Alright, dental fam, let’s set the record straight: In-house dental insurance isn’t really insurance at all. And that’s a good thing. Why? Because traditional dental insurance is like that annoying friend who always promises to show up but bails at the last minute. Seriously, insurance companies are experts at denying claims, making you jump through flaming hoops, and covering next to nothing when it really matters.
But guess what? There’s a better way to care for your patients without dealing with the red tape. It’s called a Patient Membership Plan, and it’s about to become your favorite thing since the high-speed handpiece.
So, buckle up! We’re diving into the juicy details of how membership plans differ from traditional insurance, how to set one up, marketing strategies that actually work, and how BoomCloud™ can make running a membership plan easier than a root canal on a dream patient.
In-House Dental Insurance vs. Membership Plans: What’s the Difference?
First things first, let’s talk about the elephant in the operatory: Insurance. Here’s why it sucks:
- Limited Coverage: Most dental insurance plans only cover the basics, and even then, there are annual caps that haven’t increased since disco was popular. Need a crown? Good luck getting full coverage.
- Complicated Rules: Ever tried to get an insurance company to pay out for something? It’s like playing 4D chess while blindfolded. Pre-approvals, denied claims, and reimbursement delays are the norm.
- Fee Cuts: PPOs typically chop your treatment fees by 40-50%. So, while you’re working hard to give your patients top-notch care, you’re getting paid less.
Enter Patient Membership Plans
Unlike insurance, a membership plan is a simple, in-house system that gives patients discounts on treatments in exchange for a monthly or yearly fee. Think of it as a Netflix subscription—but for your teeth. Here’s why it’s awesome:
- No Middleman: It’s just you and your patient. No insurance companies making your life miserable.
- Predictable Revenue: Patients pay you directly, giving your practice financial stability.
- Happier Patients: They get affordable, transparent pricing and feel like VIPs when they walk through your doors.
The Numbers Don’t Lie:
Our data shows that membership patients accept treatment plans 40% of the time, compared to only 24% for cash patients. And sure, PPO patients accept treatment at 38%, but remember—you’re getting paid way less for that work, and your team has to deal with the dreaded insurance red tape.
Membership patients? They spend 2X to 4.5X more than PPO patients. That’s the kind of math I like.
How to Set Up a Patient Membership Plan (It’s Easier Than You Think)
Setting up a membership plan might sound like a headache, but trust me, it’s easier than convincing a patient to floss daily. Here’s how to do it:
1. Create a Tiered Plan Structure
Think about what your patients need and set up different membership tiers. Here’s an example:
- Basic Plan: $25/month – Includes two cleanings, one annual exam, and 10% off all other treatments.
- Premium Plan: $45/month – Includes everything in the Basic Plan, plus discounts on cosmetic work and priority scheduling.
Make sure to offer enough value that patients feel like they’re getting a great deal. Because guess what? They are.
2. Set Competitive Pricing
Research your area’s demographics and income levels. If you’re in a higher-income area, you can charge more. Just make sure your pricing makes sense for the value you’re providing.
3. Market the Heck Out of It
You can’t just set up a plan and expect patients to sign up by osmosis. You need a marketing strategy that works. More on that in a sec.
Marketing Strategies to Sell Your Membership Plan Like Hotcakes
Ready to make your membership plan the talk of the town? Here’s how to get the word out:
1. Use In-Office Signage
Put up posters and flyers in your waiting area that explain the benefits of joining. Use phrases like “Save $$$ on dental care!” and “Affordable plans starting at $25/month!” to grab attention.
2. Train Your Team
Your front desk staff should be membership plan ambassadors. Train them to offer the plan to every patient, especially those who don’t have insurance. Make it easy for them to explain the benefits.
3. Email Marketing
Send out an email blast to your patient base explaining the membership plan and how it can save them money. Include a clear call-to-action and a link to sign up.
4. Social Media Campaigns
Run targeted ads on Facebook and Instagram, or post success stories from current members. People love to see how others are benefiting, especially if it involves saving money on dental care.
5. Offer Limited-Time Promotions
Create urgency by offering a special deal for the first 100 people who sign up, like a free teeth-whitening session or a discounted first month. People hate missing out, and FOMO is real.
Why BoomCloud™ is the Secret Sauce
Managing a membership plan might sound overwhelming, but that’s where BoomCloud™ comes in. It’s the ultimate software for creating and managing patient membership plans.
What BoomCloud™ Does:
- Automates Payments: No more chasing down payments or dealing with missed renewals. BoomCloud™ handles all of it, so you can focus on treating patients.
- Tracks Membership Data: Want to see how many members you have, how much revenue they’re generating, or who’s up for renewal? BoomCloud™ gives you all that data in real time.
- Simplifies Marketing: BoomCloud™ has tools to help you market your plan, from in-office promotions to email templates.
Case Study: Dr. Smile’s Membership Plan Success
Dr. Smile launched a membership plan using BoomCloud™ and signed up over 1,273 members at $35/month. Let’s break down the numbers:
- Monthly Recurring Revenue (MRR): $44,555
- Annual Recurring Revenue (ARR): $534,660
- Patient Spend: Membership patients spent 3X more on treatments like whitening, Invisalign, and crowns compared to PPO patients.
Dr. Smile’s team loved how easy BoomCloud™ made managing everything, and they could finally say goodbye to the stress of dealing with insurance companies. Patients were thrilled, the team was motivated, and the practice became a revenue-generating machine.
Learn More About BoomCloud™: BoomCloud™ – Membership Plan Software
The Benefits of Patient Membership Plans
Still not convinced? Let’s run through the perks one more time:
- Predictable Revenue: No more wondering if this month will be a feast or a famine. Membership fees give you financial stability.
- Higher Case Acceptance: Membership patients feel like VIPs and are more likely to accept treatment plans. Remember, 40% acceptance compared to 24% for cash patients.
- Loyal Patients: Membership plans create a sense of belonging, which translates to long-term loyalty and more word-of-mouth referrals.
- Increased Patient Spend: Patients on membership plans spend 2X to 4.5X more than PPO patients. That’s music to your accountant’s ears.
Final Thoughts: Stop Calling It In-House Dental Insurance
In-house dental insurance? Nah, call it what it is: a Patient Membership Plan that saves your patients money, boosts your revenue, and keeps your team happy. And with BoomCloud™, you can set it up, manage it, and grow it without breaking a sweat.
Ready to ditch the insurance headaches and grow your practice like never before? Get started with BoomCloud™ todayand watch your revenue soar.
Sign Up for BoomCloud™ Here: BoomCloud™ – Membership Plan Software
Now go out there, dominate your market, and give traditional dental insurance the boot!
