10 Steps to Build a Revenue Stream Beyond Insurance

Insurance, for all its frustrations and faults, is an excellent way to build a revenue stream in a practice. With insurance, patients are able to get regular care at very low costs, preventing costlier and more involved procedures down the line. Insurance is also dependable for the practice, since fee schedules allow us to know roughly how to code a visit and what reimbursement to expect. Ultimately, insurance is a win-win. 

But it’s not the only way to build a revenue stream for your dental practice. Expanding your revenue potential beyond insurance puts your practice in control of your own financial destiny, allowing you to set your own prices and provide more out-of-the-box services for your practice. 

Getting started doesn’t have to be daunting, either. Here are 10 ways to build a revenue stream beyond insurance. 

Diversify your offerings 

One of the options with the lowest barrier to entry, you can diversify the services and products you offer to increase the ways patients can access your clinic and make purchases with you.

1. Promote cosmetic dentistry: Consider expanding your services to include cosmetic procedures like whitening, veneers, and Invisalign. These procedures are often not covered by insurance but are highly desired by patients. Sharing some flashy before and after also makes these services easy to market for. 

2. Think outside the dentistry box: Consider adding non-dental aesthetic treatments such as Botox or dermal fillers. These services can be complementary to dental work, easy to get additional licensing for, and appeal to a broader patient base. More potential patients means more money for your practice.

3. Consider selling products: Patients are probably already asking for your expertise when they decide to make dental purchases. Leverage that opportunity by offering high-quality dental products like toothbrushes, toothpaste, and mouth rinses in your practice. 

4. Host educational workshops: Organize workshops or seminars on oral health topics (like caring for new braces or how to decide what cosmetic procedures are right for your goals), offering them for a low fee. These can attract new patients, but also provide value to your existing community.

5. Offer same-day or emergency services: Consider reserving some availability for urgent care or same-day appointments for patients calling in with emergencies like broken teeth or severe pain. This can attract patients looking for quick relief who might be willing to pay out-of-pocket for convenience.

Promote alternative payment methods 

6. Provide additional education to patients on ways to pay. Most Americans don’t actually understand their health insurance coverage. Options like CareCredit for using an FSA/HSA are even murkier. Consider providing financial counseling to patients who are overwhelmed by their payment options–there’s a good chance they would consider an alternative, but just don’t know what’s on the table. Beyond individualized counseling, this is also excellent information to include in your marketing or on your website to appeal to patients for whom cost is a barrier to even scheduling a first visit.

7. Offer membership plans: Dental membership plans like Subscribili provide patients with discounts and benefits for a yearly fee. This can attract patients who don’t have insurance and those are looking for cost-effective options, making your practice more accessible for patients and encouraging folks with more involved treatment plans choose your practice for the case. 

8. Implement financing options: Partner with third-party financing companies to offer patients flexible payment plans for high-cost treatments. This can make it easier for patients to afford elective procedures, increasing their long-term spend with your practice.

Build a reputation

9. Develop a Strong Online Presence: Invest in your digital marketing strategies, including a well-designed website and social media marketing. Even just an investment of time can go a long way, but there are also marketing agencies that specialize in marketing for dental practices. This investment will pay off tenfold in making your practice more attractive to patients.

10. Create a patient referral program.  Happy patients are already going to tell their friends and family about their experience with you. Incentivize them to take that one step further by creating a patient referral program–like a free whitening for every 5 patients they refer or discounts for their friends and family, that encourages them to bring in more patients.