The dental field is so competitive. What sets apart your practice from the other practices in your area? How can you make your business stand out? The dental industry experts at Bryant Consultants would like to make a suggestion—start an in-house membership plan. In this article, we’ll explore this concept and the benefits of incorporating this plan for your patients.
What is a dental membership plan, and how can you benefit?
Simply put, a membership plan is a subscription that entitles a patient to certain benefits at your practice. Each patient’s membership plan runs for a specific period of time (we recommend one-year terms).
There are two specific benefits your dental practices can gain from establishing your own in-house dental membership program(s) that we think are the most important.
Free From Insurance Networks: Operating within an insurance network means your business is subject to policies and claims that they make. With an in-house plan, you can offer your patients discounts and benefits, all while dictating your own policies and having total independence.
Predictable Revenue Stream: Maintaining revenue is always a concern for any practice owner, but especially these days as many practices have had operations disrupted by the COVID-19 pandemic. In-house memberships represent a steady source of revenue for your dental practice. The memberships operate on a monthly subscription basis, which means that you’re generating an income off of patients even during months in which you’re not rendering services to them. Let’s say you have 250 patients sign up for the plan, which costs $35 a month. That adds up to $8,750 of regular income you can count on each and every month.
Incorporating a Membership Program
When you start your dental membership program, establishing a pricing model is the first important step. When determining your price, remember that you’ll need to charge enough to generate a profit on the discounted services members will receive, but without setting the price so high that it deters patients from wanting to subscribe. We find that tiered subscriptions are a great way to develop a dental membership program. This means offering multiple levels of membership. Those who pay a higher price have access to a greater range of services.
Dos and Don’ts
No matter how you formulate your dental membership program, there are some important things you can’t ignore.
Any quality in-house membership plan should have these components:
- Monthly Payments: Dentists should always bill membership plans on a monthly basis.
- Annual Renewal: You should design your membership contracts so that they annually renew each year.
- Automatic Pay: This ensures that your team won’t have to spend time billing and recouping and also guarantees your payments arrive on set dates.
Meanwhile, you need to avoid certain pitfalls. Don’t make your membership plan without first looking into state and local regulations. And don’t feel like you need to come up with a plan on your own. Instead, why not consult with an expert—experts like the team at Bryant Consultants? We can make sure your plan is in accordance with all state and local regulations while also providing assistance on pricing, marketing your plan, and what benefits you can offer.
Dental Industry Expertise
Bryant Consultants can save you time and money, help your business grow, and navigate you through any struggle. We’re offering a free one-hour consultation. Schedule yours today by calling (877) 768-4799. And to keep up with the latest news and updates, be sure to follow us on Facebook and Instagram.
