Like this podcast? Share this idea with your circle who you think might benefit from it.

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.

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

Resources


Gary Takacs

Gary Takacs One of Gary's most significant achievements as a dental practice management coach is transforming his own practice, LifeSmiles, from one that was infected with PPO plans, no effective marketing strategy, and an overhead of 80% to a very successful dental practice that is currently one of the top-performing practices in the US.

With over 2,200 coaching clients, Gary has first-hand experience transforming insurance-dependent practices into thriving and profitable practices.

Through his Personalized Coaching Program, Gary shares access to the systems, strategies, processes, and experience gained over 41 years of coaching dentists and transforming over 2200 practices worldwide.

Learn More: www.thrivingdentist.com/coaching/
Connect with Gary Takacs on Linkedin

Naren Arulrajah

Naren ArulrajahAs CEO of Ekwa Marketing, Naren has over a decade of experience working with dental practices and helping them attract the ideal type of patients to their practices. It is his goal to help dentists do more of the type of dentistry they love with the help and support of effective digital marketing.

Ekwa’s "Done-For-You" Digital Marketing model blends fundamental persuasion principles with an all-in-one Digital Marketing solution to help your ideal patients find you and choose you for reasons other than being on their insurance plan.

If you’re interested in finding out if Ekwa is the right fit for you and your practice, book a Free Marketing Strategy Meeting with Ekwa’s Marketing Director, Lila Stone.

Book Free Marketing Strategy Meeting: www.lessinsurancedependence.com/marketing-strategy-meeting/

Recent Episodes

Episode #293: Can Your Practice Truly Survive Without Insurance?


Listen Now

Episode #292: Can Insurance Companies Set Fees for Uncovered Services?


Listen Now

Episode #291: Should I Accept Assignment of Benefits Once we are Out of Network?


Listen Now