Episode #318: How Inflation and a Weak Economy are Making Fee-For-Service an Appealing Option

  1. November 14, 2024

In this episode, co-hosts Gary Takacs and Naren Arulrajah discuss the rising appeal of fee-for-service dental care as inflation and economic challenges strain insurance-based practices. They explore how increasing costs, especially in wages, and declining reimbursements from PPOs are pushing many dentists to consider dropping insurance plans altogether. By reducing insurance dependence, dentists can regain control over their fees, enhance practice profitability, and offer high-quality care. This episode highlights the benefits of transitioning to fee-for-service as a sustainable path to a thriving, independent dental practice.

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Episode Timestamps

  • 00:01:21 – How Inflation and a Weak Economy are Making Fee-For-Service an Appealing Option
  • 00:01:28 – Live event announcement: Thriving Dentist Live Workshop in Austin, Texas. 
    Topic: Grow Your Practice To Full Potential And Achieve An Effective Work-life Balance!
    The Blueprint to kickstart your year in 2025 February 1st, Time 9- to 5 pm, Location – City of Austin, TX, Register www.thrivingdentist.com/austin/ 
  • 00:04:56 – How has the recent surge in inflation impacted practice expenses and the challenges of operating within a PPO environment where fees are being reduced despite rising costs?
  • 00:07:46 – How can viewing insurance write-offs as a ‘marketing expense’ shift a practice’s perspective on adjustments between production and collection?
  • 00:10:32 – How can dentists remain financially viable when low insurance reimbursements don’t even cover basic costs, pushing many toward reducing insurance dependence?
  • 00:11:38 – Invitation for Marketing Strategy Meeting.00:18:00 – Invitation for Coaching Strategy Meeting.

When we reduce our dependence on PPO plans, we’re not just protecting our bottom line—we’re creating a practice where we can truly put patient care first without the limitations of insurance dictating our choices.

Gary Takacs

The future of dentistry lies in a practice’s ability to connect with patients on a personal level, not just through insurance.

Gary Takacs

5 Easy strategies for a better dental practice in 2024 beyond
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Resources

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Gary Takacs

Gary Takacs One of Gary's most significant achievements as a dental practice management coach is transforming his own practice, LifeSmiles, from one that was infected with PPO plans, no effective marketing strategy, and an overhead of 80% to a very successful dental practice that is currently one of the top-performing practices in the US.

With over 2,200 coaching clients, Gary has first-hand experience transforming insurance-dependent practices into thriving and profitable practices.

Through his Personalized Coaching Program, Gary shares access to the systems, strategies, processes, and experience gained over 41 years of coaching dentists and transforming over 2200 practices worldwide.

Learn More: www.thrivingdentist.com/coaching/
Connect with Gary Takacs on Linkedin

Naren Arulrajah

Naren ArulrajahAs CEO of Ekwa Marketing, Naren has over a decade of experience working with dental practices and helping them attract the ideal type of patients to their practices. It is his goal to help dentists do more of the type of dentistry they love with the help and support of effective digital marketing.

Ekwa’s "Done-For-You" Digital Marketing model blends fundamental persuasion principles with an all-in-one Digital Marketing solution to help your ideal patients find you and choose you for reasons other than being on their insurance plan.

If you’re interested in finding out if Ekwa is the right fit for you and your practice, book a Free Marketing Strategy Meeting with Ekwa’s Marketing Director, Lila Stone.

Book Free Marketing Strategy Meeting: www.lessinsurancedependence.com/marketing-strategy-meeting/

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