Have you considered adding a dental membership plan to your practice? Have you looked at the pros and cons but just haven’t pulled the trigger? My guest today, Jordon Comstock, has simplified the process by creating BoomCloud—Dental Membership Software. In this episode of Talking with the Toothcop we talk about why a dental membership plan is worth it, having systems in place, and the BoomCloud interface.
Both Jordon’s parents were in the dental industry and he started as a lab tech. Most of his immediate and extended family are in dentistry. He grew up surrounded by the struggles of dental offices and sought to create a plan to help simplify their business—but amplify their results. The software he created helps dentists easily manage a membership plan. Listen to this episode for details!
Outline of This Episode
- [1:10] Jordan’s history in the dental industry
- [6:18] The benefits of a membership program
- [10:25] Solving the access to care issue
- [12:09] Regulations regarding memberships
- [15:05] Dental practice success stories
- [21:27] What membership programs do for your practice
- [24:07] What to understand from a compliance perspective
- [27:13] The benefits of working with BoomCloud
- [33:41] Jordon’s automatic insurance verification app
What are the benefits of a dental membership program?
Dental providers—and patients—often vent about how miserable it is to work with dental insurance. They often deny payment on claims or reduce reimbursements and can make a dent in your revenue stream. Starting a membership program in your practice is a way to offset troublesome insurance issues—and provide care to patients without dental insurance.
Jordon shares that an average membership a practice will offer is $30 a month or $350 a year, but that it varies from practice-to-practice. It would cover things such as exams, cleanings, and x-rays and offer a percentage off procedures. You can look at it as the Amazon Prime of dentistry. Jordon has noticed that patients enrolled in a membership spend 2-3x more than someone using insurance would.
Above all, it provides you a consistent recurring revenue stream for your practice. It can also offset slow months when a practice is billing fewer procedures.
3 case studies that show the membership model works
Jordon shares about 3 practices who adopted a membership program and how they made it work:
- The first practice had 500 patients sign up throughout one year. They looked up how many patients they treated consistently who were without dental insurance and offered them the membership at their next appointment. They combined this with an email blast to all of their patients. Now, they have $12,000 of recurring revenue month, whether or not any work is done.
- The second dental practice enrolled 1,000 patients in their program with $25,000 in recurring monthly revenue. On top of talking with their uninsured patient-base, they focused on Facebook ads. One particular year they grew by 370% percent.
- The 3rd practice had 2,000 people sign up with $40,000 in recurring revenue. They used direct mail marketing and targeted communities ages 55+ who would be looking at retirement and facing the loss of dental insurance.
Every strategy works, you just need to pinpoint what’s best for your practice. And with approximately 180 million Americans without insurance, your program can offer dental care to those without access.
Smart business owners don’t start from zero
A traditional dental practice starts from scratch every month and must work their way up to the cash flow needed to support their business—and cash flow is a huge problem in the dental industry. A membership program removes the problem. Small business owners need to focus on reducing risk. A membership program removes your reliance on PPOs as a revenue-stream.
It gives your practice stability. Many successful practices adopt a hybrid approach: they stop working with difficult dental insurance plans with while launching their program. They continue working with the policies that afford them a decent profit margin. It’s a win-win for your dental practice and your patients.
Launching a program also reduces issues with insurance companies. You still need to keep records for patients and procedures—but your risk of recoupment from insurances due to “record-keeping problems” will be reduced. Keep listening to find out the simple thing you need to do to protect your practice from a compliance standpoint.
Systems help you scale
I asked Jordon to talk about BoomCloud and some of the benefits their platform offers. Here’s a snapshot of what you get:
- BoomCloud offers a dashboard that shows monthly and yearly revenue, active patients, cancellations, and more.
- They have tools/systems to remind patients of bills, if a credit card was declined, etc.
- ACH function—patients can connect their bank account and their monthly fee can be automatically withdrawn
- The ability to choose a proven membership template
- You can easily verify that a client’s membership is active and that they’re paying their fee
- They even offer a patient portal
Anyone can start a membership program for their practice, but it is far easier to manage when you can rely on software—and not a team member trying to track the details on their own. The more members you add, the harder it will become to manage on your own, and that’s where BoomCloud simplifies the process.
Listen to the whole episode for complete details on Dental Memberships, BoomCloud, and Jordon’s automatic insurance verification app for dentists—JetPack.
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