Buckle up, Dental Nacho dentists, because we're about to dive into the thrilling world of your practice's dental insurance management. Trust me, it's more exciting than it sounds. Who doesn't love a good strategy session, right?
Paul "Dr. Nacho" Goodman, who spent years as an in-network provider before doing a 180 and becoming a fully out-of-network dentist, recently discussed this topic in a recent webinar – Is It Time To Shift Status With Spoiled Guac PPO?
Don't let the name fool you. Dr. Nacho was not advocating for a mass exodus from insurance plans, nor was he suggesting you sign up for every plan under the sun. Instead, he recommended practice owners to pause, take a breath, and make a plan for your practice's future of insurance participation. It's like a game of chess, but with more teeth and less knights.
Strategizing insurances is data analysis. In order to determine what plans are best for your profitability, there’s a few factors to consider including: total number of active patients, average insurance adjustment to your listed fees, and a breakdown of how many patients are in network with various insurance providers. Spoiled Guac PPO, Salsa DMO, Scallion Umbrella Network - you name it, you analyze it.
But, you don't have to do it alone. Dr. Nacho suggested to ask a consultant – he utilized one to negotiate better PPO fees, and look where he is now! You might just find that consulting a third party is a game changer in your insurance planning process.
Finally, when it comes to actually talking insurance with your patients, don't beat around the bush. Be proactive, be honest, and explain how it works, like how dental insurance works more like a coupon when compared to normal medical insurance.
Dr. Nacho's biggest piece of advice is to not let an insurance plan dictate the best treatment for your patients. It's like choosing between fast food and no food. Neither is great, right?
In the end, expect some disappointment from patients, and use both empathy and enthusiasm to communicate next steps. You can still maintain relationships even with changes in insurance status.
When it comes to dental insurance, it's all about balance. Analyze the data, consult with professionals, and keep morale high. Because let's face it, your happiness is just as important as your money. I mean, who wants to be a rich and miserable dentist? Not me, and certainly not you!
Want to see this webinar in-action? Check out Dental Intelligence's recording here!
Want an example of a letter to send patients when shifting insurance status? Text LETTER to 215-543-6454
Need more dentisting knowledge and CE? Join our Nacho On Demand CE platform and become a Supreme member! With a personal 1:1 buddy, discount on Nacho swag & events, PLUS access to 250+ hours of dentistry, you can definitely decrease stress, increase success, and reduce the number of times you feel like crying inside!