Loyalty builds your practice, and your dental team must deliver consistent service at every single point of contact to create patient loyalty. The acquisition of new patients is crucial to practice growth, but patient retention in such a competitive industry is equally critical. A patient’s expectations are high, and in order to exceed them, you must first understand what they want and need.
It’s simple — access to care.
All dental practices strive to increase revenue while maintaining a high standard of care for patients. And an innovative solution to attract new patients is subscription-based dentistry. Over the past decade, the subscription-based business model has become increasingly popular in dentistry. A membership model, such as Netflix or Amazon Prime, relies heavily on consistent engagement to build customer loyalty, so why wouldn’t this model excel in dentistry?
Subscription-based dentistry is beneficial to the industry since it provides direct access to healthcare. In addition, it allows the practice to offer affordable preventative care packages to patients, even those without insurance. Patients have the opportunity to pay a monthly or yearly fee directly to the practice, and in return, receive standard preventative care.
It’s well-known that patients with access to dental coverage are more likely to visit the dentist regularly. Uninsured patients do not see the dentist nearly as often and are hesitant to accept treatment. Is subscription-based dentistry the solution to the industry’s dependence on insurance? By offering a membership plan, there’s an increased chance that uninsured patients can maintain their oral health and bring in regular revenue for the practice. Membership plans eliminate the insurance middleman, directly affecting the efficiency of the practice, and allowing dental teams to connect and engage directly with their valued patients.
Subscription-based dentistry offers a wide range of benefits, including helping practices generate recurring revenue by setting their own rates, promoting preventative care, increasing case acceptance, enhancing practice efficiencies, and building a loyal patient base. While the advantages of implementing a membership plan are evident, it’s imperative to also consider the flip side – potential legalities, compliance issues, plan management, and associated costs. It’s important to carefully consider the pros and cons of the subscription-based model and to keep in mind that the benefit should always outweigh the expense.
If your practice is considering a subscription-based model, the membership should seamlessly blend with your treatment philosophy, practice objectives, and most importantly, what is ultimately most beneficial for your patients.
