In this podcast episode, Gary and Naren delve into a compelling case study about a solo dentist practice’s journey to reduce its insurance dependence. The practice had a strong foundation in building patient relationships and a significant PPO patient base, with Delta being the largest contributor. Despite initial hesitations, the dentist decided to reduce insurance participation strategically. The episode then highlights the remarkable transformation in the practice’s financials.
In 2021, the practice generated $1.9 million in production, collected $1.4 million, and wrote off over $500,000 in insurance adjustments. By 2022, production decreased slightly to $1.8 million after strategically reducing insurance dependence, but collections increased significantly to $1.7 million, with reduced overhead. The episode underscores the positive impact of reducing insurance dependence on finances and the dentist’s overall satisfaction with the practice. Furthermore, they encourage dental professionals to consider this approach, emphasizing tracking and understanding insurance adjustments. Finally, it promotes an upcoming virtual summit for dental professionals interested in learning more about this topic and encourages registration on the R ID dot Academy website.
Download this Freebie Download the E-Book to discover how a solo dentist practice thrived, reducing insurance reliance, generating $1.9M in 2021 and $1.7M in 2022. Gain insights into their financial independence journey. DOWNLOAD NOW Episode Timestamps- 00:00:50 – Introduction to the episode
- 00:01:57 – Quick announcement about the upcoming virtual summit
- 00:04:15 – Jumps into the topic
- 00:04:35 – A dental practice with PPO plans
- 00:07:07 – Insurance adjustments
- 00:08:29 – Two ways to enter your contract fees
- 00:10:22 – Insurance write off
- 00:11:30- Being on the fence
- 00:14:50 – The results
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Schedule a Coaching Strategy Meeting with GaryBased on Episode 258 of the Less Insurance Dependence Podcast. Listen to the original episode →
Reviewed by
Naren Arulrajah
CEO & Founder, Ekwa Marketing
Naren Arulrajah is the CEO and Founder of Ekwa Marketing, a 300-person dental marketing agency that has helped hundreds of practices grow through SEO, reputation management, and digital strategy. A published author of three books on dental marketing, contributor to Dentistry IQ, co-host of the Thriving Dentist Show and the Less Insurance Dependence Podcast, and a member of the Academy of Dental Management Consultants. He has spent 19 years focused exclusively on helping dental practices succeed online.