Less Insurance Dependence Podcast

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.

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.

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.

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.

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.

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.

In this podcast, Gary and Naren discuss crucial payment details when resigning from PPO plans. They explain the logistics of payment collection, focusing on Delta's unique process. They offer practical advice on communicating changes to patients and recommend third-party financing options for affordable dental care. The episode emphasizes the importance of strong patient connections and effective strategies for managing payments post-resignation.

In this episode of the Less Insurance Dependence Podcast, hosts Naren Arulrajah and Gary Takacs discuss effective strategies for communicating with patients about the value of being out of network. The primary focus is on framing the conversation to highlight the benefits for the patients, encapsulated by the principle of WII-FM (What's In It For Me?). Gary emphasizes the importance of maintaining high-quality care and a positive patient experience, explaining that staying out of network ensures the practice's ability to provide these consistently. By not being constrained by insurance companies, the practice can invest in the latest technologies, such as single-visit restorations, lasers, and three-dimensional cone beams, which significantly enhance patient care. Additionally, being out of network allows the practice to hire and retain quality team members, further ensuring excellent patient service. The hosts discuss tailoring the communication to the patient's perspective. For instance, when talking to a business owner, mentioning how some insurance companies haven't raised fees since 2009 can resonate well, as business owners understand the need to keep up with operational costs to maintain quality. For the general patient population, it's important to reassure them that they can still use their benefits and that the practice will help them maximize those benefits.

In this episode of The Less Insurance Dependence Podcast, hosts Gary Takacs and Naren Arulrajah tackle the question of why PPO plans have not raised fees or yearly maximums in 25 years. They attribute this stagnation to insurance companies' greed, emphasizing the industry's profit-driven nature. Despite this, they offer insights and strategies for dental practices looking to reduce their dependence on insurance plans and transition to a fee-for-service model. Gary and Naren address common concerns of dentists, such as drawing enough fee-for-service patients and surviving in states like California, where insurance economics may need to align with practice viability. They highlight the importance of mastering organic search engine optimization to attract new patients from sources like Google rather than relying solely on PPO plans for patient referrals. Moreover, they discuss the mindset shift necessary to navigate patient expectations, particularly those accustomed to minimal out-of-pocket expenses due to insurance coverage. By emphasizing the value of quality care and creating positive patient experiences, practices can effectively transition away from insurance dependence.

In this episode of The Less Insurance Dependence Podcast, hosts Gary Takas and Naren Arulrajah discuss the feasibility and implications of dropping PPO plans within 12 months. Gary highlights that while it is possible to resign from PPO plans quickly, success depends heavily on a practice's preparation. He emphasizes the importance of transitioning to a relationship-driven practice to retain patients and reduce overhead costs. Gary shares insights from his experience helping over 400 practices across the U.S. and notes that rushing the process without proper preparation, such as training the team in communication and ramping up marketing efforts, can lead to significant patient loss and operational difficulties. Narain underscores the need for practices to develop the right mindset and skills, especially in communicating the value of care to patients who are accustomed to free dentistry through PPO plans. The hosts invite listeners considering this transition to book a coaching strategy meeting with Gary to ensure they approach the process correctly, balancing speed with achieving the best outcomes. They stress that achieving a successful resignation from PPO plans involves comprehensive readiness and the implementation of strategic steps to ensure the practice thrives without insurance dependence.