with the patient? If I spent 30 minutes with the patient and you spend two, who's going to diagnose more work? Who's going to get more acceptance? Who's going to do bigger cases?Me, all day long. the thing that makes dentists the most income and the most fun is the diagnosing and helping the patient get through that process. They're not doing that. So when you get the hygienist out of that, and the doctor does more of that, it's great. Keep your hygienist. Keep her doing the scalings.Most of the office I see, 16 percent to 10 percent of their patients are going through scaling and replanting, or less. Where 50 percent of the public has periodontal disease. If you don't have at least 30 percent of your practice going through scaling and replanting, there's a lot of bloody profits being done.It's just a fact. And your two minute exams, I'll fly anywhere in the country. I'll follow you around, doctor, after you do the exam, and I'll find five to fifty thousand dollars worth of treatment every week that you didn't even diagnose or talk to the patient about. So don't give me that bullshit.Thirty seven years, I can't be bullshitted. There isn't nothing you're going to tell me that I haven't seen in dentistry in thirty seven years. I challenge any doctor at that one. I've done this already. Michael: Yeah. Okay. So then how has the dynamic when this happened your team changed the removal of a hygienist?Like, did you need to train your dental assistants differently? And how does this affect the efficiency? Ron: Yeah. I mean, You have to spend time with the hygienist, which was a lot of fun teaching them dentistry. My assistants knew almost as much as I did, and technically with their hands, geez, I had two assistants.They were better with their hands than mine. You should see their temporaries. Their were awesome. They were very good with their hands. So you might be surprised that one of your team members might be just as good, if not better than you. And they're quick. they come up with ways to make things more efficient.So you just spend time with them, nurture them. And there are a lot of smart people that really appreciate that can really help you, but yeah, you have to train them and be patient. It's like a child. You know, If you're at home, what are you going to do? Scream at them all day? You got to be very patient.Michael: Yeah, no, that makes a lot of sense. So then, did you communicate the change to your patients? Or, like, did you face any resistance? if so, how did you overcome that? Ron: At first I did, there's always remarks and dentists, this is one of the things the challenges they have is the patients will mentioned something about the hygienist and most dentists look like, oh, you're doing so bad that you can't even get the hygienist.I flipped that around. I said, look, I spent eight years in school. Would you rather have somebody clean your teeth that's been in school for eight years or somebody that's been in school for two years for the same money? And I had to shut up. Every patient then laughed and says of course, eight years.I go, good. Then you win me today. All right, let's go. And that was the end of it. You built more of a concierge service and a better service. It's like, holy cow, no doctor in this community spends this kind of time with their patients. That's what made us unique. And those are the kind of patients that you're willing to attract, that are willing to pay your fees.Most of my patients were not rich. They were middle class America, but they were looking for better service and they found the money or payment plans in doing a treatment in stages. Michael: I like that. So then is there any fear, Ron, where it's Oh man, I don't ever have time off almost a thing, right?Like I'm going to be called for emergencies for any little thing, for cleanings, all these stuff. It's too much on me. I want to start delegating these things that I kind of don't like like pro fees and stuff like that Where does that mentality go? Ron: Okay. The mentality is Doctor do you like to make money?Well, Of course Well, then you better find a way on how to do a recare and do part of the pro fee You're not doing the full pro fee you're doing part of it. So my sonic cleaner I thought of it as a perioprobe, it just wiggles up and down, because I go through every pocket and look at every tooth and take pictures along the way.To me it was a diagnostic tool. So doctors, it's how you look at things, I looked at it as this has given me an opportunity to find the work that I want to do. All of a sudden I'm doing cases I want to do. So it's the bad attitude that they have, the belief that they have. you got a lemon, make lemonade out of it.It was great. I'm lemonade all day long like this. I was in such a saturated market in Chicago that there was like 15 doctors within walking distance. I was always busy. I made more income. I took more time off and they all were doing the opposite of what I was. And when I told him about it, I go, no, that'll never work.Okay. You keep doing what you're doing, because others clean up here. Michael: Yeah, Ron: works. It works every time. You just have to change your belief system and I'll prove it to him. I've been doing this for so long. Michael: Yeah, no, that's wonderful. Now, real quick. One of the last questions is this model.Cause you mentioned where you were at in the location. Is it scalable for practices in different settings, like urban, rural, large or small, what adjustments would need to be made? Ron: It's easier to do in the rural area because you're the only one there. And if you give better service than any dentist, within 30 miles, 40 miles around, holy cow, they immediately drop all the insurance.They can't believe it. I can give you a bunch of names of a bunch of doctors that haven't to in urban areas where there's a lot of competition. New York City, Chicago, big cities that are wealthier. This is perfect because you don't need a lot of patients. There's patients that want good service in urban areas, period.you don't need a lot of them because it's so condensed. It's not that difficult to find 400 patients. you gotta get a really good marketer, but you gotta learn how to answer the phone. the doctor has to present treatment and treat people well.You have to learn those leadership skills and those presentation skills too. Michael: Awesome, Ron. Thank you so much for this. I appreciate your time. And if anyone has further questions, you can definitely find them on the Dental Marketer Society Facebook group, or where can they reach out to you directly? Ron: Okay.DRS Coaching Systems, Facebook page. Just go there. You'll hear what a bunch of doctors are saying about the coaching. And go to make an appointment with me at pharmaden. net. That's P H A R M A D E N dot net. Yep, at my calendar. that's my nutraceutical company. we figured out at Loma Linda, we did a double blind test and figured out the periodontal disease.If you give them a certain nutraceutical during treatment the outcomes are much better. The bleeding pocket depth was much better. We created that 20 years ago, used that on so many patients. go to there, go to the website, go to the calendar, make an appointment. I'll talk to anybody for free.I'm not an expert, I'm just going to tell you what worked in our office. what worked really well and what we achieved, most dentists are trying to achieve. So I'm not saying I'm some guru, I'm just going to tell you what worked for me. and I'd be happy to show you exactly the same way.I got no special skills. If I could do it, you guys could do it. Michael: Nice. Awesome. So that information is going to be in the show notes below and Ron, thank you so much for being with me on this Monday morning episode. Ron: Thank you very much for inviting me.

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How Inflation and a Weak Economy are Making Fee-For-Service an Appealing Option

NerdWallet's MoneyFix Podcast

Play Episode Listen Later Nov 14, 2024 17:16

In this episode, co-hosts Gary Takacs and Naren Arulrajah discuss the rising appeal of fee-for-service dental care as inflation and economic challenges strain insurance-based practices. They explore how increasing costs, especially in wages, and declining reimbursements from PPOs are pushing many dentists to consider dropping insurance plans altogether. By reducing insurance dependence, dentists can regain control over their fees, enhance practice profitability, and offer high-quality care. This episode highlights the benefits of transitioning to fee-for-service as a sustainable path to a thriving, independent dental practice.

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Open Enrollment: Choosing a Healthcare Plan (HMO, PPO, FSA, HSA, HDHP and More)

Play Episode Listen Later Nov 7, 2024 32:59

Expert Nerds talk through the complexities of open enrollment, starting with ways to assess healthcare plans and costs. This episode takes a deep dive into specific terminology and scenarios relevant to choosing health insurance coverage. Hosts Sean Pyles and Liz Weston start with an overview of open enrollment period timelines for November and December 2023 before welcoming guest Nerd Kate Ashford to explain deductibles, premiums, HMOs, PPOs and HDHPs. Then, NerdWallet's Tina Orem joins the show to discuss the pros and cons of high deductible plans and the intricacies of Health Savings Accounts (HSAs) and both Medical and Dependent Care Flexible Spending Accounts (FSAs). In the second half of this episode, she zeroes in on selecting optimal health insurance for individual needs, discussing the merits and disadvantages of different health plans, budgeting for healthcare, and how to compare the benefits of an FSA and an HSA. In their conversation, the Nerds discuss: open enrollment, health insurance options, healthcare choices, high deductible plans, premiums, health savings accounts (HSAs), flexible spending accounts (FSAs), optimal health insurance, HMOs, PPOs, HDHPs, health insurance budgeting, FSA vs HSA, the use it or lose it rule, health insurance decision-making, health insurance terminology, healthcare strategies, health plan selection, medical costs, and types of health insurance coverage. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

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#911: Building Your Perfect Day Is as Easy as This

Dental A Team w/ Kiera Dent and Dr. Mark Costes

Play Episode Listen Later Nov 5, 2024 30:42

Often when scheduling appointments, it's all about the patient. But what about the doctor or team members? Britt and Tiff give tips for scheduling while keeping efficiency and quality in mind (for both parties). Episode resources: Reach out to Tiff and Britt Tune Into DAT's Monthly Webinar Practice Momentum Group Consulting Subscribe to The Dental A-Team podcast Become Dental A-Team Platinum! Review the podcast Transcript: The Dental A Team (00:01.057) Hello everyone out there listening. I am so excited to be here today. I have snagged the one and only Britt Stone again today to do some podcasting with me. Britt, how are you today? Britt (00:13.087) doing great. I mean, we're cooling off a little here in Arizona and it's a great time of year. Fall's beautiful. The Dental A Team (00:19.89) I agree. I loved the weekend weather. I know you weren't here for all of it. You had an awesome vacation, but it was really truly beautiful. And then I saw, well, Sunday got a little bit warmer. We went for a hike and we were like, well, this is a little bit warmer. And then I saw, gosh, by Thursday we're supposed to be like 95 again. So it's only here for, I think the heat's only here for a moment again. And then we'll drop back down, but it has been a wild. summer, like it's still summer here. I don't know how we're still experiencing summer. And I know, Brett, you and I both grew up here and I think people always ask us like, how do you do it? And we're like, I don't know, it's like three months of heat. And I think this year they challenged us and they were like, the universe was like, I'm gonna give you six months. And then their nature said, no, we're gonna like see if you can handle this. I feel as though I've never experienced anything like this in my life of living here. Britt (01:10.389) I mean, we broke some records. Sometimes that's an exciting thing and sometimes that's not an exciting thing to say. The Dental A Team (01:16.857) Totally agree. Not the records I wanted to break, but that's okay. We're still alive. You guys were still surviving. and I think we both probably, yeah. And I think we both probably can still say that we love where we live. So I love it. Love it. Love it. Thank you for being here. today I really wanted to pick your brain on some efficient appointment, scheduling, tips and tricks for the doctors out there. I really want to speak to, we always speak to both doctors and teams, but I really wanted to speak to doctors today and I wanted to Britt (01:23.351) I'm not trying any place. The Dental A Team (01:46.223) pick your brain a little extra because I you've really, really hard on some efficiency tips within the, you know, cost world as well. So we'll dive more into that. But Britt, from hygiene perspective as well, dental assistant perspective, we've got all of those different spaces. I'm really, really looking at efficient appointment scheduling. And for me, I'm constantly reminding teams, team members and doctors because I think doctors will stick their foot in their mouth sometimes too, to really, really look at what's working well for your practices flow. Like what's going to work best for you. And as the doctor of the practice, like when do you want to do these appointments? Do you want to do a root canal at 8 a.m.? Maybe possibly like do the root canal at 8 a.m. Right? Do you want to do a root canal at 2 p.m.? Would you rather do it, you know, after lunch, before lunch? Like where do you feel the most yourself? and the happiest to do these procedures because if we're just constantly looking at where the patient wants to come in, what's convenient for the patient, that's not always going to give them the best experience. So in that moment of scheduling. The patient might be excited and happy because they got the appointment that they wanted, but when they get there for the appointment, are they getting the best experience that they possibly can based on the flow and energy of the practice? Or did we just schedule you something super late in the day when you're exhausted and tired and you've been working so hard or you had pizza for lunch and you're like, I don't want to do this freaking root canal. Like, I don't know. know my doctor that I worked with side by side for years, hated nothing more than coming back from lunch and having fillings, like interproximal fillings and crown seats for three hours. He was like, this is going to be the worst three hours of the day because it was so much movement. It's like, just want one crowd, like, or one long appointment, right? Like I just needed one patient with three crowns. Like I just want one something long that we can just sit down, dig in, be done. All of that like crazy running around and like sporadic energy. The Dental A Team (03:48.869) for him needed to be earlier in the day when he was more like spry, right? He's just like ready to run. And I could appreciate that too because I felt the very same. And so when we figured that out for this doctor specifically, we were able to really switch the way the day works. It was better for me as his assistant. It was easier for me when I was doing scheduling and the patients actually had a better experience. So when I think of effective and efficient appointment scheduling, it's one of the first places that my brain goes is really what does the doctor want? I think we tend to look at what do our patients want? What does our team want? Our team wants easy and it's easy to let the patient dictate the schedule. But we forget to say the doctors, what do you want your day to look like? And I think Today, focusing super hard on that doctor aspect and really leveling up how much the doctors take into consideration and take that control on within that is what I'm here for today. Britt, what are your thoughts on that efficient appointment scheduling and from a doctor's side, like a doctor's angle, what could that look like for them? Britt (05:00.515) with you and everyone's different right some doctors want the big things in the morning and the smaller things in the afternoon some function the opposite and the reason why ultimately we want to know what doctor wants and how they're gonna work best is because one when doctors always are limiting factor right so like when we can have them functioning at their best everything's gonna run a little bit smoother and so like you said when it comes to guiding patients in the schedule think of What's going to help everything over all run smoother? Because that's going to give the patient a better experience. The team's going to be functioning a little bit better. The day's just going to run smoother when our limiting factor, which is doctor, is able to function at their best. And when they're functioning at their best, they're also going to be the most efficient. So I love that when it comes to taking that into account. And we'll talk about some things today that are even some like good like numbers or metrics to know of and be aware of to see like, it working? Is it not? Where are we? What can we improve upon? Right? Because at the end of the day, I know all my doctors, right? We want to be able to also like produce as much as we can in the time we're there, right? You're spending time away from your family, you're working. So how can we do the most with the time that you are spending at the office? And it does come down to scheduling and there's some ways to track it to know exactly how we're doing. with this, whenever I start to talk numbers, I'll always say, we always want patient experience to be fantastic. And of course, quality of work to be fantastic, which we know you guys do as well. And there is a point where you can like push that line a little too far. So when we're talking about these things, even when it comes to scheduling, quality of work and quality of patient experience are always top of mind. we make sure we remember those. But some good numbers to look at to see how we're doing when it comes to scheduling will be like your doctor production per hour. So do you know how it's averaging out so you can take your whole entire month? How many hours did you work in that month, are patient hours? We know you guys work a lot more hours, but how many patient hours did you work? And what's your production per hour? Because that's when it comes to efficiency or how is our block schedule working. That's kind of what we're playing with is how much can you do within the time that you have? And if that number is low or not where we need it to be, then Britt (07:17.377) How can we be more efficient, schedule more appropriately with the correct production, or tighten up the schedule if we can and still giving that a great experience and the quality that we need to have there. What can we do to get that production per hour up? So it's a good number for doctors to track. If you don't know your number, figure it out, super easy. What did you produce last month? How many patient hours did you have available on the schedule? divide it and it'll give you your production per hour and then you know where you're starting and then you know where you can go. The Dental A Team (07:51.121) I love to do that formula as well in looking for open hours on the schedule because it really, really shows us how efficient or effective we could have been or what we could have produced as well. So efficient appointment scheduling, think with the block scheduling, you guys, we talk about block scheduling all the time. So we're not gonna dive into block scheduling a ton today. There are a million podcasts on it. Like reach out to us, Hello@TheDentalATeam.com if you need more information on that. So we're not going to do that right now, but when you do have that set, which is what Britt and I were alluding to, like where do you want to do these procedures? Where do you want them scheduled? How do you want your day to flow? When you have those things set, meaning you have to know how long it takes you and your assistant to complete certain appointments, you need to know. how many of each appointment you need in a day to get to your production projections, right? Like what's my goal for production per day? I'm gonna build that out and do a perfect day schedule and then I'm gonna go back through and like Britt said, really count my hours. And you can do this for hygiene, you can do this for a doctor, count how many hours were available to be scheduled and divide your production by that to get your dollar per hour, to get your hygienist dollar per hour. If you've got assistants who are operating as producers because they're FDs or whatever you've got in your state, you can do it for all of those different spaces and really see how well you or your associate or your high-dense or dental assistants are really paying for yourselves and what that could look like. Now on the flip side of that, I like to go in then and say, okay, well, this is my dollar per hour goal. Owner doctors, Britt. Tell me if I'm completely off base here. I'm typically gonna have my owner doctors 850 plus per hour. My associates, I'm like 550 to 750. I would love to see an associate at 850. Totally possible. Owner doctors, I would love to see you closer to like 1050, 1200. Like those are the numbers I would love. PPOs, like they're gonna drastically change that for you. But we can work around it and it's the time of year to ask for being pieces, all those pieces. So we don't need to get into that today, but those are like. The Dental A Team (10:04.485) good goals to mull around. So then what I do on that note of the schedule, right, is look at these were my available hours. Well, as I'm doing my available hours, I'm also going to count my open hours. I just did this actually. I was in Utah a couple weeks ago with a prized practice and I just did this for him because he's like, tiff, like, we just tanked. I don't know what happened. And so I went through the whole year and I did available hours. Britt (10:22.58) Thank The Dental A Team (10:33.214) And then at the same time, I had one screen was available hours. The screen over here was open hours and it was how many for each provider I did the doctor, I did all of his hygienists and I did it for each one. And I said, okay, so we're about 40 to 50,000 off from the goal we've set this year. Let me show you where it's at. And we could literally pinpoint the month that had enough open hours just for him alone, not even including hygiene that was that gap. the month, like not even just production for sure. You can say like, we were down a little bit here, but there was a month that he should have far exceeded the production, the monthly production goal that they had set that he was still under. But you could easily see because we had that perfect day scheduling in, we had the blocks in there. We were able to easily see how much he should have been doing and then calculate it backwards and forward. So we could do the lab measures to see Why didn't we hit those goals and where was it and how could we have been more efficient with our appointments? And then the lead measures to see, okay, well, if that's the case, what do we have to do moving forward? So I love that you said to do that. And I think, too, what you're alluding to and what you're getting to with that is really looking at what are you doing now? Because then you can see, am I using this time efficiently and effectively? Like perhaps you've got the perfect day schedule in there. and you've got your blocks, but maybe you did it two years ago or even six months ago and you're like, I'm still not where I thought I would be. So now go back through and see one, what were your open hours? And then two, is it actually working? Cause Brett, think I'm, you know, I've experienced this and tell me if you have where I've gone in and doctors are like either scheduled, not enough time. for certain things and they're going late and now patients are like, but we're using blocks. And I'm like, but these patients are like waiting, like there's such an issue here. Or they're scheduled too long and then they've been done for an hour before the patient gets back. But on the schedule, they're not changing it. And so there's no reality set in. Have you seen that as well where doctors are like, well, I'm full and practices, right? Our teams are like filling the white space, it's full, but it's still not reaching goals. Britt (12:57.111) Yeah, and though agreed and you're right on your numbers. I'm like 500 minimum That's my low end for anyone per hour that you should be hitting so if you're not there Hey, that's an opportunity for you to get there and know where a benchmark is and agreed in a PPO office 500 to 850 like it's it's attainable fee for service and Just to kind of clarify one thing when you say owner doctor right getting that 850 or plus Even easily some doctors into like thousand pretty easily or more Owner doctors usually when you start to bring on associates you get to do the more complex things that you like Usually to do and so you're getting those higher dollar procedures while associates are taking care of some of the lower dollar one Which is why we say that so just to give a little context behind some of those numbers and agreed when we look at open space or how we're scheduling, then it's like, right, if I'm able to produce $850 an hour and I've just got like 30 minutes of slush time in there that we're not using, that's like opportunity costs. That's like 400 bucks easy that we're losing that if we scheduled better. We could have added another $400 in that day just with that 30 minutes when it comes to scheduling. So starting to see the schedule in that way, it's not just full or not. It's what's the quality of the things that you fill it with and looking at those open space, like what's the opportunity cost? it is, it'll take your production per hour real quick when you've got that open space, because it's a big zero in there. So filling the schedule. which I know everyone wants a full schedule, but it's like, all right, what are we doing and what do we need to work on and are we filling it in the right way? So just viewing the schedule in that way and helping your team to see it, right? Sometimes team members don't see it that way, but you see it that way now and helping them to understand what we could put in there. And with timing, when it comes to efficiency in the schedule, right? If doctors... Britt (14:57.449) always give time for your assistants. So I'm not saying like tighten up your schedule so much and forget about your assistants and the time they need to turn around a room or do what they need to do. But it might be a good time if you're not hitting the production per hour that you want to, to start kind of seeing how long does it actually take you to do procedures and do a time study and say, all right, how long does it take? Can we schedule smarter or more efficiently with reality of how long it takes instead of kind of adding in some buffer time? The Dental A Team (15:25.663) Totally, totally makes sense. And something you said there was really that cost per hour that you just lost with that slush time. So there's that happy medium, you guys, that Britt is mentioning where it's like patient experience, right? Patient experience trumps everything. And so you need that slush for the patient experience, fine, but really evaluate, did you actually need it? So there's a lot of practices we work with that the doctors are like, I need to build relationship. 100 % we are relationship driven people and we are a relationship driven company. So we are never going to discredit that or take that away from you. But what tools are we using to help build that relationship? Is your support team supporting you in that? Are they passing off information? Are they having conversations with you, with the patient? You know, are they just standing there stoic and quiet like, I'm waiting for you to initiate, right? Like your dental assistant needs to be like, engaged and having conversations because if that's all on you, it's going to take you extra time and you're in there for a very short amount of time in comparison to your support team, whether it's hygiene or dental assistance. So ensuring that they're giving you that proper information and those handoffs and really involving you in conversations that they are or have had with the patient far outweighs and exponentially increases that relationship with the patient. And so it. decreases the amount of time and effort you're having to put in to create that relationship and to add that extra value. You're actually adding more value because they feel a relationship with two or three or how many ever of you there are, they're feeling that relationship with multiple people and they feel an attachment to the practice. so take some of the stress off yourselves, ask the support team to really support you, right? Call them your support team. That's what they are there. to do, especially your dental assistants, they're there to support you and support the patient and see how can I increase the efficiency, the timing, right? The experience without making things longer. Because now that 30 minute slash time, that potentially $400, right? You can slide something else in there and know your patient got a better experience potentially. The Dental A Team (17:44.809) than what they may have with that slush time, right? Patients wanna be in and out as well. You've just gotta do it in a way that doesn't feel rushed. And number one, your treatment has to be good. Your work needs to be good. You've gotta take the time that you need to accomplish great dentistry and then make everything else really, really efficient and effective. People appreciate that. People appreciate when you value their time as well. and you're not just kind of dilly-dallying. You're like, yeah, let's get this done. It's gonna be freaking amazing. And as long as you keep that high energy there, they're gonna trust it they're gonna come back. Britt, you have this incredible sheet that you showed us recently for consultants. You've been working your tail off on. We don't even talk about the whole sheet, but kind of talk for a second about how you're doing the cost analysis by procedure, maybe even just like a crown, like to really not only look at your doctor per hour, dollar per hour doctors, but also to look at how effective is the cost management per hour or per procedure. So walk us through that just real quick and they can get a little smidgen of an idea. Britt (18:58.399) Yeah, some of the things that we'll work through with our clients when we know, all right, let's look at how efficient we're running and what the cost is for things is looking at what does it actually cost us for a procedure? like breaking it down by the amount of time, how much is like the facility costs? How much does it cost me for my assistant? How much am I paying the doctor associate for this procedure? And then what's my lab fee? What's the cost of all the supplies that are used for that procedure? So I can truly see what is that overhead for that procedure. And especially for some of our lab procedures, especially when you get to like your all on X cases or sleep appliances even, places where depending on where you've got your fee or what insurance fees that you're contracted with. The Dental A Team (19:39.098) for sure. Britt (19:47.209) Sometimes that profitability is not so great or sometimes even in the negative on some of these procedures Which just allows you that information allows you one. It's a reality check a gut check a little bit Allows us to straddle up strategize a little bit better to see all right What procedures are worth us doing right? I'll say if you love doing it then let's figure out a way to do it to where it's also Profitable so it makes business sense along with the things that you love to do If you don't love to do it and it's not super profitable for you maybe you refer those things out because it's just not necessarily like completely worth the time. But until you start to kind of look at those things and know what the cost is, you don't have the information to make some of these decisions. And also it'll help you to guide you on insurance plans we are in network with. When we get to the point of being able to go out of network, what ones do we want to go out of network with because our profitability on those procedures are just so low. So it's just good information to have to dig in to see, all right, where are we? and you can play around with time, right? And efficiency. If you can go from 90 minutes to 60 minutes for something, that's gonna impact your profitability on that procedure. And it might just be that little switch if we can do it a little more efficiently that allows us to be like, okay, that makes business sense for us to do that procedure. We just need to ensure that we're not taking a ridiculous amount of time on it. The Dental A Team (21:11.642) Yeah, I totally agree. I love that. And it made me think of a client that I have near and dear to my heart that was doing all on X cases in his practice. he liked them. He thought he loved them. And he got real tired of them real quickly. And we did a little cost analysis and really saw that, well, he realized for one that he brought them in because he thought they were going to be game changer for the practice. And it was going to be this Britt (21:24.599) you The Dental A Team (21:41.62) lucrative situation where he could take a step back and he could do a couple all-in-x's a month and be done. Like he didn't have to do all of these other little pieces. And so he thought, that's going to bump production collections. My overhead is going to be fantastic. I'm going to be profitable and I'm going to do less. And so he brought all-in-x in-house and come to find out, right? It's a lot of freaking work. And he was not, he wasn't bad at them. He was fantastic at them, but the follow-up. And the denture work like who loves like if you love dentures, like you better shout it to the world because there are doctors out there that need to know you're there. We need to know where you are because we need to send you all of our dentures. Okay. If you love them, shout it to the world, right? Shout it from the rooftops. And he just was like, this is a pain in the butt to follow up and how many post-op appointments there are and adjustments and the dentures are this denture broke and I've got to remake it and I've got another lab cost and I've got Britt (22:26.187) Thank you. The Dental A Team (22:39.102) So when we did that kind of cost and time analysis, he realized real quickly, because when he came to us, he's like, I am, he has like 72 % overhead. He's like, where's my profitability? Right? He's like, I'm doing all my nexes. I'm like, well, let's figure that out. And so we realized real quickly that something that he semi liked that he thought he would love, that he thought was going to be a game changer for his practice was actually costing him money and losing profitability for the practice because of just all of the pieces that were involved. And he was like, you know, I don't like it that much. Like I'm really not like, I'm really trying to get my feet wet with it. And it's a lot to deal with. It's a lot to handle. And Tiff, don't think I actually want to do this. I was like, fantastic, start referring them out. That's, it's okay. That's why oral surgeons are here. That's why, you know, there are other people who do love to do it. And for my oral surgery practices, like they are incredibly lucrative. They are a really great. tool for those practices because they're not doing fillings and crowns and crown seats and limited exams and re care exams and new patients with it. So for this specific doctor, we did exactly that where we did this cost analysis, we did this appointment efficiency analysis, really looked at his dollar per hour, his hygiene dollar per hour, his open hour, like we did all of these things that we're talking about you guys and came down to what is it that you want to do in your practice? And what are you doing that you're trying to save your practice with or create something that you don't actually love that could be costing you money and time. So we had to really take that analysis. Like he also, you know, hates doing fillings. So we're trying to figure that out, but most doctors are like, get these fillings off my schedule. So, you know, we try to figure that efficiency piece out too, but I think when it comes down to it, these steps that you're saying to take. really are the make or break to really figuring out what your practice looks like and what it could look like. So inventory wise, right, I would say go through and make sure that your appointments are the way that you want them and the length of time that you want them. And encourage your team, you guys, when you go long or when you go short on an appointment, change it on the appointment book so you can see the reality because then I'm gonna tell you, like Britt said, I want you to go back. The Dental A Team (24:57.214) through and do an analysis of your actual dollar per hour. So in comparison to your production, what was your actual dollar per hour? And also look at your open hour time. So what could you have produced if we had scheduled more effectively? And then also I would go through on your procedures and do this cost analysis because I do think hand in hand with the appointment efficiency goes this. You want an efficient and excelled patient experience. and you want an efficient appointment and to know your dollar per hour that you're supposed to be getting in conjunction to what the cost is per procedure based on the time you're taking, I think is just like the magic sauce of really figuring out what you can do with your practice. I would do those things. And if you need help with them, if you need ideas, if you're like, I don't understand this cost analysis thing, because you guys, it was over my head for a split second too. And I was like, wait, say that again. Just reach out, Hello@TheDentalATeam.com re-listen to this podcast, obviously, but always reach out. You guys were here for that. So Britt, is there anything that I missed in those action items or last minute thoughts you want to give to these incredible doctors who are listening today? Britt (26:13.717) Yeah, I think those are great action items to take and I think. This is for our doctors that you're banging your head against the wall like how am I not as profitable as I want to be, right? What are the issues? Or you're like, I don't think we can fit anything else into our schedule, but I'm not as profitable as I want to be. These are the things that are going to give you the information to bring some reality to it. And sometimes it can be those conversations of like, hey, we've got those doctors, we've got those people we love them who are a little chatty and you can still have a great place to experience and not talk so long. So like sometimes that's the reality of like, hey We make a choice, right? Either let's adjust that, still chat, but like, it doesn't have to be as long and we can fit a little bit more into your schedule. Or like, you get a little bit more time for talking and we're as profitable as we can be or as efficient as we can be with our schedule if that's the ultimate patient experience you want to have. And so I'll just allow you to make smarter decisions. I mean, I've had some doctors that are in rural areas when it comes to certain types of procedures that maybe aren't the most profitable, but they're like, hey, I want to be able to provide that to my community. Awesome. I love that. Let's just be aware of it, see if there's anything we can do to manage the overhead and make it efficient. And then we may just manage how many of them that we do out in one day or one week or one month to ensure your space to kind of make up the difference with other procedures. The Dental A Team (27:38.389) Yeah, okay, awesome. You guys, this was incredible. Britt, thank you so much for always being open to diving into more numbers with me than we do on a lot of the podcasts. This one or one is super dedicated to our amazing doctors who are out there really just trying to make sure that you're giving the best to your patients and that you're getting the best for yourselves because we at the Don't Ateam truly believe if you are giving exactly what people. deserve if you're giving that experience that people deserve when they come to a dental practice, you will reap the rewards. And those rewards should be insane profitability. In our opinion, you should be insanely profitable. You should be living your dream life because you're giving an incredible thing to patients that they can't get anywhere else. So with that said, go do these things, go figure it out. If you need help, if you are a current client, reach out to your consultant, or to our consulting team because we're here to help you with that. If you're not yet a client and you're a future client or you're someone who's just listening because you love listening to our voices, reach out. Hello at thedoubleAteam.com. You guys, we're here to help you and we will give you whatever information that we possibly can because we just want everyone to experience the best lives you truly possibly can. So Britt, thank you so much for being here. I cannot wait to hear how everyone loves this podcast, so drop a five star review below. We wanna hear how much you love this. We wanna know how much you love diving into the numbers side and really, really effective doctor style items. Like I'm so excited for this one. So Britt, thank you everyone. Have a great rest of your day.

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Is A Hybrid Practice the Right Model for You?

health guide navigating health insurance estimating open enrollment hsas hmos takeaways understanding fsas ppos

Play Episode Listen Later Oct 31, 2024 20:55

In this episode of the Less Insurance Dependence podcast, Gary Takacs and Naren Arulrajah explore the concept of a hybrid dental practice model. They begin by discussing the definition of a hybrid model, which involves a mix of participating in some PPO insurance plans while also offering fee-for-service care. For many dental practices, the journey to a fully fee-for-service model may seem daunting, especially since around 90-95% of U.S. dentists are in-network with PPO plans. For these practices, transitioning to a hybrid model can serve as a stepping stone, allowing them to gradually reduce insurance dependence without fully stepping away from PPOs. The hybrid model can be a viable long-term strategy for practices wanting to balance PPO participation with fee-for-service offerings. It provides an opportunity to improve profitability and patient care gradually while maintaining some level of insurance participation when necessary.

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Navigating Health Insurance: Your Guide to Open Enrollment

Wine and Dime

Play Episode Listen Later Oct 23, 2024 22:52 Transcription Available

Join host Kate Welker on Money Roots as she demystifies the complexities of health insurance during the crucial open enrollment period. This episode focuses on understanding employer-sponsored plans, including HMOs, PPOs, and HDHPs with HSAs, providing listeners with essential insights to make informed decisions. Kate offers practical advice on comparing deductibles, co-pays, and network options, ensuring you find the coverage that best meets your needs. Additionally, she explores the healthcare exchange for those without employer coverage, guiding you through the process of selecting the right plan. Tune in to maximize your plan's potential and ensure a thriving financial future with your health insurance choices.Takeaways: Understanding the different types of health insurance plans is crucial during open enrollment. When comparing health plans, analyze deductibles, co-pays, and network coverage options thoroughly. Utilizing Health Savings Accounts (HSAs) can provide significant tax benefits and savings opportunities. It's important to evaluate your healthcare usage to choose the best plan for your needs. Always check if your preferred providers are in-network to avoid unexpected costs. Estimating your income accurately on the healthcare exchange is vital to avoid penalties later. Health insurance can be a complex landscape, particularly during open enrollment. Kate Welker offers an essential guide to navigating this process effectively. She starts by dissecting employer-sponsored plans, including HMOs, PPOs, and HDHPs that can be paired with HSAs. With a clear explanation of each plan type, Kate articulates the importance of comparing deductibles, co-pays, and provider networks, encouraging listeners to create a side-by-side comparison to understand their options better.Moreover, Kate delves into the advantages of HSAs and FSAs, explaining how these accounts can serve as valuable tools for managing healthcare expenses. She highlights how employers may contribute to these accounts, which can significantly enhance savings. By illustrating how to evaluate prescription drug coverage and the necessity of confirming network status with healthcare providers, Kate equips her audience with the knowledge needed to make informed decisions about their health insurance.For those not enrolled in employer-sponsored plans, the episode transitions into an exploration of the healthcare exchange. Kate emphasizes the importance of accurately estimating income as it relates to premium tax credits, providing guidance on how to avoid common pitfalls that can lead to back charges or overpayment. By analyzing the various metal tier plans available on the exchange, she helps listeners understand the balance between premium costs and coverage quality. Throughout the episode, Kate urges her listeners to utilize available resources, ensuring they feel supported in their quest for effective health insurance solutions.Resources:Kate Welker's episodes and blog articles at Rooted Planning Group: Rooted Planning GroupThrough this episode, listeners are encouraged to grasp the intricacies of health insurance thoughtfully. Be sure to tune in to the full episode of Money Roots for a comprehensive understanding and more expert advice from Kate Welker. Stay informed and continue to sow the seeds of financial knowledge for a robust financial future

Health Share Solutions: How Carol Yeh-Garner Found a Better Alternative to PPOs

The Beautifully Broken Podcast

Play Episode Listen Later Oct 14, 2024 43:02

In this episode, Carol Yeh-Garner opens up about the frustrations she faced with her traditional health insurance, sharing a personal experience when her daughter was denied an appointment despite paying high premiums for a PPO plan. This led Carol to explore alternative options and ultimately discover health shares, a community-driven approach where people pool their money to support each other's healthcare costs.Carol dives deep into how health shares work, particularly through her experience with ClearShare and the Wholistic Savings Plan. She explains the benefits, including the freedom to choose any doctor for three visits per year, as well as coverage for services like acupuncture and chiropractic care. These alternatives not only offer cost-saving advantages but also provide more flexibility in managing healthcare.Additionally, Carol discusses the convenience and support Health Share offers for urgent care and pre-planned medical procedures, such as X-rays, MRIs, and surgeries. She emphasizes how Care Coordination within the plan simplifies the process, making it a valuable alternative for those frustrated with traditional insurance. Tune in and enjoy the insightful conversation!HIGHLIGHTS[02:32] The Significance of Health Insurance for Carol[04:17] About Health Shares[06:17] The Wholistic Savings Plan[14:43] Health Limitations on the ClearShare Program[19:42] Transparency of What the Pool Looks Like of Funding[24:00] The Care Coordination[34:49] Lifestyle Changes That Transform LivesWork with CarolWebsite: [https://www.youngliving.com/us/en/company/yl-health-plans?enrollerId=1533467&sponsorId=1533467]UPGRADE YOUR WELLNESSSilver Biotics Wound Healing Gel: https://bit.ly/3JnxyDDCode: BEAUTIFULLYBROKENLightPathLED https://lightpathled.pxf.io/c/3438432/2059835/25794Code: beautifullybrokenSTEMREGEN: https://www.stemregen.co/products/stemregen/?afmc=beautifullybrokenCode: beautifullybroken CONNECT WITH FREDDIE Check out my website and store: (http://www.beautifullybroken.world) Instagram: (https://www.instagram.com/beautifullybroken.world/) YouTube: (https://www.youtube.com/@BeautifullyBrokenWorld)

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61: How To Maximize Your Employee Benefits During Open Enrollment

The Sugar Daddy Podcast

Play Episode Listen Later Oct 9, 2024 37:54 Transcription Available

Master your employee benefits during open enrollment with this episode. Jess and Brandon break down how to analyze health insurance options like HMOs, PPOs, and HDHPs, and explore often-overlooked benefits like vision, disability insurance, HSAs, FSAs, and more. Learn key strategies for maximizing your benefits, protecting your income, and taking advantage of hidden perks like adoption assistance and legal plans. Tune in for a complete guide to help you get the most out of your workplace benefits package.Watch this episode in video form on YouTube: https://www.youtube.com/channel/UCP55O4Ku4dukHcK0kExhpcATo apply to be a guest on the show, visit https://www.thesugardaddypodcast.com/guests/intake/ If you'd like to leave us a question to be answered during future episodes, you can do so at:https://www.speakpipe.com/thesugardaddypodcastYou can email us at: thesugardaddypodcast@gmail.comBe sure to connect with us on socials @thesugardaddypodcast we are most active on InstagramLearn more about Brandon and schedule a free 30-minute introductory call with him here: https://www.oakcityfinancial.us

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In-Office Membership Plans and How to Develop Yours to Full Potential with Jordon Comstock

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Play Episode Listen Later Aug 8, 2024 23:27

In this Episode of the Less Insurance Dependence podcast, Gary Takacs is joined by guest Jordan Comstock to discuss the importance and implementation of in-office membership plans. Gary emphasizes the significance of these plans, particularly for dental practices aiming to reduce dependence on PPOs. He introduces Jordan, the CEO of BoomCloud, a company that helps dental offices create and manage these plans. Jordan highlights the benefits of in-office membership plans, such as generating predictable recurring revenue and retaining patients. He explains that setting the right pricing based on local demographics is crucial for success. Gary and Jordan discuss various strategies to maximize the potential of membership plans. They also explore the potential of marketing to business owners, who can offer membership plans to their employees as a cost-effective alternative to traditional dental insurance. Overall, the episode provides valuable insights into creating and maximizing in-office membership plans to enhance practice profitability and patient retention.

753: Maximize Your Margins: Slash PPO Write-Offs and Skyrocket Your Dental Profits – Dr. Barrett Straub & Miranda Beeson

The Dental Practice Heroes Podcast

Play Episode Listen Later Jul 3, 2024 76:26

753: Maximize Your Margins: Slash PPO Write-Offs and Skyrocket Your Dental Profits – Dr. Barrett Straub & Miranda BeesonDo you want to own a practice just for someone else to control it? If not, don't miss this episode! Kirk Behrendt brings in Dr. Barrett Straub, ACT's CEO, and Miranda Beeson, ACT's director of education, with a treatment plan to get you out of the thumbs of insurance so you can achieve financial freedom and personal fulfillment. With careful, strategic planning you can start removing some — or all — PPOs and reshape your future! To learn the steps to a better practice and a better life, listen to Episode 753 of The Best Practices Show!Learn More About Dr. Straub & Miranda:Send Dr. Straub an email: barrett@actdental.com Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straubRegister for Dr. Straub's live workshop (August 23, 2024): https://www.eventbrite.com/e/act-dental-gaps-method-the-formula-for-financial-freedom-tickets-776572418007Send Miranda an email: miranda@actdental.com Follow Miranda on ACT's Instagram: https://www.instagram.com/actdentalMore Helpful Links for a Better Practice & a Better Life:Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin The Best Practices Association: https://www.actdental.com/bpaJoin ACT's To The Top Study Club: https://www.actdental.com/tttSee the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/eventGet The Best Practices Magazine for free: https://www.actdental.com/magazinePlease leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Episode Resources:Watch the video version of Episode 753: https://www.youtube.com/@actdental/videosRegister to access ACT's PPO Roadmap: https://www.actdental.com/free-resources/ppo-roadmapRegister to access ACT's Say This, Not That: https://form.jotform.com/221665137804153Email Dr. Straub for ACT's Capacity Tracker and Patient Segment Scorecard: barrett@actdental.com Main Takeaways:Whether you're looking to drop PPOs or not, try out ACT's PPO Roadmap.Insurance isn't

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Solo: Out-of-Network Lessons and Update.

Play Episode Listen Later Jun 17, 2024 23:10 Transcription Available

What happens when you decide to take your dental practice out of network with major insurance providers like Delta? We'll take you through our unique journey and the strategic moves we made to ensure a smooth transition. From navigating patient retention to leveraging insurance participation for growth, we share the real-world impacts and successes we experienced. Learn how to maintain profitability while still working with PPOs, and understand the critical timing for dropping certain insurance plans. Plus, discover the pivotal role your team's mindset plays in communicating your practice's unique value and experience to patients.We also delve into the logistical challenges we encountered, such as evolving dental fee structures. Hear about the lessons we learned from initial issues with inaccurate estimates and lower-than-expected reimbursements, and how aligning fee schedules with realistic operating costs led to a 12% increase in total fees. Through trial and error, we found ways to ease the transition for patients, allowing us to thrive despite rising labor costs. Finally, we celebrate our team's incredible attitude and achievements, sharing insights to inspire confidence in your own path to success in dental practice management.Are you ready to completely systematize and document the way you do things at the practice. The DPH OmniPractice Total Team Success Program is just that. Online Instruction, one on one sessions, sample documents, and worksheets...We take your office through 7 phases of practice transformation and teach you how to manage it all with your team. If you want a team driven systematized practice, go to dentalpracticeheroes.comDPH CoachingAt DPH, we don't coach you on anything we haven't personally accomplished ourselves. We provide: One on One Coaching for Doctors, or Doctors and Teams Group Coaching Programs for Teams Minicourses on every practice management topic you need to know Team Coaching for your Front Desk Exactly what you need to level up, whatever level of practice you are at. Visit www.dentalpracticeheroes.com to Learn more, and check out our new 7 Phase OmniPractice Total Team Success Program to learn how to systematize your office, all while creating a leadership team to help you manage it all.

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'Insidious, unethical,' yet legal: The Denial-of-Care model

Code WACK!

Play Episode Listen Later Jun 3, 2024 18:01

This time on Code WACK! How do Managed Care health insurance plans hurt patients? Why is it legal for commercial health insurers to use Denial-of-Care as a business model? And what is one organization doing to call attention to such issues? To find out, we spoke to Kimberly J. Soenen, founder of “SOME PEOPLE,” a Chicago-based not-for-profit organization and multiverse channel dedicated to removing barriers to healthcare access. Soenen is also the COO of AMPERS Radio Association in Minnesota, but the views she expressed in this podcast are solely her own. This is the second episode in a two-part series with Kimberly Soenen. Check out the Transcript and Show Notes for more!

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When a Dentist Needs to Stand Up for Themselves

The Millionaire Dentist

Play Episode Listen Later May 15, 2024 13:09

In this week's thrilling episode, join Casey and Jarrod as they explore the pivotal moments when dentists and practice owners must assert themselves against challenges posed by employees, patients, DSOs, and PPOs, along with the advantages that can be reaped from such standoffs.Interested in more info on how to: Earn More, Save More, and Retire EarlyUpcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory

Changing Layers of Dentistry: Patient Behavior, PPOs, and the Role of Membership Plans on Practice Growth

Becker's Dental + DSO Review Podcast

Play Episode Listen Later Apr 8, 2024 23:36

In today's episode, Dave Monahan, CEO and founder of Kleer peels back the layers of dental patient behavior and its impact on practice performance. The discussion also delves into the potential pitfalls of negating to maximize the value of your uninsured patients, operating with a high-volume of PPOs, and acquiring new locations without a focus on same-store growth.Dave illuminates a path for dental practices and DSOs to amplify performance that's both data driven and patient-centric — you won't want to miss it.This episode is sponsored by Kleer.

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Episode 198 - So You Want To Open A Practice?

The Productive Dentist Podcast

Play Episode Listen Later Mar 4, 2024 15:51

In this episode of award-winning The Productive Dentist Podcast, your host Dr. Bruce B. Baird discusses the complexities and considerations of starting your own dental practice. With decades of practical experience in the dental profession, Dr. Baird provides valuable insights into several strategies for aspiring dental practice owners, addressing common questions such as whether to start a fee-for-service practice or sign up for PPOs at the beginning. Join Dr. Baird as he offers his wisdom on navigating all of the challenges and opportunities practice ownership can bring.

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698: 2024 Trends in PPOs - Shelley DeGroff

Shared Practices | Your Dental Roadmap to Practice Ownership | Custom Made for the New Dentist

Play Episode Listen Later Feb 28, 2024 33:58

698: 2024 Trends in PPOs - Shelley DeGroffHave you ever wondered about PPOs or struggled to understand them? Kirk welcomes Shelley DeGroff to shed some light on this complex relationship between dental practices and insurance. Shelley is the founder and CEO of PPO Advisors, a firm that helps dental practices turn their PPOs into profit. She talks about the trends of 2024, emphasizing the importance of understanding the percentage of write-offs and the need to evaluate fee schedules. The conversation concludes by encouraging dentists to play the insurance game with confidence and seek expert help when navigating the complexities of PPOs.Learn More About Shelley and PPO Advisors Follow PPO Advisors on Facebook: https://www.facebook.com/PPOAdvisorsLLC Learn more about PPO Advisors: https://ppoadvisors.comMore Helpful Links for a Better Practice & A Better Life:Subscribe to the Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin the Best Practices Association: https://www.actdental.com/bpaJoin ACT's To The Top Study Club: https://www.actdental.com/ttt/See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event/Get the Best Practices Magazine for free: https://www.actdental.com/magazine/Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Main Takeaways: Evaluate fee schedules and understand write-off percentages to ensure proper reimbursement.Regularly audit EOBs to identify discrepancies in fee schedules and reimbursement.Proper credentialing and negotiating contracts are crucial for setting favorable rates.Be aware of network shares and changes and regularly assess your PPO mix.Snippets:01:14 Introduction to Shelly DeGroff and PPO Advisors06:20 Write-off Percentages08:13 PPOs and Fiscal Years09:41 Fee Increases and Negotiations10:41 Evaluating Fee Increases11:39 Master Fee Schedule13:01 Credentialing and Setting Rates16:23 Understanding Umbrellas and TPAs20:43 The Importance of Credentialing22:01 Negotiating Contracts23:01 2024 Trends Continued25:21 Network Shares and Changes28:09 Switching PPO Mix30:32 Making Changes and Seeking Help32:58 Conclusion and Contact InformationShelley DeGroff Bio:Shelley DeGroff, founder and CEO of PPO Advisors, knows dentistry. After graduating from the University of Nebraska, she began working as a dental receptionist in a nearby dental office. After completing her certification as a dental assistant, Shelley transitioned to become a successful office manager. It was in that role that Shelley began noticing the need for PPO negotiations for her employing doctor. This experience began the business model for PPO Advisors, which has now become a nationwide industry...

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Patients Think You're Average (Here's Why...)

Play Episode Listen Later Feb 19, 2024 57:59

https://ProfitablePPOs.com/SP

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Dr. Heather Gentry and Common Sense North Carolina Holistic Dentistry

Totally Oral Podcast

Play Episode Listen Later Feb 9, 2024 66:05

This week Clint and Russell interview Dr. Heather Gentry from North Carolina. Heather runs a FFS office that focuses on holistic dentistry. Heather practices practical holistic dentistry as a way to differentiate her office from others in her competitve market of Charlotte, North Carolina. She is quick to point out that she still does regular dentistry with regular dental materials, but that she offers extra services to help her market for new patients like using ozone and biocompatablity testing for patients with allergies. We also talk about how becoming a holistic dentist allow Heather to become a FFS dentist and drop all of the PPOs but also the challenges of being a FFS doctor compared to a PPO doctor. If you want to learn more about holistic dentistry, go to IAOMT.org and IAMBD.org for more information as that is the organization we reference.

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686: Cracking the Hygiene Code: How Many Days Are Right for Your Practice? - Miranda Beeson & Dr. Barrett Straub

Play Episode Listen Later Jan 31, 2024 63:11

686: Cracking the Hygiene Code: How Many Days Are Right for Your Practice? - Miranda Beeson & Dr. Barrett StraubHave you ever wondered how many days are right for your practice? Should you expand and if so, what are some best practices you can apply to succeed? Kirk welcomes Miranda Beeson and Dr Barrett Straub to answer these questions and more. They discuss the need to make decisions based on core values, the impact of PPOs on profitability, and highlight the importance of maximizing capacity and building effective systems. You'll get a formula for calculating the number of hygiene hours needed, how to make data-based decisions, and make the best decisions for your practice.Episode Resources:Subscribe to The Best Practices Show podcast Join ACT's To The Top Study Club See ACT's Live Events Schedule Get The Best Practices Magazine for free! Rate and review the podcast on iTunesMain TakeawaysMake decisions based on

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485: Getting Past Your Fears | Dare to Drop Dental PPOs for Better Profitability? | Dr. Ben Burkitt

Play Episode Listen Later Jan 11, 2024

‍‍Are you wearied by the low reimbursements from Dental PPOs and considering if there's a different, better way to improve your practice's profitability? Then you need to tune into this compelling episode of The Dental Marketer, as I interview Dr. Ben Burkitt, who's been in your shoes and emerged victorious. After implementing a revolutionary change in his own dental practice, Dr. Burkitt demystifies the process of dropping dental PPOs and its potential ripple effects to the bottom-line profitability of your dental practice. Learn how you can switch from being insurance driven to being patient-centric and multiplying your revenue in the process.What You'll Learn in This Episode:Why dropping Dental PPOs may benefit your dental practiceHow to perform effective analysis of profitability for different proceduresThe significance of the 20 code collection score in this analysisHow dropping low-paying insurance plans won't necessarily lead to a loss of your existing patientsEvidence-based tips to attract patients from better paying insurance plansAnd not just that, Dr. Burkitt takes us through his own experiences - the reservations, the risks, and how he managed it all while driving remarkable growth in his practice's revenue. Queue this podcast episode up today and dive into a data-driven approach to revamp your dental practice!‍‍Guest: Dr. Benjamin BurkittPractice Name: We Care Dental CareCheck out Ben's Media:Website: https://www.raisingdentalincome.com/Facebook: https://www.facebook.com/benjamin.fowlerburkittEmail: ben@raisingdentalincome.com‍Other Mentions and Links:‍Dr. Burkitt's Other Podcast Episodes:MMM [INSURANCE] HOW TO STRATEGICALLY START DROPPING INSURANCES WHILE MAINTAINING A HIGH PRODUCTIONMMM [INSURANCE] BEHIND THE SCENES OF DROPPING PPOS AND DOUBLING YOUR PRACTICE'S PROFITABILITYWHAT IS HYBRID SCHEDULING AND WHY IT IS KEY TO MAXIMIZING PRODUCTIONHOW TO DROP PPO INSURANCES (SO YOU CAN GET PAID FAIRLY FOR YOUR SERVICES)226: DR. BENJAMIN BURKITT | DIGGING OUT OF THE "CORONA CRATER"‍Software/Services:Google AdsMeta AdsGoogle My Business‍Insurance Companies: CignaHumanaUnitedHealthcareConnection DentalUnitas DentalDelta Dental‍Books/Publications:The Dropping Dental PPOs Playbook: A Guide to Going Out of Network Without Going Out Of Your MindThe Goal: A Process of Ongoing Improvement‍Establishments/Brands:ToyotaInternational Brotherhood of TeamstersUPSCVS‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.‍

662: Work Less, Earn More: The Dentist's Blueprint to a Dream Practice & Life – Dr. Barrett Straub

Thriving Dentist Show with Gary Takacs

Play Episode Listen Later Dec 1, 2023 62:45

662: Work Less, Earn More: The Dentist's Blueprint to a Dream Practice & Life – Dr. Barrett StraubDo you find yourself working harder and harder, but earning less and less? If you're feeling overworked and overwhelmed, don't miss this episode! Kirk Behrendt brings back Dr. Barrett Straub, ACT's CEO, to share their blueprint for working less and earning more. Don't become a statistic — create your dream practice! To start writing off less and enjoying dentistry more, listen to Episode 662 of The Best Practices Show!Episode Resources:Send Dr. Straub an email: barrett@actdental.com Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straubFollow Dr. Straub on ACT's Instagram: https://www.instagram.com/actdentalSubscribe to The Best Practices Show podcast: https://the-best-practices-show.captivate.fm/listenJoin ACT's To The Top Study Club: https://www.actdental.com/tttSee ACT's Live Events Schedule: https://www.eventbrite.com/cc/act-dental-live-workshops-306239Get The Best Practices Magazine for free! https://www.actdental.com/magazineWrite a review on iTunes: https://podcasts.apple.com/us/podcast/the-best-practices-show/id1223838218Links Mentioned in This Episode:Get your Golden Ticket to ACT's To The Top Study Club: https://info.actdental.com/golden-ticket Get your free copy of ACT's PPO Roadmap: https://www.actdental.com/free-resources/ppo-roadmap/Get ACT's Say This, Not That resource: https://form.jotform.com/221665137804153Main Takeaways:Working more hours does not equal more revenue.Understand the different gaps in your practice.Be proactive with your dental accountants.Invest in differentiating your practice.Create a plan for dropping PPOs.Quotes:“Some dentists that we're finding right now are writing off as much as 42% — and write-offs are climbing. Typically, we wouldn't find dentists that are writing off 42%. It might be normal to find a dentist that was writing off 20% or 22%. But the thing that's important right now is that write-offs are skyrocketing, and dentists aren't even aware of that. So, that's something very important to pay attention to.” (6:50—7:18) -Kirk“It's not unusual for us to coach a practice and a dentist will say, ‘Well, I only participate with one insurance.' I'll pull [the data], and I'm like, ‘Not really. There are a lot of other insurances you're not even aware of that are slowly filtering into your practice.' So, we have to take a look at that.” (7:28—7:48) -Kirk“I'm sure you're watching this going, ‘I'm busier than ever.' We don't find one dental practice in the world that says, ‘I'm not...

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From Start Up Practice in 2012 to Sale to a DSO with Paul Etchison, DDS

Play Episode Listen Later Nov 22, 2023 46:04

In today's episode, we're joined by Dr. Paul Etchison, DDS, who shares his transformative journey from establishing a practice in 2012 to eventually selling to a DSO. We delve into Dr. Paul's background, explore team dynamics and retention strategies, and ponder whether a high-end practice necessitates a smaller scale. They also discuss the complexities of navigating PPOs and the possibilities of transitioning away from them!

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McGill Advisory Monthly: Episode 34

The Drilling It Down Podcast

Play Episode Listen Later Nov 17, 2023 49:30

In this episode of Drilling It Down, host Wes Lyon welcomes Liam Fitzgerald to discuss a series of articles. They primarily focus on the issue of PPOs (Preferred Provider Organizations) and the impact they have on dental practices. They mention that the value of a practice can be impacted by how money is handled, particularly when it comes to writing off expenses and dealing with insurance companies. Effective communication with patients regarding insurance changes is also highlighted, and success stories of young doctors who have purchased practices and implemented new models that patients appreciate are shared. The financial and time-related benefits of reducing reliance on PPOs are discussed, as well as the negative impacts of not paying attention to insurance-related matters.The conversation then transitions to a discussion about the Employee Retention Credit (ERC) and how some dentists are claiming large sums of money without a clear understanding of how they became eligible for such amounts. The hosts advise listeners to consult with their CPA and not trust promoters who claim to have a better understanding of the rules. They explain the conditions to be met in order to qualify for the ERC and caution against fraudulent claims.They also discuss the potential impact of rising interest rates on sectors such as auto dealers and commercial real estate. The hosts stress the importance of providing a good experience for dental patients and being flexible with payments during a potential recession. They urge caution when assuming everyone has the same financial stability as before and emphasize the need for a good plan to navigate through a recession.Diversification in investment portfolios is encouraged, with an emphasis on non-correlated assets and investments in small and mid-sized companies. The importance of bonds in providing stability during a poor sequence of returns is also highlighted. They further discuss the importance of choosing high-quality bonds with short to intermediate terms andcaution against reaching for higher yields by buying individual bond certificates. The importance of assessing the diversification, asset allocation, and actual holdings of bond funds is stressed to ensure they serve their purpose as a safety net for portfolios.

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476: The Dental Industry and Real Estate: What Do You Need to Know? | Dr. Brady Frank

The Healthy Mouth Movement Podcast

Play Episode Listen Later Nov 9, 2023

We get it — when it comes to your practice's IT, it can all get a little confusing. That's where Darkhorse comes in. With a laser focus on serving dental practices of all shapes and sizes, they are here to roll up their sleeves and tackle your IT needs, no matter how complex. Our listeners get their first 30 days FREE, so start your journey with Darkhorse today: https://thedentalmarketer.lpages.co/darkhorse-deal/‍‍Guest: Brady FrankBusiness Name: Freedom Dental PartnersCheck out Brady's Media:Website: https://freedomdentalpartners.com/Email: brady@freedomdentalpartners.comDr. Frank's Book DDSO Strategies: https://www.ddsostrategiesbook.com/ddso-bookDr. Frank's Free Real Estate Valuation: https://freedomdentalpartners.com/re‍Other Mentions and Links:Marquette UniversityRick WorkmanHeartland DentalPacific Dental ServicesAspen DentalREIT - Real Estate Investment TrustRick KushnerComfort DentalT. Harv EkerEscrowRE/MAXBlockbusterFixer Upper - Chip and Joanna GainesBRRRR (Buy, Rehab, Rent, Refinance, Repeat)Bank of AmericaCostco‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍‍My Key Takeaways:Why is it best to partner with other dentists and entrepreneurs?What makes a practice ready to sell at a profit?What is the current landscape of real estate and how does this affect the dental industry?How to maximize your ROI when purchasing a practice space.How to get into the cost to benefit mindset and spot a good deal.‍Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.‍Episode Transcript (Auto-Generated - Please Excuse Errors)Michael: This is the dental marketer the podcast where we teach you how to effectively market and grow your dental practice My name is michael arias and my mission is to help you the practice owner attract new patients immediately And effectively market and grow your business so you can become the go to dental practice in your community Now, what is one of the best ways to grow wealth in the dental industry?Well, The answer, my friends, may surprise you. And we've got just the expert to break it all down for us. We're sitting down with Dr. Brady Frank, a third generation dentist who has not only carved out a successful career in dentistry, but has also ventured into the world of entrepreneurship. Invention and thought leadership.Now, Brady's journey is one filled with hard earned wisdom and expertise in various facets of the dental industry. So in this episode, we'll be exploring some key points that could revolutionize your understanding of wealth growth in the dental field. So grab a notepad because you won't want to miss this.First up, what we're going to be talking about is why it's often best to partner with other dentists and entrepreneurs, and Brady will shed light. On the advantages of opportunities that come with collaboration. Next we'll explore what makes a dental practice ready to sell at a profit. Now this is vital information for anyone looking to maximize their returns in the industry.And then we'll delve into the current landscape of real estate and how it affects the dental industry. Real estate is a crucial component of any dental practice and understanding the market dynamics. Is key. And then we're also going to learn how to maximize your return on investment when purchasing a practice space and Brady will share strategies to make your investment work smarter, not harder.And then finally, we'll discuss the cost to benefit mindset and how to spot a good deal in the dental industry. This financial perspective is essential for anyone aiming to achieve financial success. And Brady's extensive knowledge and experience in the dental industry, entrepreneurship, and real estate make him the perfect guide Through these topics.mean, He's not only a successful practitioner, but also a mentor and author, and he has co founded Freedom Dental Partners, a platform that brings his expertise to others. So if you're looking to grow your wealth, this episode is tailor made for you. And one critical question I wanted to ask you.What could your practice achieve if every technological aspect worked flawlessly? I mean, Have you ever thought about what your dental practice could achieve if tech headaches were a thing of the past? Well, sTick around for after the interview because I have something just for you. But for now, let's dive in with Dr.Brady Frank. Brady. How's it going? Brady: Doing great. Michael. So excited to be on your podcast now, Michael: man. We're excited to have you. If you can, give us a little bit of a rundown of your past, your present. How'd you get to where you are today?Brady: great question. I, uh, back in 1999, which means I'm an old guy, right? I, uh, I had a wrist injury in dental school. Um, they told me I wouldn't be able to practice dentistry. So I checked out a bunch of books at the Marquette Dental School Library, realized I'd probably have to own practices, but not practice in them to make a living and put two practices under contract as a senior in dental school, bought the building, Buildings and practices ended up owning seven practices in the first five years had 28 different associates and, um, made pretty much every mistake back in the early two thousands and really just got deeper and deeper into group practice than DSOs real estate ended up.having a bunch of patents in dental implants manufactured around the world and, uh, really had a big focus on implants through there and where I am today is really just helping dentist groups expand and kind of get to the next level in dentistry. Wow, man. Michael: So you did a lot. So then real quick, when it came to owning the practices and at the same time working with many associates and team members and everything like that, what were some of the If you can recall major mistakes that you felt like if only we did small pivots, it could have, could have made a huge Brady: difference.Yeah, so early on, um, I'd say the first decade of me owning group practices and other practices in real estate, I'll get my mistakes on the practice side and on the real estate side. On the practice side, I didn't create alignment. Or shared ownership or partnership or whatever we want to call it with the doctors in the practice.I just had them as associates or employees. And so that was probably my biggest mistake early. I ended up selling those practices to the doctors, But I could have created much larger groups with shared interests, with shared equity. And I just didn't understand that back then. Uh, my biggest mistake in real estate was.Probably just not buying enough real estate. I buy tons of real estate. Now I'm, I got 62 properties going to closing. the founder of Heartland, uh, Rick Workman, he's made billions of dollars on his DSO, but more billions on real estate and 80 percent less time with 80 percent less effort, Pacific dental services, they won't sell to private equity right now.Because they're doing so well in real estate. Aspen, another big BSO, they develop almost all of their own buildings, and then they sell them to REITs, and that's how they capitalize their growth. Rick Kushner, of Comfort Dental, was at a meeting at Marquette Dental School, my alma mater, and my friend organized it, and he said, he said, Rick, why, you've got, you know, 400 partners, all these locations, why are you still doing this?He said there's a secret, it's about real estate. So I didn't really leverage real estate to the full extent my first decade, but this last decade I've, made more money in real estate than group practices and I've done a, been very well with group practices. So that's where most of my teaching is and that's where I share on how to really crank it out with real estate and not make the mistakes that I did my first decade in Michael: it.Gotcha. Okay. So then real estate is primarily what you're teaching right now. Brady: So I would say my primary teaching is how dentists can expand like I did using real estate profits. To fund their expansion. Don't go to banks, don't get in debt. Go. Don't go to private equity. Mm-Hmm Use real estate profits to fund your expansion.So I mainly teach that, but what I also do is take doctors who have done very well and I clump them together. in dentist owned DSOs. In fact, I wrote a book about it, The DSO Strategy, Dentist Owned DSO Strategies. And I might just kind of look back a graph. I'll pull the page out, make it easier. This is kind of groups getting together.Forming one entity and getting a much higher multiple of sale. So I basically helped docs early, early, our team, I should say, uh, helps docs early phase growth, use real estate to fund their expansion. And then once they've gotten to a certain size. 368 12 locations, how to merge with other successful dentists and get a much higher valuation and then make a bunch of money and do it all over again, basically, and own a bunch of real estate through the process.So that's kind of my main thing is teaching on DSOs, MSOs, and then how that works with real estate and how it fits in with expansion. The reason 80 percent of my teaching is there is because real estate is actually really a simple investment. and so just a lot of my teaching is on the other stuff.And then the real estate kind of becomes the bedrock or the foundation of all the other components. Michael: can you give us like right now, like a step by step system or process on how to use real estate profits? Brady: Yeah. So going back to my mistakes early on, I would buy a building, a dental building. I would hold it for anywhere from three to 10 years and then I would sell it.During that time period that I held it, I had cash flow. And when I sold it, I got a big chunk of money. And someone said something, Canadian entrepreneur who did really well. His name's T Harv Ecker. And he said this in one of his seminars. Um, I've never made as much money operating a business. As I have selling a business and he said, same with real estate.And at that time I realized the longer I held on to a piece of real estate the more time I had into it. The more I had to manage that property, yes, I got monthly cash flow. But at the end of the day, you have to, as a dentist, you're at the top tax bracket, you've got to pay full taxes on that money.So the timeframe with which I held properties that I bought, went from three to 10 years down to like two or three years. Because of capital gains, you have to hold it over here. But then it got down to like a year and now in many cases, it's down to three hours, like literally I'll put a property under contract, I'll find a buyer.I'll get it filled and I won't even close on it. I'll close it, but I'll own it for three hours that the buyer comes in, might put 20 million into the escrow company, pay off the seller with 5 million of it, have 20 million of profit. and one of my mistakes was I did real estate alone without partnerships early on when you do big projects, you need partners, other people to go into the building with their businesses, and then we share the profits.so I would say that I used to do things. Solo, like I can do this. I'm entrepreneur. I can employ the dentist, right? I'll be the guy and I used to have kind of I didn't think so, but other people thought that I thought I was always right like 20 years ago But maybe looking back I did feel like I was right and I had to follow my face a few times to realize Oh, man, there's so many people smarter than I am.Let me be mentored by some of these billionaires who've done really well And since that time, I've done a lot more partnerships, a lot more collaborative work, and you know, I try to always believe, hey, if this is the amount of knowledge out there, hey, Brady, you're right here. So don't think of yourself as someone with all the answers.Realize that you're going to learn from each person that, that is an expert in that subject matter. And so, with real estate. I've focused less on buy and hold, more on flipping it, just like the big, the biggest, most successful DSOs and healthcare groups do. And then I have not, I've decided to do it in partnership with others, uh, rather than just trying to do it myself.So much more leverage with other people's time, other people's money, other people's Business growth. so that's where I am today is mainly doing collaborative work, partnering with a lot of different doctors, hundreds of them. and really, I'm adding value to others, helping them not go through the mistakes.I have and both real estate and growing groups too. Michael: Got, okay. So then if we wanted to right now use real estate profits, what are the first steps? Let's just say right now, okay. You know what? I do wanna do this. I do want to do that flip that you mentioned, or you know what I mean? I'm looking to acquire another practice, but I don't know if I should just expand it and keep it, or.What are the steps for Brady: this? Yeah. Um, there's kind of two categories of real estate. One category you already own it and you're figuring out what, what's, what's the best thing I can do with this asset, buy and hold it, sell it and get it, get a bunch of liquidity, pay off a bunch of my debt and then also real estate that you don't own yet.I'll go over both of those, really quickly. the first one with real estate that you do own, you would be like me, 10 years ago, buying it, holding it, getting some cash flow, paying on your debts. Right. And then having this big payday someday, whenever you sell it, I realized that entrepreneurs, which I think most of the people listening to this are are going to do a lot better.reducing their debt, getting a bunch of cash in their bank and doing more stuff than playing the 10 year game with that, real estate. So if you own a piece of real estate, I encourage you. And if you want, I can, um, even give a link to a software that shows you how much the value of your current property is.Yeah. I would encourage you to, to, look at what would life look like if I sold some or all of my real estate, what would I do with that cash? What would life look like with less debt and could I expand my practice or practices, um, in my main business? So, so that's number one. Number two is for those that also are like, Hey, I own real estate.I like it. I'd love to see what that looks like. If I had a liquidity event there, paid off debt, you know, use that to buy more locations. But I'd also like to know, all right, Brady, what does it look like? Buying real estate for the sole purpose of having a massive game, right? And so here's the strategy with that and we can come back into that later and I saw you nod your head I can I can do a qr code I'll hold it up in front of the screen or we can put it in the in the chat and you'll you can plug your Building information.It'll spit out of value. It's pretty awesome software. so the other component is, Hey, I don't own real estate. how do you make the most in real estate? So most dentists think that if I build a dental building and sell it, Hey, I built it starting to make a profit right now because of inflation, it costs on average 420 bucks a foot to build a dental building with the land and everything.420 bucks a foot. The buildings that I buy, I never pay over a hundred dollars a foot. Never. It's 30 bucks to 80 bucks a foot. and they call that, that's way below replacement cost. Meaning, if you were to build that today, it cost you 400 percent more. So here is why we're able to do that.The office and retail markets of real estate Started going down because there were more vacancies because e commerce Amazon went out there and no one, you know what I mean? People weren't buying designer jeans. So that affected then COVID hit and a lot of businesses went virtual. Another big hit to the commercial real estate markets.And now we've got AI that is supposed to replace 62 percent of task related jobs within three to five years, which means more of a hit to real estate. interest rates are higher now. So whenever interest rates go up, real estate market goes down. The only shining light in real estate right now is the healthcare real estate market.Anything backed with a dental lease or a healthcare lease. that real estate is skyrocketing. Office and retail is going way down. And that arbitrage is where we're playing. So we buy a building that's vacant, without any tenants. Dirt cheap. You move your business into there, just like Aspen does, or Heartland, or one of the others.Once you move your business into there, the building is now occupied. Okay. And, um, the software that I'll share, it actually picks out all these vacant buildings that you can choose from around America. Is that crazy? Yeah, that is cool. Yeah. So, so basically you could, and it matches it up. It's the AI component isn't complete yet, but the AI component watching match your, what you plug in to the buildings that are available.through 20 different databases of buildings, right? So it picks all these on loop net with a remax, all these, and it finds all those buildings, even the ones that are off market at auctions. Okay. So then you're, so then you make an offer on that building and an ideal world, it would already have a build out that is actually fits a dental practice.Like I did a, I bought a med spa for five 75, put a 15 operatory in there. Sold the building for 2. 4 million, like a year or two later. And that practice was a DeNovo, a startup. It did 503, 000 the first month. Cause I used partner dentists. And one month later I bought a strip mall, vacant strip mall and had a blockbuster in there that was gone.If you remember blockbuster. Yeah. Yeah. Blockbuster gone. Right. it had a blimpy sobs gone and some drive through coffee thing. And it was near a hospital. It had an oral surgeon near it, an endodontist. I bought it for 330 grand 10, 000 square feet. The seller was a physician because there was a hospital nearby.He said, I'll sell it to you. But only if you give me 10 percent down, cause I want the cashflow on the 330 grand. So I put 33 grand into it and then the rest was seller financing. And I sold that about two years later for just a little over 2. 4 million. Right. That was a thousand percent return and the tenants paid for their build outs in there.Right. so those buildings, those vacant buildings, that massive arbitrage of profit, that is what you can use to expand your business. So in that group that I owned in Southern Oregon grew from zero to eight million in less than four years. The group ended up having an eight figure exit with the DSO. And I grew that based on profits from real estate. Not only did I pay cash for everything. equipment, any build out stuff, but I actually had millions of dollars left over just on that arbitrage, buying real estate really low and selling it at market value, which happens to be really high compared to what you buy it for.So the key is, is this, Michael, Buying buildings dirt cheap that are perfect for dental practices or other health care and then occupying them with a practice, your new practice, a de novo, or moving an acquisition into there, like a merger from a three op guy into there. And then once you are occupying that building.The lease rate is what dictates the value. And then there's a whole world of buyers out there who buy real estate based on cashflow. Very easy to sell these for market value, but here's the deal. Nobody wants a vacant building. So owner users like us, Dennis are in a powerful position to occupy the building that we buy.And then basically flip that building, realize the profits. And, and, and the main point is the less and less time that you own the building from 10 years, all the way down to three hours, the greater your returns on an hourly rate, right? Meaning that profit explodes when you sell it.If you wait 10 years to sell it, you amortize your profit when you sell it all the way back over 10 years, incrementally per hour, your profit on that property is very low. Whereas if you buy a property and sell it a year later, right? Incrementally every hour you've owned that property is monetized based on the sale price.so that is in general kind of what I've done with real estate and we're in a great time right now. So much vacant dirt cheap real estate and so much opportunity. dentistry is exploding. Great opportunity for groups to expand and use real estate as their tool. Okay. Michael: Interesting. So how, I guess through all that, how easy is it to occupy one of these vacant buildings?Brady: So in some buildings, are very, set up for dental. Like that med spa that I bought and put 15 ops in it. Yeah, they had massage rooms. I just dropped dental chairs in each room. Very, very inexpensive. They had a waiting room already. It was gorgeous facility. very low, low, low costs for build out.The, um, strip mall that I had bought at that time, which kind of started this process for me of DeNovo's and real estate. Um, was a big open space and blockbuster and that took an actual build out inside. So that cost 400, 500 grand now, uh, bought the building for three 30 sold it for 2. 4 million, right? So even after 400, 000 in a buildout, that's still close to 2 million in profit, still worth it.But basically the buildings that you choose that are better suited to fit dental, the less you'll spend on TIs and the more retained profits you'll have, which can go into your retirement account. Which can pay off student debt, which can go into buying more practices, right? And recycle that. so, yeah, there is a kind of an art to that and the software really, uh, kind of, uh.Dovetails into what existing buildups look like you can kind of see what those look like and all that good stuff Michael: gotcha, and so you bought the You started this process without getting a loan from the bank or anything like that to be like, hey I'm going to expand I want to do this you you did it from your own Brady: or yes so so what happened is that was this was in 2010, which is 13, 14 years ago that I started this de novo and real estate component.But before then I already sold a couple of groups, owned other real estate, sold it. So I was doing well. So I just self funded. I didn't use debt. I just bought these properties and then occupied them and added other tenants to them, the strip mall. I had a chiropractor and a blood lab. got it 100 percent occupied and sold it to a 1031 buyer.Um, so for those that are like, Hey, have to take on debt and do that. So we have a big family office network. So doctors don't have to come up with money on the front end. They can be a tenant partner. In these projects, right? our team at Freedom, uh, Dental Partners, we've got a team that just teaches how to do the stuff.in fact, several of the projects of the 62 buildings going to closing right now are, are just that. One guy is a guy named Kevin up in Chicago. I actually partnered on this building to buy it. we bought it for two million and we're selling it for five million, right? Just a little bit of time later It's got 20 000 square feet.It's got a total of 40 dental laboratories in it Yeah, it's got perio and oral surgery and He's putting a big implant practice there and we're kind of teaming up on that. so not like you have to pay dirt cheap for them. I mean, you can pay two million for a building and still make three million dollars on it.So, so we do a lot of those, those as well. Michael: Okay. And then how, right now, if someone wants to sell, what should they do? What's like your recommendation if they're like, okay, I'm looking to sell. They know the common most way to sell. Right. Yep. Yeah. What are your recommendations? Brady: Yeah. So first of all, I would kind of assess your building.what is the, the value look like? And, I don't know if a lot of folks watch yours via video or it's audio, but do you mind if I share my screen and I can kind of... Yeah, Michael: Yeah. And if anybody right now, if you're listening, uh, definitely go in the show notes below and watch the video version of, especially of this portion Brady: right now.Yeah. And I'll just kind of go with this. There it is. So I just spoke, I don't know if anyone gets dental economics. I'm sure you get that magazine. And, uh, I've written a bunch of articles in there and they invited me to speak again in, in Las Vegas and this QR code, Freedom Dental Partners forward slash RE. So if you can't see it, it's just freedom dental partners. com forward slash RE. basically you just plug in, uh, the data on your building and we've got a whole team that basically figures out what the value is based on a few important factors.And those factors are your lease rate or what your lease rate could be. Um, the ability to have a corporate guarantee on the building, and then we work with several multi billion dollar REITs that then basically are buying a lot of the properties we put together, and we know the value of that. So we can, we'll email you back the value, um, it doesn't cost you anything obviously for that, but it's another example of how dentists can partner together to get higher value, because the average value a dentist can receive from selling their building as part of a group of other dental buildings is about 35 percent higher.So if a building is worth 500 grand on its own with these other factors, you're making whatever that is. So So that's that I'll unshare right now, but happy for anyone to use that resource and we had a bunch of people use that at the dental economics event and get back their values on their buildings and how that all works and with an explanation.But anyway, yeah, so that's that's Michael for those that already own their building that want to, you know, have some profit event from the real estate they own. But the biggest, I will say, the biggest profits are in taking these buildings, finding, you know, the ones that are easily, moved into a dental practice component, and then being able to turn those buildings, have a profit, and operate your dental practice there, and effectively expand without any debt and actually making money while you're expanding.Michael: Yeah. Okay. Okay. And I know, um, I guess, how do you know if a building is perfect? Because I think if you want something bad enough, you kind of can convince yourself like, this is perfect. But if Brady were to walk in there, you can tell us like, man, Michael, this is not perfect at all. This is, this is not a good building.So how can Brady: we tell? Yeah, yeah. So, so I look at it from, um, kind of an investment. Objective. If someone's going to do, let's say it's your second practice or your third or your 10th, you almost have to look up, look at it as a cost to benefit ratio. So I really don't look at any buildings or recommend any dentist look at a building unless they can make at least a half million dollars.if you can buy it and some of your costs are going to be X and you can still make a half million dollars. That's a great deal because now what you're doing is you're kind of getting your dental practice expansion going along for the ride But you're also being a real estate investor And and I think we all know that the majority of the world's wealth was gained or is held In real estate and and what we're doing here really is taking a undervalued asset class office and retail In our market today and just converting it to Basically healthcare, which dental fits in that mix, which is the most highly valued real estate right now.it's no different than I think Chip and Joanne Gaines that buy a house, fix it up and sell it for more. It's just a lot easier and more lucrative in this market right now because we can buy vacant buildings for such a low price. And sell them for such a high price. Michael: So this is kind of like, I've heard of this method.It's like the BRRR method, kind of like that BRRR method where you buy, right? Like rehab, refinance. Yeah, Brady: it totally is. So Michael, we should delve into that a little bit because I'm sure people don't know the acronym. Buy rehab, rent, refinance. So that's what it is. Now, here's the big cool part about it. Okay, we buy these vacant buildings, right? Rehab, well, you're gonna put your business in there or you might go with a bunch of other businesses and do it in partnership Which is some of my favorite way of doing it more profits than that offer.Okay, rent Your practice is gonna be renting it, right? Refi. Now there used to be a trend where, hey, I'll pull that money out and I'll just stack up my debt and keep getting more and more debt. and so I used to do that and I realized that the more debt that I had, The less I felt like I could go out there and pursue entrepreneurial stuff because I had a lot of debt.You know what I mean? Yeah. so the only difference is buy rehab rent and it's yourself as part of the tenant mix your, your own tenant. And then instead of refinancing, just selling, making a bunch of money, not having debt. And now you can focus on being productive, being an entrepreneur, and not kind of stacking up your debt as you go, even though refinancing is still a option in many cases.Michael: Yeah. Yeah, you're right. Okay. So yeah, it's buy, rehab, rent, refinance, and then repeat. Brady: Yeah. Yeah. and with these, this model. Absolutely. So, so the key is you need to know how to do a startup profitably. And with Freedom Dental Partners, we are launching a course very soon on how I just in Novos and grew from zero to 8 million.One was an acquisition, but three De Novos, zero to 8 million, no PPOs, believe it or not. Wow. How to, yeah. How for to market for that, how to add partners. How to get them off the ground, you know, most people say, Oh, you'll, you'll be profitable in two years. My first month on the second location did 503, 000 with 210 grand of profit, the first month, and that was that med spa.so I'm putting a program together that folks can follow a free program just to go over how that worked. then we got a done with you component where we can have our, four recruiters where you can recruit. a junior partner, who's gonna be there, how does the marketing tie in, you know, is there an implant bent to the practice, all that good stuff, but yeah, it, it, really.The de novo or startup fits in with the real estate strategy, unless you're going to merge an older docs practice into there. Um, but I found any money that you would have spent on that acquisition. If you just spend that on marketing and you know how many patients per dollar you're spending coming in is, and especially with your techniques, Michael, to have a team that's going to Costco and going to these bricks and mortar places around town doing lunch and It's an incredible way to build grassroots around that.And once you hit, once you at least break even on that, you know, if you follow the plan really well, you, you know, profit the first month, but let's say it takes you six months to break even. Great. Now you've got an incredible asset, you made money on the front end, and now you're going and doing another one of these things and you're literally growing without SBA loans. of America, right? Without needing to be backed by private equity. And when you do sell your group, now it's just all cash to you, right? You don't have to pay off debt and then have a profit. you're growing without debt. And, and I found you grow faster and you take more risks with your growth when you got money in the bank and you don't have debt.Then it's like, Oh, I can do this. Let's try this. Hey, it's no big deal if I try that. And, and those that have the freedom to try new things, And to get kind of aggressive in business, they're the ones that usually win because they're actually trying new things. hitting a single, a double, a homerun.Oh shoot, maybe they didn't do very well on this one, but it didn't affect them. So yeah. So anyway. Michael: No. Yeah. That's interesting. And then I think that's the tricky part there Brady. It's like, cause it sounds, I mean, to me at least it sounds easy, like, okay, let's be profitable. And then we can sell, right? But I feel like a lot of, um, especially like, you know, startups and acquisitions, they kind of get stuck in there where it's like, dude, it's been one year and I haven't even broken even yet.Like, you know what I mean? Kind of thing. Brady: Yeah. So here's kind of one of the secrets with this model. I marketed 30 grand a month, three months before I opened that location where we did 503, 000 the first month. most dentists put in their budget, like instead of 3 percent for marketing, I'll do 6 percent and it just never works.So you kind of have to do a marketing blitz to do it. I had 340 or so new patients that first month it was hundreds. And we did consults before opening it and treatment scheduled. So, so the key is you have to be able to do a massive marketing budget. And most people don't want to do that using debt, they're just backpedaling them, right? It's like, oh crap, I'm putting all this money into marketing. I don't know if the marketing is going to work. So with that, I had already done a real estate project before that made a bunch of money. And then I'm like, Oh, I've got several million in the bank.I don't mind dumping 30 grand in the marketing, right? From a variety of sources, radio, TV, postcards. You know, Google AdWords, Facebook ads, funnels, all that, even a local newspaper. And I went on radio and talked and did a little, I was on a radio talk show, they gave me the radio ads. So you kind of have to do anything and everything, and that creates this massive momentum where you get all this press coming in, right?And then the statistic ends up working out, which is, 80 percent of new patients that come into a practice, 80 percent of new patients, the internal referrals come from those that have been in the practice 12 months or less. So when you do external marketing, you're automatically building your internal referrals and people don't understand.They think, Oh, this 62 year old doc that's been in town for 30 years. He's getting all the referrals, right? Cause he's been there forever. Nope. He's getting four to six new patients a month. It's the new docs who are marketing heavy that are getting the internal referrals. Cause they're, they're bringing in fresh patients, right?And so you have to understand that external marketing begets what we all want, the internal referrals. And with a great campaign like what you do, Boots on the Ground, Lunch and Learns, that's huge because you're with folks, they're talking about it, you're in local businesses. So, so that is the key to market really heavily and, and do that.But, but when you do that, you know, you can, you can literally. take care of your financial future with just the real estate profits and grow a group Debt free. Michael: Gotcha, man. Okay, that's interesting. Good. That's good to know like kind of getting that momentum started right there. one of the final questions I wanted to ask is Right throughout everything you're kind of seeing and this is just to get into the head of someone who isn't totally involved on the clinical Side of dentistry, right?What do you dislike or hate about dentistry right now? Brady: I would say there's this kind of chasm between, private equity backed DSOs and then the rest of independent dentists and dentists getting together and, um, being funded. outside private equity. So private equity back DSOs. That simply means that some corporate body and institutional investor owns the majority of that entity, which means when it recaps what it sells, the majority of those profits Go to the private equity company or the institutional investor.Very little goes to the actual dentist doing the real work on the ground. On the other side of this equation are yes, individual dentists, but also dentist groups that are funded by their own debts, by their own sources of funding, like the real estate that we talked about. And it's kind of a battle right now.what I hate is that More dentists aren't doing enough research to understand that these big private equity backed groups are not investing in real estate. In 2016, they wrote something in a private equity journal that said don't invest in real estate, but the founders of those groups have formed exclusive arrangements.And they get to invest in all the real estate. They're making a killing billions of dollars. And all of these groups that kind of watch the big groups, they're saying, oh, we'll just lease. We won't own the real estate because they don't own it, but the founder is owning the real estate. So what I don't love is that there's not a ton of information being given out.over here with the huge groups that are private equity back. And there's a lot of dentists that aren't taking the time to research how that really works. And I think that's my goal is to, yes, certainly show a couple decades of failures and successes, but to also show, cause I've, I've looked deeply inside the innards of all these DSOs.I've helped a lot of them and consulted a lot of them and worked with the main attorney group who set them up. so I think what I don't love is that chasm between the two. And I think the individual dentists, the business folks that are working with dentists, those groups that are watching the big DSOs and emulating them and just leasing space, not realizing there's a huge real estate play there.and those that don't realize, Hey, we can clump together like at Freedom Dental Partners and have a big group with a big liquidity event and benefit our futures. you know, financially, just like the big boys do. I think it's that chasm that I hate the most. And that's I think what I'm here to do is educate, show how they're doing it and then interpret how that works and make it easy so that Dennis can flourish just like those big groups.And then I think what's gonna happen is if here's the big groups and here's Dennis and smaller It's going to equalize out because now we're using all the secret tools, techniques and protocols that they are. We leveled the playing field and we actually maybe even have an edge on our side, especially with kind of some of the real estate stuff we've talked about today.Michael: All right, man. Awesome. And then any final pieces of advice that you'd like to give to our listener? Brady: Um, I would say if you're young and you're just starting out your career and you did an acquisition or a startup, you're a business person involved with a small group, look at ways of collaborating more like, uh, you know, Freedom Dental Partners, we've got hundreds of dentists around the country who are building small groups together and getting involved, Google Freedom Dental Partners, see some of the deals we've done, some of the DSOs we've bought, we've bought a number of DSOs, and uh, just get involved and look for folks that are really, uh, kind of on the, on the forefront of doing this stuff, look for folks that are partnering with others, that are sharing, and uh, I would say just, look very closely at those that are banding together because those are the groups that are forging, ahead and really competing with each other.With the big boys. unfortunately it's not the one or two or three location groups that are kind of competing as the big boys. It's, it's those one, two or three location groups or 10 location groups that are banding together, creating a formidable force to elevate through partnerships that are, that are really making a difference out there today.Okay, man, Michael: that's good. So then if anyone had any questions or concerns, where can they find you? Brady: Yeah, just go to brady at freedom dental partners. com brady at freedom dental partners. com and I can I can get to where you need to go Michael: Awesome. So guys that's going to be in the show notes below. So definitely check it out And at the same time brady, thank you so much for being with us.It's been a pleasure and we'll hear from Brady: you soon Awesome, michael. Have a great one Michael: Thank you so much for tuning into that podcast. And Brady, thank you so much for being a part of the podcast. We really appreciate you coming on and sharing your wealth of knowledge. And at the same time, if you want to ask Brady any questions, go in the show notes below or the description below, and you can click on his links and reach out to him there.Definitely check out his website and see what he has to offer you as well. Along with any of the freebies that he mentioned in the episode, you can download them in the show notes below as well. So go ahead and do that now. Have you ever thought about what your dental practice could achieve if tech headaches were a thing of the past?That's where a fantastic IT company comes in. Now think about your day at your clinic strip away any worries about server crashes or data breaches. Man, if you can do that, that'd be amazing. With Dark Horse Tech, that's your new reality. They deliver IT solutions that align perfectly with the rhythm of a busy dental practice, so your attention never strays from patient care.Now, I wanted you to ask yourself that critical question. What could your practice achieve if every technological aspect worked flawlessly, because that's not a hypothetical anymore. It's a real possibility with dark horse tech and to make the decision even easier, dark horse tech is introducing a limited time offer.That's too good to pass up. If you start with dark horse tech today, your first month is a hundred percent free, that's right. Your initial 30 days of service are free of charge. It's their way of showing you the difference, the right it partner can make. So choose dark horse tech and take the first step towards a future where your dental practice can thrive uninterrupted by it concerns.It's time to let technology elevate your practice. Not complicated. So go in the show notes below, click the first link in the show notes below to check out the offer. And at the same time, you can see what other practice owners are saying about dark horse tech. And if you like what you see, then you can go with them. But remember the limited time offer is. First 30 days are completely free. So grab this opportunity and see what seamless it service feels like with dark horse tech. It's not just about managing it. It's about mastering your practices potential. So going to show notes below, click the first link in the show notes below to check out more, and that's going to do it for this episode.Thank you so much for tuning in and I'll talk to you in the next episode.‍

Navigating Open Enrollment: Choosing the Best Health Insurance and Other Benefits in 2024

All the Hacks

Play Episode Listen Later Nov 1, 2023 41:58

#140: A deep dive into health insurance and other benefits you'll need to make decisions about during your upcoming open enrollment. We'll cover health plans in depth, but also dental, vision, HSAs, FSAs, employer life insurance and more. Link to Full Show Notes: https://www.allthehacks.com/open-enrollment-2024 Partner Deals Notion: Try Notion AI free to automate tedious tasks and streamline your work Athletic Greens: Free 1 year supply of Vitamin D and 5 free travel packs MasterClass: Learn from the world's best with 15% off Copilot: Free 2 months access to my favorite personal finance app with code HACKS2 Henson Shaving: Plastic-Free, Precision-Built Razors + $100 free Blades For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned All the Hacks: #34: Hacking Healthcare, Prescriptions and Medical Bills with Marshall Allen Email for questions, hacks, deals, feedback: podcast@allthehacks.com Last Week Tonight with John Oliver: Health Care Sharing Ministries Online Direct Primary Care For Pediatrics: Summer Health | Blueberry Marshal Allen's Book: Never Pay the First Bill Online Sites for Prescriptions: GoodRx | RxSaver Oura Ring DNA Genetic Testing: 23andMe Online HSAs: Lively | Starship HSA Hawaii Recommendations: Restaurants (Kid-Friendly): Lava Lava Beach Club | CanoeHouse at Mauna Lani Water Activities: Ocean Sports | Snorkel Bob's Full Show Notes (02:27) HMOs, PPOs & EPOs (03:47) Deductible (04:44) Coinsurance (05:40) Out of Pocket Maximum (06:20) High Deductible Health Plan (07:35) Coverage: In-Network & Out of Network (09:16) Insurance Brokers (14:55) Selecting a Carrier (17:55) Premiums (20:39) First Dollar Coverage (21:50) HSA Hack: Use Your Cash Flow For Expenses (25:10) Why The Platinum Plan Doesn't Make Sense (29:55) Health Insurance Hacks (31:13) Medical Sharing Plans (33:36) Ways To Save (36:16) Dental & Vision Insurance (37:56) FSA for Health (40:47) Using HSA (41:41) Pre Tax Transit (41:56) Life & Disability Insurance (43:18) Tips from Chris's Trip to Hawaii Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Difference Between HMO and PPO

Play Episode Listen Later Oct 30, 2023 30:14

Selecting a dental insurance plan can be a complicated task, especially when you're presented with an array of options such as Preferred Provider Organisation (PPO) and Health Maintenance Organisation (HMO) plans. Each type of plan comes with its set of features, benefits, and limitations. Understanding these can help you make informed choices for both you and your family.a) What Are PPO and HMO Dental Plans? PPO (Preferred Provider Organisation)PPO plans provide individuals with the liberty to choose their dental care providers. While these plans encourage you to use dentists from their in-network, you're also free to visit any dental specialists out of network, albeit often at higher costs.b) HMO (Health Maintenance Organisation)HMO plans require enrollees to select a Primary Care Provider (PCP), commonly a general dentist, who coordinates all of their dental healthcare. Under an HMO, your options for choosing healthcare providers are limited to those within the network.c) Key Differences Between PPO and HMO: Pricing Structures DifferHMO plans generally have set co-payments, meaning your out-of-pocket expenses are predetermined for covered services. The caveat is that you're restricted to using providers within your network. PPO plans, on the other hand, offer more flexibility in terms of healthcare providers but may come with fluctuating costs.d) Preferred Providers and LocationsWith an HMO, you may have to switch your preferred PCP if they are not within the network. PPOs offer more leeway, allowing you to book appointments both within and outside the network, although seeing an out-of-network dentist will usually cost you more.e) Seeing SpecialistsHMO plans necessitate a referral from your PCP to see a dental specialist. PPO plans offer more flexibility, letting you directly book appointments with specialists, though consulting your PCP is often advisable for evaluating your health goals.f) How to Determine if Your Dentist is In-Network-Contact your human resources department, your insurance provider, or the dental office.-Identify your plan type by logging into your insurance account.-Use the "Provider Search" option to find or verify if your dentist is in-network.g) Visiting the Dentist Without an Insurance CardEven if you forget your insurance card, you can still receive treatment by providing your insurance details, calling your insurance provider for assistance, or by paying out-of-pocket and later seeking reimbursement.h) Financial Planning-Utilise your Flexible Spending Account (FSA) or Health Savings Account (HSA) for dental expenses.-Discuss payment plans and alternative treatments with your dentist.-Make the most of your annual coverage by planning your visits efficiently.i) CommunicationMaintain open communication with your dentist and insurance provider to ensure that you're making the most cost-effective choices for your dental health.Understanding your dental insurance is crucial for financial planning and ensuring quality healthcare. Insurance is a business—knowing how to maximise its benefits can save you not just money but also ensure you get the right treatment for your unique health needs. A healthy mouth is integral to overall well-being. Book a consultation today:I am always here to help answer any question and schedule a 15 minute call with me. If I can not help, I can get you to a provider that can.https://shereewertz.com/15-min

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Choosing a Healthcare Plan via Open Enrollment (HMO, PPO, FSA, HSA, HDHP and More)

NerdWallet's MoneyFix Podcast

Play Episode Listen Later Oct 26, 2023 32:41

healthcare medical nerds hsa fsa open enrollment hsas health savings accounts nerdwallet hmos fsas ppos hdhp liz weston fsa hsa hmo ppo

Parlez Vous PPOs?: Learning the Language of Health Insurance Plans

Grown-Up Stuff: How to Adult

Play Episode Listen Later Oct 17, 2023 45:40 Transcription Available Very Popular

It's one of the scariest times of the year. . . . it's open enrollment time for health insurance. Every year, we're all overwhelmed by the options and terminology of our policies, but this year Molly and Matt have full hearts and can't lose. This year, they are determined to understand their coverage options and whether they should choose a high-deductible plan or one with a high premium. But first, they're going to figure out what those terms mean in this episode. With the help of KFF Health News' Julie Rovner, learn about the difference between an FSA and an HSA and what your plan is legally required to cover. Sources Cited: Johns Hopkins Bloomberg School of Public Health - Primary Care Visits Available to Most Uninsured But at a High Price Forbes - How Much Does Health Insurance Cost In 2023? US Department of Healtth and Human Services - About the Affordable Care Act See omnystudio.com/listener for privacy information.

learning language us department obamacare health insurance affordable care act hsa premiums fsa open enrollment parlez deductible ppos health insurance plans julie rovner

MMM [Membership Plans] Why Do Most Plans Fail? Discover the 5 Secrets to Team Buy-In

The Dentalpreneur Podcast w/ Dr. Mark Costes

Play Episode Listen Later Oct 9, 2023

Unlock the future of your dental practice with Kleer, the ultimate membership platform trusted by thousands of dentists for unprecedented growth and patient care.For a 1 on 1 demo with Kleer, visit our special link! https://www.kleer.com/partner/the-dental-marketer‍‍In today's Monday Morning Marketing episode, join us as we dive into the world of dental membership plans with Eli Salls from Kleer, the cutting-edge cloud-based membership platform trusted by thousands of dentists for growth. Eli unpacks the critical topic of "team buy-in" and emphasizes the paramount importance of securing your team's trust and enthusiasm when implementing a membership plan. With data showing that a staggering 70% of business initiatives fall flat, having the team in full support is of utmost importance. Eli walks us through the five essential ingredients for achieving a successful team buy-in for your membership plan, so yours reaches maximum effectiveness. Discover how to identify strengths and weaknesses within your team, effectively train them on the plan, and craft enticing incentives that make embracing the membership plan a joyful experience. We'll learn the art of assigning champions for streamlined system implementation and how to take your dental practice to new heights. Don't miss this episode for invaluable insights into creating a thriving dental membership plan with your whole team on board!‍You can reach out to Eli Salls here:Website: https://www.kleer.com/Email: eli@kleer.comLinkedin: https://www.linkedin.com/in/eli-salls-a6280b186‍Other Mentions and Links:Inc5000McKinsey & Company‍‍If you want your questions answered on Monday Morning Marketing, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey, what's up Eli. So talk to us about membership plans. What can we do? What advice or suggestions do you have Eli: to grow it? Yeah, definitely. First and foremost, thank you, Michael, for having me on. I appreciate it. But yeah, membership plans. So I think a lot of the content we see.Existing out there right now discusses the benefits of having one, the why around that, also the house. So how to build one, how to market one, how to effectively manage it on that day to day. But what we, I think miss a lot of times is that bigger question. And I think it's, one of the biggest and most important things, with any system that you're going to implement in a practice, but.Definitely with a membership plan. And that's, how do you get that team buy in? So how do you get people excited about this? How do you get everyone from whether that be the front desk, office manager, hygienist, all the way back to the doctor, talking about this. And that's how we see the most effective practices operate is when everyone's on the same page.You've got a good culture. You've got that team buy in. We have data from McKinsey and company that says about 70 percent of business initiatives whether it be a dental practice or any business tries often fail. So 70 percent of those, and when we look at this, it's not because people are doing these for the wrong intentions.I mean, you're always trying to improve your business, Whether that be enhancing patient care, up brand awareness, improving profitability, driving case acceptance, you name it. These initiatives exist for some reason, but they often fall flat. And the reason we see a lot of times is just because, the leaders that are implementing them again, they're seeing big picture.It's all for the right reason, but they're not necessarily looking at the day to day work and the people that are going to be boots on the ground, actually implementing this and really working with them and having their hands on it every day. And there's a lack of buy in from those people that are actually responsible with maintaining and making sure that this is, you know, an effective system in place.Once that initiative is set up, we often see that it just falls to be another task that the office has to perform. And it can be kind of. thrown to the wayside and people forget about it. There's really 5 different things we look at when, trying to get that buy in from our offices we coach our doctors and office managers on how to really get that excitement up there and make sure that.It stays there so that we have that long term success with these plans. And again, these are things that can be applied to most systems within a practice, but going to be looking at it mostly on the lens the membership plan because that's my specialty. um, the five things, first one is. Kind of Like a bottom up approach. So looking at your team and, as the leader, the strengths and the weaknesses of each one of your team members. So really leveraging those strengths and being aware of those weaknesses to be able to put people in the right positions when dealing with a system, a membership plan So you want to set people up for success and you want to make sure that you're implementing this in a way. That people can execute on it. You also want that collaboration from the bottom, from the people that are going to be touching it every day, to make sure that it is something that they can do, that they understand how to do.And again, that they're just set up for success. This also comes down to role modeling, right? So the leader. As the leader, whether that's the dentist, the office manager, whoever's the champion of the membership plan in your office, you need to make sure that they're role modeling that behavior.So you want your team to be excited about it. You need to be excited about it. That energy is contagious. So just making sure that, if you're asking your team, Hey, why aren't we talking about this? And you as a leader haven't been talking about it at all. Maybe it's time to do some self reflection on that.So really leading with purpose and being that role model that you want. so it's kind of a bottom up, making sure that you're, taking those people that are going to be touching it into account, but it's also, top down from the role modeling perspective. So the second thing that we preach as far as making sure that we have that buy in is, educating or training and then making sure that you're retraining.the education and training is, really around everything, membership plan associated. So that might be the value around it. So why? Are we offering this to our patients? Why is this better than pushing them into the PPO marketplace? And why is this easier for us than having to deal with those PPOs?as far as efficiency and ease of use and everything. But really your team needs to understand that and needs to understand why you as the leader have decided to go this route. So educating them around that value, and then also educating them on the actual.Admin of this, the actual, implementation. So how do I sign up patients? How do I talk to patients about this? How do I present it? Where are the resources I need to be able to do so? and that, again, that's all the education and training, and that's the front loading.You need to make sure at the beginning, everyone has this, but it's not a set it and forget it thing. Dental practices. No, they have a million and one different initiatives happening and you need to circle back on them. I mean, maybe it's been a month, two, three months since you've gone over all of this with your team.you got to circle back and make sure that everyone's still on the same page and everyone still has that knowledge and knows how to present this and how to really implement it on the day to day. As well as with that retraining having those resources readily available.On demand or however it may be, to be able to reference them when necessary Michael: when it comes to real quick, the retraining. Let's just say we sign up with clear We get to know the admin. at the same time. do we get someone that teaches us when we sign up with Clear?Eli: Yeah. Let's just say real quick from day Michael: one, someone's teaching us, we're learning where the team's learning to their training. So the retraining part would be what it's more like, Hey guys. Every month we talk about it. We're like this is the scripts We should be using to present it into people or is that Eli: what you mean?Yeah, so I mean I can't really put a one size fits all, but yes, pretty much So whatever cadence you think your team needs the other thing is too is we're seeing a lot of turnover in dental teams as well. So making sure that if someone new joins the team, are they getting trained?You know a lot of times you'll be like, oh went through that we signed up with clear Everyone knows that you get new staff members. Let's make sure we're training them. But yeah, and whatever cadence you feel is effective and good for your team, that's monthly, if that's quarterly, maybe it's yearly.going back and making sure if you have scripts that you're recommending. That everyone still has those scripts and is up to date on those and just running back through the plans. You might be selling these plans as a front desk person, but you might not have looked at them in a while.Do you know what's on those plans? Just look back, make sure that uh, you're referencing that stuff that you went over when you first implemented it. awesome. Okay. I like that. All Michael: right. So number Eli: three, number three and four kind of blend together. So the number three is make it simple.That just makes it easier on everyone, one of the big benefits of a membership plan, everything's there in black and white for both your staff and for the patients. I'm paying this much a month or a year and I'm getting this and this much off of additional treatment.You don't have to worry about, oh, if I hit this much or, you know, your waiting periods or, you know, all maximums, all that. Membership plans just because of how they're set up are simple to begin with, don't over complicate that process and make it simple for a your staff to be able to present and be for that patient to understand what they're getting out of it.And like I said, I mean, This is for any system. I think you've got to try to make it as simple as possible. Membership plans conveniently kind of lend themselves to that because it is such a simple kind of concept and simple plan for patient and practice to be able to talk about.And then number four is. Make it easy. make those systems that your people, your office team are going to have to use on a daily basis. Make it as easy as possible for them. How are we tracking this?Do we have auto renewals on so that we don't have to go back and check every time a patient comes in? Hey, are they up to date? Do we have a portal I That is tracking their benefit status is tracking whether, like I said, whether they've made their payments, things like that. And is it an easy process for them to sign up?Do they have to fill out like a huge long paper form? Or is it just a quick portal where they just throw in some information? Do you have integration with your practice management software to be able to do that even quicker? These are all things that clear can offer. But just if you're looking things.Overall, I mean, just make it as easy as possible. If you want something to stick, you need it to be simple and easy for that team or else it becomes another chore. It becomes another task and people are going to prioritize the things that are easiest path of least resistance, So make it as simple and easy as possible for that team. and you'll see a lot, better buy in. And then number five, I think this is probably my favorite of them incentivize or gamify this whole thing. Run fun competitions within the office. It doesn't have to be anything crazy.So our platform allows, it's a fun little feature we added recently, it allows you to attribute which staff members signed up patients. it gives you like a little gold, silver and bronze trophy for those people that have signed it up and you can run different reports to see between which dates and things.So what we like to recommend to our offices is, hey, do a sprint or just do a quick competition. Whoever signs up the most this week. Gets a free 5, 10 Starbucks gift card. So they get, coffee. Or maybe it's something bigger. You know, If the team hits X amount of signups, we throw an office party.Whatever works for your team is going to move the needle for your team. You know, Your team, then that's something that you can put in place. have a way to track those signups and have fun little competitions. I mean, People are going to be more receptive to something they can see.They can hold. And that is, right there for them, instead of, Hey, bigger picture. This is going to be great for our, patient care, patient acceptance, revenue. Uh, These are things that are great, but your office team might be like, okay well, I've got. A million other things to do.You say, Hey, we're having a fun competition. Now you're, you're upping that culture. You're having a more fun time, just overall in the office and it gives them something to strive for, right? Everyone wants to be great. Give a fun competition. And I think that can really help with that buy in and the culture piece that so many offices struggle with.I like that, Michael: man. The gamify, I like the sprints. Throughout this process, you mentioned it in number four, make it easy. Where do you guys from your research, because I know you guys have a lot of data, right? Where do you mainly see people drop Eli: the ball?Michael: because I feel like people spend time like okay, you know To hop is visit to pro fees all these things, right? then they get excited. They're like all these people are gonna somewhere The ball drops within that year of like, what Eli: happens?that's a great question. And I think it really, a lot of it does come down to this, buy in piece. So it's just the leadership or whoever's making the decision to implement this are like, this is going to be great for our office. We were going to be able to increase revenue, increase treatment acceptance, but somewhere along the lines there, the people that are actually using it, either, they don't understand the value of it or you know, People are prewired in dental to be like, okay, PPOs. If I have an insurance plan, I go to the dentist. If I don't, I don't So the whole mentality around membership plans I think it's beginning to shift and people are understanding it more, but it can be a little bit of a retraining of how you think about coverage.And making sure that everyone, whether that be the patients or whether that be the staff have had that little bit of a rewiring and understand, Hey, this is another option that is just as good, if not better than my employer funded insurance plan, and it's going to provide great treatment for people that may not otherwise have that access.So being able to Build that value, I think, is where a lot of people, it's a lack of understanding on both staff and patient side or sometimes it's the other way. Maybe the staff understand and the doctors just like, don't really get it. The PPO thing has been working for me and they don't look into the advantages of having that membership plan.And then they don't role model that behavior. And again, it's just another initiative that falls by the wayside. lack of understanding is where we usually see the ball dropped. Yeah, Michael: I like how you guys mentioned you have to have a champion for this, right?Cause they're the ones who are gonna take the lead, hold each other accountable. Cause if everybody's feeling like they're accountable, nobody's really gonna be accountable, right? But if you put one person to champion it, you can even give them the, lead way to be like, You're in charge of starting like four competitions whenever and during the year, right?But it can be sprints or there's so Eli: much. Oh, man. There's so much. Yeah. building that accountability is huge. Michael: I know you guys mentioned that you increased production by 172 percent with the membership plans. How you do that? Eli: Yeah, so I mean, really what it boils down to, and I always tell doctors when I'm talking to them about this is the recurring revenue.It's great. Obviously, you get that coming in. It increases valuation. You have just passive income, from the subscription, but really where doctors are going to be making their money here is that increased production from increased Absolutely. Absolutely. case acceptance. And the reason that happens is because when those members come in to get their pro fees done, normal checkups, that gives you the ability to a build a better relationship with those patients, which then makes it easier for them to say yes to that treatment because you've, created that trust.And you also have more opportunities to be able to diagnose them for more treatment. Just getting them in the door that's the big thing here. Getting them in the door for those pro fees, they're going to come in two to three times as often. It gives you more opportunity to a build trust and be get them to accept more treatment.And that's where we see that huge you know, boon and, both production case acceptance. All right, Michael: man. And I know we talked about this before a little bit in the episode, but you guys have someone Directed to me, right? Like a point of contact who teaches me, who will help me market it and stuff Eli: like that.I don't know. when you start off you're assigned an onboarding specialist, who's going to help you set up those plans initially give you all the best practices, around. Marketing the plan, talking to patients about the plan. And also we'll do those training. So, And we'll hop on as many calls as we need to with an office.If you need to set up 234 million, we'll do as many as you need. Just make sure that everyone's on the same page. So that's our onboarding specialist. And then after you get through that initial hurdle of implementation, you're going to sign a dedicated account manager, which will then be your point person.And we also do have support. That is based right here in Philadelphia where, the whole team is. So you're not going to be talking to anyone overseas or in a call center. They'll field all those questions and they actually field questions for both the patient and the practice. So if patients have questions around the clear, membership plan, want to change payment methods update passwords, stuff like that.Our support team will take that off the front desk so they don't have to worry about it as well. So we're big on the people, the implementation piece, making it as easy as possible for the office to be able to implement these plans. Michael: Nice man. Awesome. And also congrats on making it to the Inc 5, 000, man.That's Eli: really good. We're very proud of that and hopefully we'll be back again next year. Michael: Yeah, man. Awesome. So if anyone has any questions or concerns, where can they reach out to you? Eli: Yeah. So you can definitely reach out to me um, either on LinkedIn. It's just Eli Salls L I S A L L S, or you can email me Eli, E L I at clear K L E E R.com. And then if you're interested in hearing a little bit more, we actually have a landing page set up for the show. So it's going to be clear. com slash partner slash the dash dental dash marketer. And you can just go there and, and, uh, request a demo and we'll give you a little more information, but anytime, feel free to reach out to me.I'd love to be a resource. Michael: Awesome. So guys, that's going to be in the show notes below, reach out to him. And at the same time, Eli, thank you so much for being with us. It's been a pleasure and we'll hear Eli: from you soon. Yes. Thank you, Michael.‍‍

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Open Enrollment Explained

Patients Rising Podcast

Play Episode Listen Later Oct 2, 2023 15:54

With the Open Enrollment Period fast approaching, Levi Peterson, a Resource Coordinator for our Patient Helpline walks us through what everyone needs to know about Medicaid and Medicare eligibility, PPOs and HMOs, and how to pick a health plan that best fits your needs. We also discuss a so-called ICER update that doesn't do much updating and still doesn't help patients. Patients Rising Now Statement | ICER ‘Updates' are Thinly Veiled Strategy to Continue Discriminatory Tactics ICER's Updated Treatment Assessment Still Ignores Patient Concerns Need help? The successful patient is one who can get what they need when they need it. We all know insurance slows us down, so why not take matters into your own hands? Our Navigator is an online tool that allows you to search a massive network of health-related resources using your zip code so you get local results. Get proactive and become a more successful patient right now at the Patients Rising Helpline. Have a question or comment about the show, or want to suggest a show topic or share your story as a patient correspondent? Drop us a line: podcast@patientsrising.org The views and opinions expressed herein are those of the guest(s)/ author(s) and do not reflect the official policy or position of Patients Rising, nor do the views and opinions stated on this show reflect the opinions of a guest's current or previous employers.

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1798: The PPO Playbook

Play Episode Listen Later Sep 13, 2023 40:00

On today's episode, we are joined by a remarkable entrepreneur who has reshaped the dental landscape with her unwavering dedication to helping dental practices thrive in the realm of PPO negotiations. Shelley DeGroff, the founder and CEO of PPO Advisors, has an inspiring journey that stems from her experience in a dental office, and she recognized a pressing need for fair deals from PPOs. Shelley's story is one of unexpected entrepreneurship. As an office manager for a private dental practice, she dived into the intricate world of PPO contracts, gaining an in-depth understanding of the dynamics that can significantly impact practice revenues. When she successfully negotiated better terms for her own office, revenues soared. Recognizing the widespread demand for her expertise, Shelley founded PPO Advisors in 2013, marking the beginning of her mission to empower dental practices with the tools to negotiate better PPO contracts. Hailing from a rural background in Nebraska, Shelley's journey has been marked by her unwavering work ethic and an integrity-based approach to business. Her commitment to leveling the playing field for her clients, allowing them to work smarter and amplify profits, showcases her dedication to driving positive change within the dental industry. During our conversation with Shelley, we delve into intriguing topics that shed light on the crucial aspects of PPO negotiations. We explore the concept of umbrella networks and whether PPO Advisors accepts them, shedding light on the complexities that dental practices navigate. Fee schedules and time frames also come under discussion, providing valuable insights into the meticulous work that goes into optimizing PPO contracts. One of the highlights of our conversation is Shelley's wisdom on reducing dependence on PPOs and identifying the thresholds for maintaining a healthy balance. Her expertise empowers dental practitioners to make informed decisions that align with their growth strategies. As a pioneering force in the industry, Shelley has nurtured PPO Advisors into a success that is propelled by a dedicated team. We gain insights into the growth journey of her team, the turnaround time to onboard clients, and what truly sets PPO Advisors apart from competitors. To connect with Shelley DeGroff and explore how PPO Advisors can transform your dental practice's PPO negotiations, visit https://ppoadvisors.com/. EPISODE RESOURCES ppoadvisors.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

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465: Dr. Kristine Grazioso | South Shore Children's Dentistry