Have you considered offering a membership program at your practice? If you’re not familiar with the concept, it is a program in which patients pay an annual or monthly fee for certain discounted services. These plans are growing in popularity among dental and medical practices. Here are some of the benefits they note:
Predictable revenue stream. Wouldn’t it be wonderful to have a steady, predictable cash flow every month? This is perhaps the greatest benefit of offering a subscription membership program. Not only does this give you more stability and make planning easier, having a recurring revenue stream vastly improves your valuation – which is important if selling is something you are considering in the near future.
Less interaction with insurance companies. How much time do you and your staff spend dealing with insurance issues? If you cut them out of the equation, you save all that time, you get to control your own prices, and you might even serve a broader range of people. There are software programs specifically designed for these membership programs which can make them much simpler to manage. If you offer automated payments, patients won’t even need to get out their checkbooks. Even online payment options make it easier for patients to pay.
Increased patient loyalty. The patients attracted to a membership program will likely not have dental insurance. Your program will appeal to them since they know what they will receive and at what cost. They will be less likely to cancel appointments and more invested in their dental health. Their participation in your membership program gives you opportunities to add an extra service here or there as part of a social media promotion, or a member appreciation week. Your marketing team can use this program for high levels of engagement between members and your practice.
To read more about membership programs, see the full article.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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