Episode #268: Lessons from the 2023 RIDA Virtual Summit
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.