As a dental professional, your focus should be on delivering outstanding care, not constantly worrying about whether your practice is being fairly reimbursed. However, ignoring the financial side of PPO contracts can result in leaving money on the table with your current PPO contracts year after year. Insurance companies design these agreements to benefit their bottom line, not necessarily yours. If you are not regularly reviewing and negotiating your contracts, you may be leaving money on the table with your current PPO contracts.
Low Reimbursement Rates for Common Procedures
If you notice that your practice is earning less for procedures compared to industry benchmarks, it is a strong indicator that you are leaving money on the table with your current PPO contracts. Insurance companies often offer outdated or below-market reimbursements that fail to keep up with rising overhead costs. Without negotiation, you end up accepting significantly less than what your expertise and services are worth.
Rising Overhead Without Rising Revenue
Dental practices across Maryland and beyond face higher costs each year, from staffing to materials and equipment. If your overhead continues to rise but your revenue does not, chances are high that you are leaving money on the table with your current PPO contracts. Practices that fail to renegotiate regularly may find themselves struggling to cover costs despite having a steady stream of patients.
High Patient Volume with Flat Profit Margins
A busy schedule should translate into strong profitability. If you see high patient volume but stagnant or declining profits, you may be leaving money on the table with your current PPO contracts. This often happens when reimbursement rates are too low to support profitability, forcing dentists to work harder without earning more.
Limited Ability to Invest in the Future
Are you putting off hiring new staff, investing in technology, or expanding your practice because of limited cash flow? If so, you could be leaving money on the table with your current PPO contracts. Insurance companies may be paying you far less than you deserve, limiting your ability to reinvest in the growth of your practice.
Struggles Competing with Other Nearby Practices
Competition among dental practices is intense, especially in areas with multiple providers who accept the same insurance. If you find that nearby practices can offer better services, invest in technology, or attract more patients without sacrificing profits, it could be because they are not leaving money on the table with their current PPO contracts. Instead, they have negotiated better agreements that allow them to thrive financially.
Trouble Retaining Staff
Finally, employee satisfaction often ties back to a practice’s financial health. If your practice cannot provide competitive salaries or benefits, you may lose valuable team members. Leaving money on the table with your current PPO contracts can limit resources that should go toward retaining staff, improving training, and boosting morale.
Don’t Fear Your Finances with APEX Reimbursement Specialists
If you are ready to get the most out of your practice or learn more about reimbursement negotiation, 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.