{"id":555,"date":"2024-02-12T13:26:02","date_gmt":"2024-02-12T18:26:02","guid":{"rendered":"http:\/\/www.davidschwab.com\/blog\/?p=555"},"modified":"2024-02-12T13:26:03","modified_gmt":"2024-02-12T18:26:03","slug":"how-to-drop-dental-insurance-plans","status":"publish","type":"post","link":"http:\/\/www.davidschwab.com\/blog\/2024\/02\/12\/how-to-drop-dental-insurance-plans\/","title":{"rendered":"Dropping Insurance Plans: The Agony and the Ecstasy"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>There is an old joke among entrepreneurs: \u201cI lose money on every transaction, but I make it up in volume.\u201d&nbsp;There are times when this principle applies to dental insurance reimbursement.&nbsp;&nbsp;The insurance companies are actually making it easier for dentists to decide to drop insurance plans because reimbursement rates are low, especially in light of cumulative double-digit inflation over the last two years, which makes the cost of delivering services higher than ever.&nbsp;&nbsp;You can only discount fees so much before profits turn to losses.<\/p>\n\n\n\n<p>In spite of these economic realities, however, there are other considerations.&nbsp;&nbsp;I listen to many recorded calls to dental practices (with the appropriate HIPAA announcement that calls are recorded for training and quality assurance.)&nbsp;&nbsp;The most common opening question from prospective patients is, \u201cDo you accept the XYZ insurance plan?\u201d&nbsp;&nbsp;If the answer is \u201cNo, we are not in network with that plan,\u201d the phone call often ends abruptly.&nbsp;&nbsp;It\u2019s an insurance hang up, in more ways than one.<\/p>\n\n\n\n<p>If you want to get off of insurance plans, do the following:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Build up your fee-for-service practice.&nbsp;&nbsp;If you truly want to have a niche practice, focused on quality and not beholden to insurance companies, then you need to create that successful brand before you start culling the herd.&nbsp;&nbsp;&nbsp;Two ways of accomplishing this goal are by offering a strong mix of profitable services and encouraging your uninsured patients to refer their family and friends.<\/li>\n\n\n\n<li>Start by eliminating the plan that affects that fewest patients and provides the least reimbursement.\u00a0\u00a0Assess the impact on your practice before dropping other plans.<\/li>\n\n\n\n<li>Provide sufficient lead time for the transition.&nbsp;&nbsp;I do not recommend sending a letter to large numbers of patients telling them that you no longer accept their plan.&nbsp;&nbsp;Instead, inform patients verbally and in writing as they come in for appointments that at a time certain in the future, the change will be made.&nbsp;&nbsp;As new patients call, of course, they should also receive this information.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Train the team.&nbsp;&nbsp;Using the right verbal skills is essential.&nbsp;&nbsp;You want to be clear and confident with patients, not apologetic.&nbsp;&nbsp;You are making the change to maintain high standards, which in itself is a benefit to patients.<\/li>\n<\/ol>\n\n\n\n<p>There is a certain amount of agony and soul searching that goes into the decision to drop insurance plans, but the payoff is sheer delight\u2014the ecstasy of not having fees dictated by a third party.&nbsp;&nbsp;Some dentists have handled the transition poorly and harmed their practices; but, when done, correctly, the decision is liberating.&nbsp;&nbsp;Dentists who have been fee for service for several years would never go back to the old way of doing business.<\/p>\n\n\n\n<p>One caveat:&nbsp;&nbsp;The process is fraught with landmines.&nbsp;&nbsp;If you would like to have a complimentary conversation with me about this topic, feel free to contact me.<\/p>\n\n\n\n<p>David Schwab, Ph.D. is a practice management consultant, coach, mentor, and seminar speaker.&nbsp;&nbsp;Contact: www.davidschwab.com. (407) 324-1333.&nbsp;&nbsp;<a href=\"mailto:dschwabphd@me.com\">dschwabphd@me.com<\/a><\/p>\n\n\n\n<p>(This article first appeared in the Collier&amp; Associates newsletter and is reproduced with permission.\u00a0\u00a0I highly recommend this financial and business newsletter.\u00a0\u00a0For more information, click here): <a href=\"https:\/\/www.collieradvisors.com\/newsletter\/information-and-subscription\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.collieradvisors.com\/newsletter\/information-and-subscription\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is an old joke among entrepreneurs: \u201cI lose money on every transaction, but I make it up in volume.\u201d&nbsp;There are times when this principle applies to dental insurance reimbursement.&nbsp;&nbsp;The insurance companies are actually making it easier for dentists to decide to drop insurance plans because reimbursement rates are low, especially in light of cumulative &hellip; <a href=\"http:\/\/www.davidschwab.com\/blog\/2024\/02\/12\/how-to-drop-dental-insurance-plans\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Dropping Insurance Plans: The Agony and the Ecstasy<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":556,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dropping-dental-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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