AADOM QUICKcast: The Results are In: Understanding the DNA of High-Performance Practices

Video Description:

In recent years, dental teams have grappled with various challenges, including inflation, stagnant insurance reimbursement rates, staffing shortages, and escalating operational costs.

Despite these challenges, certain dental practices have witnessed remarkable growth in both patient numbers and production. This growth can often be attributed to pioneering front-office administrators who possess an exceptional mindset to achieving success.

Join this 30-minute QUICKcast to learn about the innovative strategies and distinctive mindset embraced by high-growth practices, drawing on insights from Sunbit’s survey of 400 dental practices. Gain valuable lessons from the most successful practices that can be seamlessly integrated into your own, right away.

Course Learning Objectives:

• Ways the economy has influenced dental practices’ production and treatment acceptance
• How dental teams are addressing insurance reimbursement challenges
• Lessons from successful practices on optimizing workflows and efficiency using technology and generative AI, like ChatGPT
• The unique mindset and strategies that propel High Growth Practices to remarkable success

Sponsored by: Sunbit

2024 Report: Understanding the DNA of High-Performance Practices

In recent years, dental practices have faced an increasingly challenging economic climate. Amid inflation and fluctuating interest rates, two particularly persistent challenges have surfaced: the pressure of low insurance reimbursement rates and the demand for higher wages due to staffing shortages.

However, even in the face of these challenges, there is cause for optimism. Remarkably, many dental practices are seeing significant growth.

Sunbit conducted its annual survey of nearly 400 dental practices to uncover their use of technology, patient financing, and generative artificial intelligence bots like Chat GPT, and to understand their relationship with insurance companies. The survey also explored how these practices’ revenue changed over the last 12 months and whether revenue growth rate influenced practice behavior. The survey revealed that practices that experienced a higher rate of growth are more likely to hold unique belief systems compared to practices with lower growth rates. Let’s uncover what those differences look like:

Technology Adoption

When asked about recent technology adoption in their practices, 69% of High Growth Practices–those that saw revenue increase 20% or more–confirmed such adoption, compared to 44% of practices that experienced a revenue decline in the last year. Interestingly, those with no change in revenue in the last 12 months showed the lowest rates of technology adoption in their practices (41%).

The trends persist when looking at future technology adoption. When asked about their intentions to introduce technology into their practices over the next 12 months, 68% of High Growth Practices expressed intent to do so. This is a strikingly higher percentage than every other revenue group, including 23% higher than practices that saw moderate revenue growth last year–those that saw revenue increase, but by less than 20%–and 26% higher than practices that lost revenue in the last year.

Use of Generative AI, Like ChatGPT

In terms of utilizing content-based AI, like ChatGPT, Google Bard or Jasper, only 8% of practices are currently doing so. High Growth Practices, however, are over four times more likely to adopt generative AI than practices experiencing revenue declines in the past 12 months. They are also eight times more likely to leverage generative AI than practices that saw no change in revenue. The results suggest that High Growth Practices position themselves as early adopters in the dental industry, aiming to stay at the forefront of technological advancements, ultimately improving the quality of care and the financial performance of their practice. These practices use generative AI in a variety of ways, including drafting job advertisements, generating blog posts, editing emails, formulating Standard Operation Procedures, brainstorming social media post ideas, and serving as virtual assistants.

Relationship with Insurance Companies

Practices that lost money in the last 12 months are three times as likely to be entirely fee-for-service (24%) compared to High Revenue Growth Practices (8%). Additionally, 40% of High Growth Practices accept all or most insurance, compared to 28% of practices that lost revenue in the last 12 months. This contrast suggests that High Growth Practices may strategically align themselves with multiple insurance plans to enhance their competitive edge, effectively catering to a broader patient base. This approach not only appeals to patients seeking the convenience of insurance coverage but also extends accessibility to those who may otherwise face financial barriers to dental care. This resonates with Sunbit’s annual customer survey results, which found that 65% of dental patients ranked finding a dentist that accepts their insurance as the most important consideration when selecting a dental practice.

Use of Patient Financing

High Growth Practices are most likely to believe in the positive impact of fast, safe, and secure patient financing on the overall patient experience. This is unsurprising when you consider that 68% of High Growth Practices offer at least two patient financing solutions, significantly more than the 50% of practices that lost revenue in the last 12 months and the 37% of practices that experienced no change in revenue in the same timeframe. Furthermore, 65% of High Growth Practices are at least somewhat satisfied with their patient financing options, compared to 44% of practices that lost revenue. Practices with no change in annual revenue in the last 12 months had the lowest satisfaction levels (36%).

Additionally, the same trends continue when we look at how often financing is offered to patients. High Growth Practices are most likely to offer patient financing, with 31% saying they offer it to every patient, whereas 20% of practices that lost money in the last 12 months said the same. It is also interesting that practices that indicated no change in revenue in the last 12 months were the least likely to offer patient financing, with only 11% saying they offer it to every patient.

What explains the association between revenue growth and 1) offering patient financing, 2) satisfaction with financing, and 3) the number of financing solutions offered? For one, higher revenue practices may be more likely to appreciate that patient financing reduces financial barriers to care, and by offering financing options, they can assist patients in managing the cost of necessary procedures, which in turn encourages patients to seek timely and complete treatment. Secondly, patient financing can help enhance patient retention rates. High-revenue practices understand that patients are more likely to stay with a practice that provides flexible payment options, ensuring they can continue to receive ongoing care and maintain their oral health.

While it’s been a difficult economic climate further amplified by a lack of insurance reimbursement increases, there is opportunity for dental practices to thrive in today’s market. It’s clear that dental practices are still seeing success, with many reporting revenue growth over the last 12 months. Drawing insights from the survey data and the experiences of your peers, here’s how you can achieve growth:

• Adopt technology that helps modernize your practice to improve clinical outcomes, increase patient satisfaction, and save time
• Explore generative AI to streamline your administrative tasks and save money and time on your marketing initiatives
• Ensure that patient financing options are readily available for every patient who walks through your doors, as some may not vocalize their need for it
• Accept insurance if you can, but if you move to a fee-for-service model, ensure you offer patients flexible ways to pay by offering financing to all patients
• Consider transitioning to a schedule that allows you to see patients four or more days per week, optimizing your practice’s availability and patient engagement

To access the full report including all of the graphs, you can download it here.

To learn more about Sunbit, the fastest-growing patient financing company in the country, visit dental.sunbit.com/aadom.

Learn about the presenter:

Adrian Valente is the Director of Training at Sunbit, the fast-growing patient financing technology company, and supports training, enablement, and community engagement. He has trained over 140,000 dental, auto, and optical professionals on how and when to offer financing to customers. As the resident subject matter expert for all things Sunbit, you’ll find him hosting podcasts, events, interviews, and coaching sessions across the verticals they serve.