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Patient Attraction Episode 921
A study released in July found that dentists’ incomes nationally declined by more than 20 percent between 2005 and 2014. In the same time period, dental insurance reimbursement rates nationally declined by 10.4 percent. The dental insurance squeeze is on, but there’s more here than meets the eye. I’ll be back after the break to tell you how to survive the squeeze.
– Welcome to the Patient Attraction Podcast™.
– I’m Colin Receveur.
– It’s no secret that dentists are being squeezed by insurance companies.
– But a deeper look into the data reveals a few surprises that you need to know.
– As of 2014, dentists’ average earnings were as low as they’ve been since 1997.
– The report concludes that, in addition to the decline in reimbursements, the problem is a classic supply and demand situation.
– There are more dentists, but fewer people are visiting the dentist.
– And the reason they aren’t is that it’s not worth it from a financial standpoint.
– The authors of the study conducted another study in 2016 in which they compared the cost of dental insurance benefits to the cost of receiving care.
– It turns out that the cost of care exceeds the total cost of insurance premiums, co-pays, and coinsurance for most adults.
– So, if you’re seeing a lot of price-shoppers but fewer new patients, it should come as no surprise.
– There are two sides to the great dental insurance squeeze:
– Declining insurance reimbursements, and more people avoiding the dentist because dental insurance doesn’t cover enough.
– So where does that leave you?
– It leaves you seeing too few patients for less reimbursement, and that process can only end in one way.
– But – there’s a significant percentage of the U.S. population who have enough discretionary income to not worry much about insurance.
– Those are the patients you need to grow your practice.
– You won’t get those patients by advertising on price, discounts, and specials.
– They’re looking for something else – a dental expert they can relate to and trust to solve their dental problems.
– There’s a proven system to attract more of those better patients, and you can take advantage of it.
– Go to smartboxdentalmarketing.com/blueprint and schedule a Patient Attraction System Blueprint™ Session. They are free to serious dentists who want to see a patient attraction system that can double their practice. You can get more patients, more profits, and more freedom.
– Tune in to our next podcast.
– Until then, keep moving forward.