One of your best patients just calls to tell you that their insurance is going to a low level plan. What do you do?
If this hasn’t happened to you, it will. A major employer is changing dental insurance coverage and you don’t know what it’s going to do to your practice. You hear it is a low compensation plan.
What’s the best step for you, your practice, and your patients?
If an employer is going to make a change with insurance coverage, the end of their fiscal year or the calendar year is when it is most likely to happen. You might say that your practice isn’t dependent on insurance coverage, however, this kind of change is something you don’t want to ignore.
Click on the video image below to watch.
Now let’s talk about a real-life situation. A high producing client called to say that they heard through the grapevine about a possible insurance change for a large employer in their area. They estimated that it would affect 400-600 active patients. They were unsure what to do but didn’t really want to deal with the hassle that comes with accepting a new insurance.
When they asked me what they should do, I encouraged them to dive deeper and gather accurate data so we are making decisions on actual facts, not hunches. You don’t want to make a big decision like this purely off of hearsay. Ask your patient for specifics. Ask if there is an HR representative that you can speak to directly about the change. Gather reports showing previous revenue for this employer.
Once you have the facts, you will be able to see just how much this could affect your overall revenue and you can make an educated decision on how to proceed. Is the impact minimal? Are you able to make budget cuts that you are comfortable with? Do you have a revenue source to replace the potential lost patients?
These are things you want to consider when you are faced with insurance changes. Be sure to ask questions, get the facts and look at the big picture before making a decision that could be life-changing.
Watch the full video to see how I handled the situation and what is our plan of action for this practice.