Membership programs can be a great asset to your practice, as they provide a predictable revenue stream, which boosts valuation. Maybe you have experimented with this type of program and you need to work out some of the kinks, or maybe you’re thinking of implementing one for the first time. Either way, here are some things to avoid when you begin or reassess your membership program:
- Charging too much or too little: While you don’t want to lose money on these programs, you also don’t want patients to get sticker shock. $25 or $30 per month is an industry average, but it could go higher depending on patients’ needs and the services included.
- Not marketing adequately: Are you conveying the benefits of your membership program to your patients? Some practices don’t advertise these programs, even to existing patients. Unless you want your program to dwindle and eventually fail, don’t rely on word-of-mouth as a marketing strategy. Have a sign at the front desk that says “Ask Me About Our Membership Program” and advertise your program through social media, e-newsletters, mailers, or any other means at your disposal.
- Not investing in the right software: Trying to facilitate this kind of program with existing software is not setting it up for success. You can’t use something like Google Docs – which can be hacked – for your patients’ financial data. Similarly, you can’t have staff taking the time to manually run credit cards each month. Establishing a successful membership program means investing in software that is specifically designed to manage these programs: secure systems that can automate payments and streamline your entire process.
To read more, see the article from DentistryIQ.
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