In this episode Gary answers the question, “Is NOW the time to resign from PPO plans?” He will explain in detail the reasons why you should be resigning from PPO plans.
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Gary shares how he built a practice in 2007, which had thirty-plus PPO plans and today has zero PPO plans. It is several times bigger than it used to be and has much lower overheads. He highlights the benefits of the path he chose to create a thriving dental practice.
This episode will give you considerable insight into the disadvantages of a high overhead and what could be done to reduce it, along with the 4 most important steps to take to successfully leave the network.
In addition, you will learn:
- How to successfully resign from PPO plans
- How to explain the benefit to the patient about why you have gone out of the network
- How to provide training to your team, so they can answer that question confidently to the patients in a way they understand.
- Why some practices were not affected by the Covid-19
- The number one priority for you is to ensure a safe work environment not only for yourself but for your team and your patients.
- How to get ready to reduce insurance dependency and what happens once you reduce it.
He emphasizes how to strengthen the relationship-driven side of your practice to keep as many patients as possible.
This episode will help you gain a lot of information that you can use to successfully go out of the network without losing most of your existing patients.
Do you have a question you would like Gary to answer in the next episode’s Q&A Segment? Ask Gary now!
Tune into our podcast today to get motivated to think about a future that could be different by doing one of the best things you could do, which is to reduce your insurance dependence.
TIMESTAMPS:
- 00:26 > Introduction to today’s episode
- 00:58 > What is the MBA Workshop – 10 Elements for a Thriving Practice
- 03:41 > Naren’s Introduction to the episode
- 04:30 > How Gary reduced insurance dependency in his practice in 2007
- 04:56 > Importance of the question, ’’Is Now the time to resign from PPO plans?’’ during this time of crisis
- 06:2 > How this crisis has affected many dentists negatively
- 07:46 > Why some clients of Gary were not adversely affected by Covid-19
- 08:20 > Benefits of having an emergency fund/ reserve
- 10:08 > Why some dentists panicked during the crisis
- 11:47 > The number of the adjustments they’re forced to adjust off because of PPO participation
- 12:15 > In times of crisis the strong gets stronger and the weak get weaker
- 16:00 > Perks of high overhead
- 16:58 > A client from Pennsylvania is writing off 60% on the fees he gets to Delta
- 18:30 > When you find yourself in a hole, quit digging.
- 19:12 > Mindset is why we do what we do and tactics are how we do it
- 20:30 > Ensure a safe work environment not only for yourself but for your team and your patients
- 21:12 > Some readiness needs to be in place
- 22:04 > How to share the message with your patients
- 24:06 > How do you think that conversation might go with the patient in light of all this PPE?
- 25:57 > Explaining what’s in it for your patient
- 26:31 > Four things the listeners can do to get ready to reduce insurance dependency
- 35:26 > Gary’s Virtual coaching program designed to help dentists reduce insurance dependency
- 37:34 > Ask Gary segment
- 38:09 > Question 1: Where do I start?
- 42:29 > Question 2: I’m sure that the practice location plays a role in whether this can be done or not, how can I determine if I can do this in my town.
- 50:40 > Question 3: My team members have some concerns about going out of the network. How can I get them on board?
- 52:48 > Gary has an entire incentive system which is one of his core systems.
- 54:30 > I am an Insurance coordinator. Am I going to be out of a job?
- 53:39 > Question 4: What’s the best way to help us keep our in-network patients when we go out of the network?
- 57:30 > Homework assignment
- 58:00 > One of the ways that you can raise your game on a relationship-driven practice.
Resources
Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!