Episode 628

What is Your Largest Practice Expense? Hint: It is Not What You Think!

Host: Gary Takacs | Published Date: January 24, 2024 | Listening Time: 0:44:14

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Think staff salaries are your biggest burden? Think again.

Dentists often struggle with hidden financial leaks, and for many, the culprit isn’t payroll – it’s invisible write-offs to insurance companies.

But here’s the real sting: most dentists have no idea it’s happening. They’re operating with blinders on, unaware of the hidden costs silently siphoning their profits.

This episode rips off the blindfold. We’ll shine a light on the hidden world of insurance write-offs, expose the shocking truth about dentist awareness, and equip you with a proven six-step blueprint to break free from this financial drain!

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What is Your Largest Practice Expense?

Hint: It’s not what you think!

fan of 100 U.S. dollar banknotes

    Timestamps

    • 00:00:25 – Introduction to the Episode

    Coaching in Action

    • 00:00:51 – Discussing the largest expense in a PPO practice
    • 00:07:30 – Sharing an example of a client with an adjustment issue
    • 00:11:27 – Details regarding an expense you are probably ignoring
    • 00:13:04 – Step 1 of ‘6-Step Process to Successfully Reduce Insurance Dependence’
    • 00:14:01 – Step 2 of ‘6-Step Process to Successfully Reduce Insurance Dependence’
    • 00:16:37 – Step 3 of ‘6-Step Process to Successfully Reduce Insurance Dependence’
    • 00:17:18 – Step 4 of ‘6-Step Process to Successfully Reduce Insurance Dependence’
    • 00:17:50 – Step 5 of ‘6-Step Process to Successfully Reduce Insurance Dependence’
    • 00:18:21 – Step 6 of ‘6-Step Process to Successfully Reduce Insurance Dependence’

    Q&A Segment 

    • 00:19:36 – Brief recap on the topic of the episode
    • 00:24:45 – Question 01 – I pulled some data from my practice management system and sadly, I discovered that 85% of my patients are PPO patients. Can I consider reducing insurance dependence?
    • 00:31:50 – Question 02 – In the Coaching in Action segment, you mentioned two ways to enter my fee schedule into my practice management software. I’m currently entering my contracted fee. Should I change to UCR fees?
    • 00:34:48 – Question 03 – Which of your six steps to successfully reduce insurance dependence is the most important?
    • 00:40:15 – Question 04 – It seems like every dental office in my city is a PPO practice. Can I do this in a highly-competitive area like mine?

    Resources

    Grow your practice with high-quality patients using high-quality marketing tools.

    More About EKWA Marketing!

    Thriving Dentist Coaching
    Learn how to create a thriving dental practice step by step by joining the Thriving Dentist Coaching sessions.

    More Information On Coaching!

    Calculate how much you write-off to PPO plans and find out if that is your largest expense!

    Calculate your write-off now!

    Are you considering resigning from PPO plans but have doubts about how to avoid problems along the way? Then, this is a must-listen episode!

    Listen Now!


    Gary Takacs

    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!
    Connect with Gary Takacs on Linkedin
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    Reduce Insurance Blueprint