When it comes to generating revenue, your PPO insurance contracts are crucial, regardless of the industry you operate in. This is true whether you are part of a large dental corporation, a single dentist practice or a start-up company.
In-network status with your PPO insurance means you agree to discounts on your established office fees. Negotiating reimbursements is hard work, especially with dentists who do not have connections. In these cases, they will need to enlist a third party provider to help process a higher dental reimbursement rate.
With the cost of business rising each year and your fee schedule reimbursements running low, your margins can shrink. To help with your problem of revenue growth and on expenses, consider these two steps to grow revenue within your PPO contracted practice:
Adjust Your Office Fees
Part of adjusting to the shrinking margins and constantly shifting shape of the business is adapting to the market. A common error across the dental industry occurs when PPO reimbursements remain static and overhead continues to increase. When this happens, net profit decreases. To prevent this, or at least, to cope better, adjust your office fees to a more competitive level.
Negotiate
But of course, it doesn’t stop there. It should follow that after you apply a series of adjustments to your office fees, you also negotiate your fee schedule reimbursements. You can do this on your own or you can consult with specialists of this field for a better and more successful transaction.
There are several solutions to these common problems in relation with reimbursements and revenue here in Utah. Understand that on top of providing your clients with quality service and excellent results, you also need to protect and grow your brand. By negotiating on multiple factors and learning the ins and outs of the industry, you can achieve your goals for your company and community.