Making decisions about which insurance plans your dental practice accepts can feel like walking a tightrope. On one hand, you want to ensure your business remains financially healthy. On the other hand, you don’t want to risk alienating loyal patients by eliminating an option that they use.
Whether you’re expanding your offerings or looking to remove insurance plans without losing patients, it’s essential to approach the process strategically. How can you determine when it’s time to change your insurance provider partnerships?
Only Make Changes for a Reason
Before taking any action in your business, you should know why you’re doing it. Are you removing a plan because the reimbursement rates no longer cover your costs? Are the administrative burdens for that insurance provider taking up too much time? On the opposite side, are you looking to add a new plan that’s popular in your area to get more new patients?
Being clear about your goals will help guide your communication strategy. When you understand and can articulate why you’re making a change, it becomes easier to help patients understand how it benefits them. Additionally, be open to alternative solutions. For example, if billing is taking up too much time, outsourcing billing could allow you to continue accepting plans from the insurance provider and save yourself time.
Analyze the Potential Impact
You can’t remove insurance plans without losing patients if you don’t carefully analyze the potential outcomes. Pull a report from your practice management software to see how many patients are currently on the plan you’re considering dropping. Estimate the revenue you’re generating from that plan, factoring in write-offs and claim denials. Then, weigh that against the costs of continuing to participate in the plan.
If the numbers show that the plan is significantly underperforming or adding a lot of extra work to your plate, it may be worth letting go, as long as you have a plan to retain those patients. Never make a move to stop accepting an insurance plan without developing a plan for notifying and retaining patients.
Communication is Key
When it comes to insurance changes, the way you communicate matters just as much as the decision itself. If you’re planning to remove insurance plans without losing patients, give your patients as much notice as possible. It’s a good idea to provide at least 60 days of notice, but more is preferable.
Your message to patients should emphasize two things: that this was a necessary business decision to continue providing high-quality care, and that you still want to continue seeing them as patients. Provide reassurance and present them with options. When you send the message, send it as a letter and email to ensure they receive it. You should also post notices at the front desk and on your website.
Highlight the Value of Remaining Your Patient
Always keep your messaging focused on the benefits to the patient. If a patient’s first thought is “I’ll have to pay more,” you need to be able to remind them of the reasons why they love your practice so much! For example, instead of saying “You’ll have to pay out of pocket now,” try something positive like “You can still use your out-of-network benefits, and we’ll help you maximize them.”
Additionally, don’t be afraid to brag about the good reasons to stick with your practice, like:
- Do you offer extended hours, same-day appointments, or have the latest dental technology?
- Do patients love your customer service or clinical care?
- Do you have a long-standing relationship with this patient or their family?
Patients are more likely to stay loyal when they feel like they’re getting personalized attention and top-tier service.
Make Your Dental Practice Financially Healthy with APEX Reimbursement Specialists
If you are ready to make your dental practice financially healthy, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.