Summer Slowdown? Here’s 4 Ways Membership Plans Boost Practice Performance
The dog days of summer are officially upon us. For some dental practices, this might mean a slowdown in business. Patients are on vacation, kids are out of school, and summer activities fill their calendars. While this lull in business can’t always be avoided, consider using this time to your advantage.
Here are 4 reasons to implement a high-performing membership plan at your practice. The results are sure to outlast the summer months!
1. Improving Patient Loyalty and Engagement
Membership plans naturally bring patients closer to your practice. Like the “membership club effect” created by popular subscriptions like Netflix and Amazon Prime, the benefits make patients more committed to their oral care, more emotionally connected to your team, and more trusting of your office’s advice.
When patients feel this level of loyalty, they are less likely to seek treatment elsewhere. They are also more likely to refer their friends and family to your office – which is the highest compliment a patient can give.
A membership plan does all of this by giving patients an ongoing reason to visit your practice and stay engaged in their oral health.
2. Helping More Patients Say “YES” to Treatment
As mentioned, a patient’s commitment to an annual subscription creates a commitment to care, but the savings they receive incentivize treatment acceptance…Click to learn more in a new window….
Consider this: if you had to pay to access each show or movie on Netflix, you may question the value of your subscription. The same can be said about a membership plan. Your patients need to feel that their investment is worthwhile, and discretionary savings on necessary dental treatments do just that.
A decrease in price anxiety and an increase in perceived value leads to a higher rate of treatment acceptance – which is great news for your production numbers. In fact, membership plan patients visit 2-3X more often, accept 2X more treatment, and generate nearly 3X more collections than uninsured patients.
It’s important to remember that the savings should not be so low that they devalue the service. The goal is to have an annual plan that patients see as a good deal without undercutting your bottom line. Therefore, working with the right team is essential for your success.
3. Optimizing Profitability
Dental practices routinely leave money on the table, often losing 30-50% of production to insurance discounts. But a membership plan puts you in control. You control everything from designing care plans for the specific needs of your patients to determining the annual subscription price and managing the fee schedule. Patients pay their subscription upfront and for any additional care at the time of treatment, so there are no accounts receivable or past due balances to delay your practice from getting paid. This way, your front office team can focus on providing world-class customer service instead of tracking down payments.
Additionally, a recurring-revenue model gives you the ability to budget effectively. You’ll see exactly how much revenue your membership plan generates each month. Armed with insight, you’ll be able to take action in areas that might be underperforming, like with some of those PPOs. Negotiate your fees, or drop them entirely…Click to learn more in a new window…. The choice is yours!
In short, a membership plan allows you to take control of your practice’s profitability – something that can be difficult to do when relying on insurance reimbursements.
4. Freeing Up Your Day with Time-Saving Efficiency
When you’re not bogged down by insurance paperwork, you have more time to focus on your patients, team building, and running a successful practice.
However, if you’re managing a membership plan alone, you could unintentionally create more work for your team. From managing payments to keeping up with renewals, there’s a lot to keep track of.
That’s why it’s important to have a technology platform that takes the administrative burden off your plate. The right membership software will automate sign-ups, renewals, payments, and plan reminders, as well as track your performance with real-time data – giving you the insights you need to make smart decisions about your practice.
This predictability also lets you schedule appointments more effectively. Since patients are already committed to an annual plan, they are more likely to keep their appointments and less likely to cancel at the last minute.
A good membership platform will give you your time back…Click to learn more in a new window… and work as an extension of your team so you can focus on what counts.
Discover the Ultimate Solution
There are many membership platforms to choose from, but not all are created equal. Some lack essential features, while others are difficult to use and manage.
Kleer combines an advanced, cloud-based platform with dedicated and personalized support to ensure your team has everything you need to easily and quickly design, implement, and professionally manage a successful membership plan. Kleer has helped hundreds of AADOM Office Managers, just like you, boost practice performance – even during the summer slowdown!
Grab your copy of Kleer’s Ultimate Membership Plan Checklist…Click to learn more in a new window… to discover the platform that’s right for you. But if you feel like chatting, don’t hesitate to schedule a few minutes with one of our experts…Click to learn more in a new window…. We’d love to answer your questions and help you get started on designing a membership plan tailored for your unique practice.