Are Membership Plans Good For Business

Membership plans in dental practices are a large part of the industry now. Patients sign up to a monthly membership scheme and receive contract levels of treatment. But what are the pros and cons of this style of operating? Who benefits from it the most? And what should you endeavour to include as part of the membership schemes you provide? In this week’s show, Brad discusses this topic at length, and provides some invaluable insights about membership, from a dental practice owner’s perspective.   KEY TAKEAWAYS A plan patient is someone who pays a certain amount per month to receive a certain level of dental treatment. If the patient is on a plan with the practice itself, then their contract is in-house. The most important thing to consider is that your scheme is being run properly and managed effectively. As a potential practice owner looking to buy, a guaranteed membership base is an attractive way of letting you know how much income you can expect at a base level. Denplan, one of the most popular plans on the market, has a ‘Comprehensive Care’ component, which can cover patients for almost all the procedures they need. It’s important to make sure patients are on the correct banding. Patients who require large amounts of treatment need to be on the higher levels, to make sure their care is covered. Another benefit of membership is that patients tend not to miss appointments, as they feel that it will cost them monetarily. This means a lower rate of FTAs. There can sometimes be a tendency to think of Plan Patients as somehow lesser by practice owners. We must remember to treat all patients equally, and guarantee equal amounts of attention. There’s a remarkably little churn in terms of membership cancellations. Once people have signed up, as long as you’re providing value, you can expect the vast majority to keep their membership. BEST MOMENTS ‘Is a plan a good idea? I think in principle it is’ ’There’s more value in a practice that’s got a decent plan’ ‘It’s a sign that you’re not managing your plan effectively’ ‘It’s all about balancing the value’   VALUABLE RESOURCES Denplan - https://www.denplan.co.uk   ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook