We talk to so many dentists that are interested in dropping insurances and transitioning to a fee-for-service model. But one of the main issues these dentists face is not understanding how to make the move and then sustain it.
We interviewed several successful fee-for-service practices to find out how they do it. These practices were all over the country and were not aware of the other practices that were interviewing — which means there was no coordinated response. The general question we asked them all was “What are the three most important things that you do to effectively run a fee-for-service practice?”
The remarkable thing about the responses we received is that even though different words and explanations were used, their answers primarily boiled down to the same three concepts: culture, patient experience, and marketing.
The Shared Traits of Top Fee-For-Service Practice
Let’s take a closer look at each of the three common characteristics of top-performing fee-for-service practices.
- CULTURE Top fee-for-service dental practices take the time to craft and document their mission, vision, and values. Everyone they hire and retain on their team knows exactly what success looks like and why they do what they do. The values of the practices are also used as hiring standards for those they bring on to the team. The result? You build a team that values what you do and will treat your patients the way you would. They will be motivated by the same goals and will be a pleasure to work with.
- PATIENT EXPERIENCE Top fee-for-service practices recognize that they are not the only option for patients, and if they charge more for their services, they have to deliver more. Not only do these practices invest in premium facilities, they invest in premium technology and training. They examine every step of their patients’ journey with their practice and do what they can to make each said step noticeably better than the competition.
- MARKETING Top fee-for-service practices understand something that many other dentists don’t — dental insurance is simply a marketing program. Because these practices are not in network with insurances, they have to do their own marketing. It’s amazing how many dentists don’t get this. But it is also the reason that so many practices are dependent on insurance. If you are going to sustain a successful fee-for-service dental practice, then you have to sustain an effective marketing campaign.
Of course there is not just one successful “right way” to do everything in your practice. But the above three components are the common high-level necessities for success. Create a culture that matches yourself. Make an amazing and unique patient experience. Invest in creative marketing that effectively shares your practice’s story.
BREAKING THE GOLDEN HANDCUFFS of INSURANCE
Doc, we want you to succeed. If you are the type of person that is actually taking the time to read this, then most likely you are the type of person that CAN succeed. But know this… it will take smart, intentional, and diligent work to succeed. And it must be sustained. You can do it! You can rid yourself of the constant gut punches insurance delivers to you.
The first two steps are up to you. But if you would like experienced and talented help on the marketing piece, we’re here for ya! Book a FREE consult with us and we’ll show you the way.
WHY YOU WANT TO LISTEN TO US?
DentalCMO has worked with some of the most premier fee-for-service practice in the country and understands what it takes to thrive. We can give you advice born from real world experience and share with you the insights that took a lot of hard work for successful fee-for-service practices to figure out.