Buying A Practice Is One Of The Most Significant Investments You’ll Ever Make…. How Will You Handle The Key Issues Of PPO Participation, Fee Schedules And Credentialing?
Purchasing an existing dental practice is the option many doctors choose to further their career. In doing so, the retention of patients whose records have just been purchased is paramount since they represent your expected profit as they have dental services over coming years.
For those patients, YOUR participation with THEIR insurance plan will likely be a factor in whether they will stay with the practice after the change in ownership. As frustrating as that may be, the reality is that many patients often make insurance participation a factor in choosing a new dentist or continuing with their existing dentist.
Should You Sign Up With The Same PPOs The Seller Had?
If So, Should You Sign The Same Contract?
Many doctors don’t know that there are multiple ways to participate with many insurance PPO plans, and the fees can vary by a huge amount…….as an example, a $700 PPO fee on a crown versus a $1000 crown with the same company!
So, will you sign up for the same PPO plans, and in the same way, as the seller had? What will be the financial impact over your career if you don’t sign up in the most profitable way?
Should You Add New PPO Plans?
What about negotiation and addition of new PPO plans…. would that make sense?
In the dental insurance marketplace there are a numerous PPO plans that have a significant presence…would you as a new practice owner benefit by adding some new PPO plans if it helped you to attract more new patients?
At this key time of your career, as a new practice buyer, many doctors choose the option of professional assistance, and our services at Profitable PPOs can help!
Benefits of Professional Assistance
With professional assistance practice buyers can have the huge financial advantages and peace of mind that comes with knowing that the many options related to PPO participation are being explored, negotiated, credentialed and looked after on your behalf.
In doing so we act as a resource and serve as your advocate with the insurance companies so that you can focus on your transition, settling in with your team, and taking care of your patients while having the peace of mind that the insurance aspects are being looked after.
As part of our service for practice buyers, Profitable PPOs can:
- Assess practice data and management reports to identify leverage and options
- Provide information on UCR fees and area average charges for the most commonly done procedures to assist in strategically setting UCR fees
- Handle negotiation of new PPO agreements and custom options
- Explore and advise on the various options available for PPO participation
- Handle credentialing, submission of applications and follow up on effective dates
- Work with your in-office team to make sure there is clarity on which plans are being joined, how they are being joined, what the fees are and what the effective dates are.
Participate in a PPO, Profitably
If you’re like most dentists, you probably aren’t too interested in learning about the nuances of PPO participation, but realize that it has a MASSIVE impact on your profitability….and it does so every single year you practice. Over the course of your career there are MILLIONS of dollars that can be gained – or lost – by optimizing your PPO participation.
At Profitable PPOs we’re passionate about helping you to set up insurance PPOs in your new practice in the most profitable way…….with plans that make sense for your situation…..and taking on the hassles of paperwork, credentialing, and follow-up for you so that you can focus on other key areas as you start your practice ownership journey.