ACT U Blog

The 5 Things To Know Before You Drop A Dental Insurance PPO

practice financials/metrics practice management practice systems Oct 13, 2020

If you are beginning to ponder whether or not a transition away from in-network dental insurance participation is the right option for you, there are likely many questions circling around in your mind.

Will I stop getting new patients in the door?

How many patients am I going to lose?

If I lose all the patients with in-network insurance, will I still be ok?

How much production will I lose?

How much money am I going to lose?

It’s a lot to ponder, and you are right, to be pondering these questions.

What I know to be true is that transitioning away from or simply lessening your dependence on dental insurance can be done, and your practice can still thrive! The important thing is to not make this decision hastily. With some solid analysis of practice data, you can make an informed decision, and establish a plan that works best for your practice, your team, and your goals.

So where to begin? The task of transitioning away from heavy insurance participation can seem daunting...

Where Did My Money Go? Is Dental Insurance Driving Down Profits?

practice financials/metrics Oct 06, 2020

I just ended a phone call with a fantastic dentist in our ACT community who told me, with the most massive dose of sarcasm that I’ve heard in some time, that she was off to do her favorite thing; run the insurance adjustment report to see how much work she did for free this month.

If you're anything like this doctor, and chances are good you are, you know this feeling, the feeling that your profits are being swallowed up by the insurance companies. You know it all too well.

Every dentist I know got into dentistry because they wanted to care for, and improve the lives of their patients. I have yet to talk to an individual who tells me “I was motivated by the idea of fighting with insurance companies to get an FMX covered more than once every five years,” or “ I got into dentistry for the love of writing narratives to fight for the care that my patients need.” Yet this is the reality for so many. Always fighting with insurance and trying to...

Dental Employee Turnover Can Cost You BIG Bucks!

hiring practice financials/metrics Sep 01, 2020

Sally has been sitting at the front for 8 years. You rely on her to keep the books full. She is friendly on the phone and in person. Patients love her. Beyond that, she is great at collecting money. In short, Sally is a keeper. But Sally is leaving. She isn’t the first team member to leave, and she won’t be the last.

Every dentist has, or will, lose a Sally or two in their career, but when it comes to employee turnover rates, what is normal?

Most experts will tell you that an employee retention rate of 90% would be considered successful. In reality, it’s lower than that for most dental practices, and we know that in the current climate, the turnover rate is much higher than 10% for most dental teams.

Maybe you’re still telling yourself. “So what, it doesn’t cost me much to replace my team members. and it isn’t that big of a deal.”

You will lose people, that is the reality of owning a business. Yet have you analyzed the ...

How to Ask Dental Patients for Money, and Get It!

practice financials/metrics Jul 14, 2020

How many times have you purchased goods or utilized services that you didn’t expect to pay for?? I don’t know about you, but for me, that number is pretty much zero.

I think we can all agree, goods and services, especially those of value, cost money.

So why do dental professionals, and their teams, have such an issue asking for payments from patients for the valuable services they provide?

For some reason, paying for the services that are received, and even more so paying for them on the day they are received is an idea that has permeated every business and industry except dentistry.

As a dentist and a healthcare provider, you signed up to provide excellent care to your patients, yet the “health” of the practice can not be lost in this transaction. In order to provide quality patient care, to afford the team you need, to purchase equipment and PPE, patients must say yes to both the care and the financing that goes along with it. The practice must collect for...

Creating An In-House Dental Membership Plan

practice financials/metrics practice systems Apr 15, 2019

There are a number of ways in which dental practices can benefit from establishing their own in-house dental membership programs. As opposed to operating within an insurance network, practices that manage their own in-house programs are able to dictate the policies and discounts that they offer to patients. In-house memberships allow you to provide the best discounts to your patients, while maintaining the freedom and flexibility of a fee-for-service business model.

In-house memberships are also a predictable source of revenue for your dental practice. The memberships operate on a monthly subscription basis, which means that you’re generating income off of patients even during months in which you’re not rendering services to them. If you offer a $35 monthly subscription with 300 subscribers, you’re earning $10,500 each month in revenue. Creating a membership program at your practice can help you establish a more consistent cash flow.

This consistent revenue flow...

The Importance Of Cash To Your Dental Practice

practice financials/metrics practice systems Mar 01, 2019

Regardless of the business you are in or how long you have been running your practice, there are a few key components universal across the business world: people, strategy, execution and cash. All these components are essential to a productive and successful business, and it’s important to consider each one individually to ensure your business is on track to reach all your short- and long-term goals.

To help you think about the cash part of your business, there are three questions you can ask yourself. These questions can help you evaluate your practice and identify key areas where you have room to grow.

1. What’s The Overall Health Of The Business That You Are In?

When you own a business, it’s essential to critically analyze your profitability. Are your profits growing at a rate of 10 to 20 percent or more per year? If they are not growing at that rate, you must consider whether there is an issue with your business strategy or if you have the wrong people in...

Improving Execution: The Five Ways To Ruin A Team

leadership practice financials/metrics teamwork Feb 24, 2019

Once you have a quality team assembled and a solid strategy in place, it’s time to focus on the third component of operating a successful dental practice: execution.

Without proper execution, even the best strategy and the most competent team is devoid of value. As business owners, we must relentlessly do what we say we are going to do—instead of just talking about it.

Execution is the practice of leveraging your team to accomplish the goals you have set in your strategy. As the leader of a dental practice, it’s your job to create a culture in which things get done.

The single-most powerful and valuable people in the business world are those who can take things from idea to execution the fastest. It is paramount that you learn to execute your ideas and empower your team, providing your people with the tools necessary to follow through on the strategy you have established.

There are five key behaviors that can destroy your team’s ability to...

The Real Future Of A Profitable Dental Practice

practice financials/metrics practice systems Jan 02, 2019

The vast majority of dental industry experts who coach and advise dentists preach that you can make more money by opening up your evening hours, because patients many patients cannot come during the day. You’ll grow your practice, they say, if you stay open until 7 p.m. or later on weekdays and are open a few hours on the weekends.

In short, they are preaching an around-the-clock mentality that we at ACT Dental simply don’t believe in. We believe that you’ve got to have a life, too.

When you build a patient base in which people come in at the hours that are easy for them in the evening, you are building your practice on two factors: you’re cheap and you’re easy to access. This does not generate a sense of loyalty in your patients, who will leave you the moment they think a better deal is available.

Expanding your opening hours will lead to greater productivity because of the volume of people coming in, but you are not going to create a great practice...

How To Formulate Your In-House Membership Benefit Program

practice financials/metrics practice systems Dec 17, 2018

With the knowledge of how great in-house membership programs can be for your practice, you might be ready to jump in and start. That’s great! However, there are a lot of things to consider when setting up and organizing your program to make it work for you and your team.

A few of the major considerations during this process including how to create your own membership program plans, what tools to use to manage it, how to price it and other strategies you can use to make this program successful for your practice.

Consider State Regulations

First and foremost, you want to be sure that you’re adhering to any legal guidelines your state may have for these sorts of programs. You don’t want to finish planning your program, only to be faced with legal ramifications down the road.

While offering an in-house membership program is not illegal, some states have regulations regarding how you operate your program. Make sure you’re checking databases or other...

The Many Benefits Of Membership Programs

practice financials/metrics practice systems Dec 11, 2018

Now that you have a firm understanding of what an in-house membership benefit program is, you might be thinking: “Sure, this sounds interesting, but what can it really do for my business?” You may think you’ll be more comfortable sticking with what you know—insurance claims—even though it means less money and more hassle for your practice.

There are many benefits to implementing an in-house membership program. I would encourage every office to focus on creating its own program. If you already have a program, focus on growing it so that you can take advantage of all the following benefits.

Higher Profits

Control over fees and higher profits are closely related, but the benefits of extra profits cannot be emphasized enough.

When running a business, you need profit. It is as essential to a business as a heart is to the body. Profits allow you to save in a reserve fund or to reinvest in your practice. They can be given away as bonuses or, if...

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1. What’s The Overall Health Of The Business That You Are In?

Consider State Regulations

Higher Profits

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