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In House Savings Plans: How to Market Your In-House Plan and Expand Your Practice

In House Savings Plans: How to Market Your In-House Plan and Expand Your Practice
Dr. Christopher Phelps

 

Recently, I published a guide to in-house dental savings plans, Grow Your Practice with Wine and Cheese. I’ve noticed that many dentists are skeptical about the value of in-house savings plans. They know people who’ve tried them and failed, so they’re afraid to give their own savings plan a chance to succeed.  Even if your in-house dental savings plan is priced competitively and offers a good value to patients, it won’t succeed unless you learn how to market it.

 

wine and cheeseIn my book, I explained how my savings plan was marketed to retirees without dental insurance. I didn’t wait for these people to come into my office and ask about payment options. I went right to them, in their retirement communities, and combined information sessions with wine and cheese socials. Because I had a good product at a great price, people were eager to buy into the plan. I just had to take the time to tell them about it. In most offices, the first contact for new patients is your front office staff. People call for information about insurance carriers, pricing, and appointments.  Your office staff members field these calls and answer questions. Unless you’re taking the time to go out into the community to sell your in-house savings plan, your front office staff are going to be responsible for explaining the plan and encouraging new patients to sign up for the program.

That means that you’re going to have to remind the staff to push the plan to eligible new patients. What does an eligible new patient look like?  A new patient who might embrace the dental savings plan is someone who is currently uninsured and shopping based on price. These patients might appreciate regular monthly payments that cover a certain basic level of care and promise discounts on more complicated procedures. For the uninsured, the certainty provided by an in-house savings plan can provide security and freedom from worry. A second group who might be interested in your plan are people who have insurance, but for whom your practice is out-of-network. If you offer truly excellent service, these people might purchase a dental savings plan so that they can receive care at your office.  This is especially true for people with no-frills insurance that severely limits choices.

 

Finally, small business owners who self-insure may appreciate your dental savings plan. If you can sell the owner on the plan, he might even purchase it for his employees. This cascade effect increases the effects of your plan and improves access to dental care throughout your community. At first, your staff might be uncomfortable mentioning the plan. Remind them that the plan is a good value for both the office and the patient, and that it ensures that people get the dental care they need.  When they take a call from someone who might be interested, have them mention the plan. For instance, “I’m sorry, we don’t take Wilson Insurance, but we do have an in-house savings plan that includes cleanings, fluoride, and X-rays for the low monthly fee of….” While you can advertise your dental savings plan in local newspapers and on the radio, you’ll find that this one-on-one marketing has a much higher return on investment.

Have your staff track how often they mention the plan and how many patients subsequently sign up. Reward your front office staff when they succeed at selling the plan. Set goals for new plan members, and treat your staff to coffee, meals, or even days out when they meet or exceed their goals. If your front-office staff understands why the plan benefits both the practice and patients, they’ll be enthusiastic and engaged as they explain it to callers.

 

For more information on how to set up an in-house savings plan that saves your patients money and increases your profits, read my new book, Grow Your Practice with Wine and Cheese.

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  • Bob Bowers

    Great article Dr. Phelps! Ordered the book through Amazon.

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