Between 50 and 80% of adults in the United States have some degree of dental anxiety. More than 20% of adults do not see a dentist regularly and 9 to 15% avoid dental care altogether.
There is already some fear associated with going to the dentist. Bills and fees don’t make this experience any better.
For dental practices. I’m sure the goal for most is to give your patients the most convenient and pain free experience as possible…physically and financially.
The point of this video is NOT to persuade you into using a fee for service plan but simply to inform you a bit more on what it is exactly!
Fees for services are used across industries, but today we’re specifically brushing up on the dental industry. So let’s get to the root of what a fee for service is in dental.
A fee for service is a charge that is given to a patient or client at the time of their service.
The price is dependent on what services or offerings the patient receives whether it be a visit, test, or procedure.
Think quantity over quality.
When a doctor or health care provider implements a fee for service charge, they are receiving 100% of the profit for services that they perform.
Each service is a separate charge, giving healthcare practices the incentive to provide more treatments.
Some common dental offerings include teeth cleaning, teeth whitening, extractions, veneers, and braces or invisalign.
Say that your dental practice offers most, if not all, of the services listed above. If you were to implement a fee for service charging system, then a client receiving a teeth cleaning service as well as getting x-rays done would essentially pay for both of the services separately.
The services would not be bundled together and could potentially result in a higher bill.
Pros of moving toward a fee for service payment process is that as the dental practice, you will receive the full amount of payment.
Using the fee for service method can lead to higher revenue because you are being reimbursed for every service offered.
The percentage patients pay out-of-pocket will vary based on insurance and the service received.
Another plus is that there is more control in your hands as to what services you offer and their price points. With a fee for service model there’s less cooperation between the healthcare practice and health care providers.
As a fee for service dental practice, less of your clientele is likely to find you through insurance plans. This means that there is a strong focus in your practice toward current clientele. You have the opportunity to create stronger bonds and relationships between your recurring clients.
Some people see the fee for service method as more service options for patients, while others see it as unnecessary services offerings that healthcare practices are putting out to generate more revenue.
When unnecessary services are being offered and the quality of them is not sufficient, less business may be the result.
A bit more time will be allocated toward billing and claim processing with the fee for service method as well to make sure everything is in check. This can cause higher costs and lower efficiency within your practice.
If you are a fee for service provider, then this means that you are an out of network practice. Out of the network providers are not included in many network plans that insurance providers offer.
There is also the potential that providers will deny your request for payment on some of the services you are offering which means that you have to compensate for what was not paid for. Ultimately this is more money out of your pocket.
Like we said earlier, an easy way to think about fee for service is quantity over quality. Since there is a sense of incentive for providers to perform more services, fees for services can result in higher healthcare costs.
If you like the idea of taking more of a control approach and how you structure your offerings and services, then the fee for service method might be something you explore!
If not, that’s okay as there are all other sorts of methods you can use. The general shift in healthcare is more toward quality and value-based care. As healthcare costs increase, the general public is not going to want to spend more money than necessary for unnecessary added services.
It’s all good information to take into consideration. Looking at your clientele, offers, and relationships with insurance providers are all great steps into discovering what works best for your dental practice.
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