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Ever wondered how to Improve Your Practice Without Completely Committing To Fee-for-Service? Gary and Naren take on a discussion throughout this episode about ways to improve a dental practice without fully committing to a fee-for-service model. They address the benefits of gradually reducing participation in PPO plans, allowing practices to increase profitability while maintaining flexibility. Gary shares a compelling case study of a dental practice that successfully transitioned out of PPO networks, increasing collections and reducing overhead. Tune in and get inspired to make small, impactful changes that could transform your practice’s future.
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In this episode, co-hosts Gary Takacs and Naren Arulrajah discuss the rising appeal of fee-for-service dental care as inflation and economic challenges strain insurance-based practices. They explore how increasing costs, especially in wages, and declining reimbursements from PPOs are pushing many dentists to consider dropping insurance plans altogether. By reducing insurance dependence, dentists can regain control over their fees, enhance practice profitability, and offer high-quality care. This episode highlights the benefits of transitioning to fee-for-service as a sustainable path to a thriving, independent dental practice.
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Saknas det avsnitt?
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah explore whether potential new patients exist who are unaffected by a soft economy. They discuss how certain high-value dental services, such as implant restorations, smile makeovers, and sleep apnea treatments, remain in demand despite economic downturns. They emphasize the importance of attracting patients seeking specific solutions, regardless of financial conditions. Listeners will gain insights into how to build a recession-proof practice by focusing on patients who seek high-value procedures and leveraging SEO to reach them.
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In this episode of the Less Insurance Dependence podcast, Gary Takacs and Naren Arulrajah explore the concept of a hybrid dental practice model. They begin by discussing the definition of a hybrid model, which involves a mix of participating in some PPO insurance plans while also offering fee-for-service care. For many dental practices, the journey to a fully fee-for-service model may seem daunting, especially since around 90-95% of U.S. dentists are in-network with PPO plans. For these practices, transitioning to a hybrid model can serve as a stepping stone, allowing them to gradually reduce insurance dependence without fully stepping away from PPOs. The hybrid model can be a viable long-term strategy for practices wanting to balance PPO participation with fee-for-service offerings. It provides an opportunity to improve profitability and patient care gradually while maintaining some level of insurance participation when necessary.
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In this episode of the Less Insurance Dependence podcast, Gary Takacs interviews Dr. Bill Hang about the crucial topic of airway awareness in dentistry. Dr. Hang emphasizes the link between airway function and overall health, urging dentists to recognize signs of airway issues in their patients. He discusses strategies for integrating airway assessments into routine evaluations and highlights the importance of patient education regarding airway health.
Dr. Hang also underscores the need for ongoing education for dentists, encouraging collaboration with other healthcare professionals to address airway concerns comprehensively. His insights provide valuable knowledge for dental professionals seeking to enhance patient care and improve health outcomes through a focus on airway awareness.
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In the latest episode of the Less Insurance Dependence podcast, co-hosts Gary Takacs and Naren Arulrajah explore what it truly means to be part of the top 1% of dental practices and how to reach that elite status.
Throughout the conversation, Gary shares seven key strategies that can propel practices to the top level, hinting at several specific goals that successful practitioners should aim for. He discusses the significance of achieving a healthy work-life balance and having a high-performance team, which are crucial for overall satisfaction and success in the dental field. This engaging episode offers listeners a glimpse into the path to practice excellence, with plenty of actionable insights to help elevate their practices.
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah explore strategies for staying motivated as dental practices transition out of PPO networks. They emphasize that this journey is more of a marathon than a sprint, with practices seeing gradual improvements as they reduce their dependence on insurance. The key to success lies in maintaining a strong sense of motivation, both for doctors and their teams. Dentists must act as Chief Motivation Officers (CMOs), leading by example and keeping morale high during this challenging process. As the team stays motivated and patient concerns are handled with empathy, practices can successfully navigate the transition out of the network and thrive.
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah focus on the five major expense categories that, when managed effectively, can substantially improve a dental practice's profitability. These categories account for 85% of a practice's expenses.
They stress that effective management of these key expenses can lead to a thriving dental practice. One particular challenge is managing team wages, which have been impacted by rising inflation. However, growth can help offset these costs. By growing a practice by $100,000 annually, significant profitability gains can be achieved, especially when the practice maintains the same team and operational hours.
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In this episode of the Less Insurance Dependence Podcast, co-hosts Gary Takacs and Naren Arulrajah explore the concept of creating a memorable and impactful new patient experience in dental practices. They emphasize the importance of designing an experience that aligns with patient expectations while achieving the practice's goals for comprehensive care. The hosts discuss the significance of the first impression a dental practice makes on a new patient. A well-structured new patient experience can lead to five-star reviews, long-term patient retention, and increased case acceptance. The focus is on delivering an experience that balances the patient's desire for a cleaning with the practice's need for comprehensive records and a thorough examination. To help practices create this ideal experience, the hosts introduce a seven-step process.
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In this Episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah emphasize the importance of strategic growth for dental practices, especially those looking to reduce their reliance on PPO plans. The hosts stress that strategic growth is vital for any dental practice, as staying stagnant is not an option due to inflation and rising costs. Intentional growth ensures that a practice’s income and value continue to rise over time.
The episode highlights several methods to achieve strategic growth. One primary strategy is resigning from PPO plans, which allows practices to retain 45-50% more of their fees, even if some patients are lost in the process. Another effective approach is adding high-value services such as implants, adult orthodontics, and cosmetic dentistry, which can significantly increase revenue. For practices with sufficient demand, expanding the team by hiring an associate can also promote growth, provided it is carefully planned to support both the owner and the new associate.
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In this episode, Gary Takacs and Naren Arulrajah discuss the critical topic of resigning from PPO plans to improve work-life balance. They explore why reducing insurance dependence is vital for dentists seeking a more fulfilling and sustainable practice. Dentists often face challenges such as low reimbursement rates and increased patient loads associated with PPO plans. By reducing their dependence on these plans, dentists can gain better control over pricing, enhance profitability, and provide higher-quality patient care.
The episode features real-life success stories from dental practices that have successfully resigned from PPO plans. These testimonials highlight the positive impacts on patient satisfaction and practice profitability. Dentists who have made this transition report experiencing less stress, increased job satisfaction, and more time for personal and professional growth.
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In this episode, Gary and Naren explore the critical importance of making new patients feel valued and welcomed from their very first interaction with your practice. With rising competition and the ongoing need to reduce dependence on PPO plans, it's more important than ever to "roll out the red carpet" for new patients. A key factor in this process is ensuring immediate availability for new patient appointments, ideally within a week of their initial call. If your practice fails to offer a timely appointment, there's a high likelihood that the potential patient will seek care elsewhere.
Effective scheduling plays a pivotal role in this. By utilizing new patient blocks in your schedule, you can ensure that these patients have access to appointments. It's recommended to start scheduling these blocks months in advance to avoid future booking conflicts. Your front desk team should be well-trained to handle calls from new patients, emphasizing the importance of offering timely appointments and prioritizing these new patient blocks.
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah address the common issue of team resistance when transitioning to a less insurance-dependent practice. They discuss practical strategies for managing team members' fears and concerns, highlighting the importance of clear communication, ongoing training, and maintaining a patient-centered approach. Understanding that resistance is a natural human response to change, especially when job security is perceived to be at risk, the hosts emphasize that this shift doesn't mean abandoning patients but rather allows the practice to set its fees while remaining patient-friendly.
Gary and Naren stress the importance of starting with a strong "why" when explaining the transition away from PPO plans. This approach should focus on the benefits for both the team and the patients rather than solely on financial motivations. By ensuring that all team members are consistently delivering the same message to patients, confusion is minimized, and the practice's commitment to high-quality care is reinforced.
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah discuss "Negotiated Fee Schedules: Truth or Fiction."
Historically, until around 2011 or 2012, dentists had some success negotiating fees with PPO plans. However, in recent years, insurance companies have largely stopped negotiating fees, leaving dentists with limited options. Gary explains that while insurance companies generally refuse to negotiate when asked directly, there has been a recent shift. In some cases, after a dentist resigns from a PPO plan, the insurance company might reach out with an offer to renegotiate the fee schedule in an attempt to retain the dentist within their network.
The key takeaway is that while negotiated fee schedules can be a reality, they require persistence, strategic resignation, and careful consideration. Gary concludes by advising dentists to be cautious and prepared to follow through with their resignation if negotiations do not yield acceptable results, highlighting that this approach is not one to be taken lightly.
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In this episode of the Less Insurance Dependence Podcast titled "Fee Setting Guidelines," hosts Gary Takacs and Naren Arulrajah go deep into the crucial topic of how to set fees in a dental practice effectively. They begin by emphasizing the importance of regularly updating fees, particularly in an inflationary economy, to ensure that dental practices remain profitable. Gary discusses the ideal, though impractical, method of using cost accounting to determine fees, where the exact cost of delivering each service is calculated, and a profit margin is added. However, due to the complexity and variables involved, this method is only feasible for some practices.
Instead, Gary suggests using independent third-party resources like the National Dental Advisory Service, which provides annual fee guidelines by zip code. These guidelines allow dentists to set their fees based on various percentiles, giving them the ability to align their pricing with the quality of care they provide and the economic environment of their location.
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In this Episode of the Less Insurance Dependence podcast, Gary Takacs is joined by guest Jordan Comstock to discuss the importance and implementation of in-office membership plans. Gary emphasizes the significance of these plans, particularly for dental practices aiming to reduce dependence on PPOs. He introduces Jordan, the CEO of BoomCloud, a company that helps dental offices create and manage these plans. Jordan highlights the benefits of in-office membership plans, such as generating predictable recurring revenue and retaining patients. He explains that setting the right pricing based on local demographics is crucial for success.
Gary and Jordan discuss various strategies to maximize the potential of membership plans. They also explore the potential of marketing to business owners, who can offer membership plans to their employees as a cost-effective alternative to traditional dental insurance. Overall, the episode provides valuable insights into creating and maximizing in-office membership plans to enhance practice profitability and patient retention.
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In this episode of The Less Insurance Dependence Podcast hosts Gary Takacs and Naren Arulrajah discuss a critical topic for dental practices: controlling overhead. They begin by discussing the essential aspects of overhead, defining it as all necessary expenses to run a practice, excluding the dentist’s compensation. For solo practices, they recommend keeping overhead below 60%. They stress the importance of focusing on the five main expense categories that constitute about 85% of a practice’s costs: staff compensation, lab expenses, facility costs, consumable supplies, and marketing.
Gary and Naren offer practical advice on managing these expenses, such as monitoring staff compensation, optimizing lab costs, and maintaining a facility budget of 5% or less. They emphasize the value of investing in marketing strategies that bring down costs while attracting quality patients, suggesting that marketing expenses can be reduced to less than 1% with effective techniques. They also address specific challenges like rising wages for hygienists and how to maintain a hygiene-driven practice despite these costs.
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In this episode of The Less Insurance Dependence Podcast, hosts Gary Takacs and Naren Arulrajah delve into the critical topic of balancing profitability and serving those in need within a dental practice.
The central topic of this episode is the idea that it is possible to have a profitable practice while serving those in need. Naren shares his experience working with dentists and notes that most dental professionals are driven by a desire to help others rather than solely by profit. However, he acknowledges that many dentists need help with the business side of their practices, especially when dealing with PPO plans and their associated low reimbursements. Gary passionately argues that profitability and service are not mutually exclusive and that a profitable practice can enhance one's ability to give back to the community.
Gary recounts a recent coaching strategy meeting with a potential client who expressed concern about balancing profitability with his mission to serve those in need. This client had a successful, state-of-the-art practice but faced profitability issues due to participation in multiple PPO plans. Gary reassures the client that profitability enables more significant contributions to charitable causes and emphasizes the concept that "you can't give from an empty wagon." He shares examples of how other dentists have successfully integrated charitable work into their practices while remaining profitable.
Throughout the episode, Gary and Naren explore various ways dentists can give back, whether through local initiatives, national programs like the Mission of Mercy, or international missionary trips. They stress that being profitable allows dentists to have the flexibility and resources to support these efforts effectively. Gary also highlights the importance of preventive care and quality dentistry for those on limited budgets, underscoring the value of serving all patients with the best possible care.
As the episode concludes, Gary reflects on the profound impact of addressing the emotional conflicts that can hinder dentists' decision-making. He reiterates that achieving both profitability and a commitment to service is entirely possible and essential for a thriving practice.
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In this episode of The Less Insurance Dependence Podcast, hosts Gary Takacs and Naren Arulrajah dive into the essential strategies for attracting high-value patients to a dental practice. They open the discussion by emphasizing the importance of reducing insurance dependence, aiming to transform practices.
The episode's primary focus is on high-value services. Gary defines procedures requiring more investment from patients and offering higher productivity per unit of time for the practice. These services include dental implants, adult orthodontics, cosmetic dentistry, complex restorative dentistry, oral conscious sedation, and more. By incorporating these services, dentists can significantly enhance their practice's profitability and independence on insurance.
Gary and Naren discuss Google's pivotal role in attracting high-value patients, emphasizing the need to dominate Google search results to reach the top 5% of practices that capture 95% of organic traffic. They explain the importance of search engine optimization (SEO) and the difference between organic and paid search results. They note that organic search leads to more engaged and trusting practices among patients.
Naren outlines six critical factors that influence Google's ranking algorithm and stresses the need for consistent efforts both on the practice's website and across the internet to maintain a top position. He underscores the cost-effectiveness of SEO compared to paid search and P P O marketing, illustrating how a strong SEO strategy can lead to long-term success and reduced marketing expenses.
The episode concludes with Gary reflecting on the deeper rewards of dentistry, noting that hiGoogle's services not only enhance a practice's financial health but also enable practice life-changing impacts on their patients.
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In this milestone 300th episode of the Less Insurance Dependence Podcast, listeners are treated to the success stories of three guests at different stages of their journey toward reducing insurance dependence. Dale, Gina, and Peter share their unique experiences, lessons learned, and invaluable insights for fellow dentists. They discuss what has worked effectively and potential adjustments they would consider and emphasize critical strategies they wish they had implemented sooner. Their candid reflections offer listeners practical guidance and inspiration for navigating the complexities of transitioning to a fee-for-service model. They share insights on the impact of COVID-19, which unexpectedly helped retain patients who truly value their practices. Dale explains how his practice successfully resigned from Delta Dental, highlighting the importance of a thorough six-step plan and coaching support. Gina emphasizes the crucial role of patient relationships and new patient experiences in making the transition smoother. Peter discusses the role of their business administrator and the significance of strong leadership in navigating this change.
For dentists considering this transition, Dale advises getting the practice in order and ensuring an exceptional patient experience. Gina suggests thorough preparation, while Peter emphasizes having a strong business administrator and leveraging coaching support. They also discuss having a backup plan to rejoin insurance networks if necessary, although they have yet to have to do so.
Economic benefits are evident, as Dale shares, with fee-for-service patients bringing in better financial outcomes compared to insurance patients. Practical steps include starting with the smallest insurance plan to build confidence and preparing scripted responses for patient conversations. Gary addresses questions about specialty practices, confirming that pediatric practices can also successfully transition with the right approach.
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